Have you ever wondered what happens to your old credit cards after you replace them with new ones? Many of them end up in landfills, where they can take hundreds of years to decompose. But Bank of America is taking steps to address this issue by announcing that they will be transitioning to using recycled plastic for all of their credit and debit cards beginning in 2022.
According to a press release by Bank of America, the bank will start using recycled plastic for their credit cards in 2022, with the goal of completing the transition by 2025. The recycled plastic will be sourced from materials that would otherwise go to waste, such as water bottles and manufacturing waste. Once the cards have reached the end of their life, they will be fully recyclable, creating a closed-loop system that reduces waste and promotes sustainability.
This move is part of Bank of America’s broader commitment to sustainability and reducing their environmental impact. The bank has set a goal to achieve net-zero greenhouse gas emissions in its financing activities, operations, and supply chain by 2050. This includes efforts to increase its use of renewable energy and reduce its water consumption.
According to a report by BNN Bloomberg, Bank of America expects to use over 60 million pounds of recycled plastic each year once the transition to recycled plastic cards is complete. This is a significant amount of waste that will be diverted from landfills.
Bank of America is not the only bank making efforts to reduce its environmental impact. In recent years, many financial institutions have made commitments to sustainability and reducing their carbon footprint. Some banks are exploring the use of renewable energy, while others are offering sustainable investment options or supporting green initiatives.
Overall, Bank of America’s plan to transition to using recycled plastic for their credit cards is a positive step towards more eco-friendly banking products. By making small changes like this, we can all contribute to a more sustainable future. It will be interesting to see if other banks follow suit in the future and adopt similar sustainable practices.
Resources:
https://www.prnewswire.com/news-releases/bank-of-america-will-transition-to-recycled-plastic-for-all-plastic-credit-and-debit-cards-beginning-in-2023-301530083.html
https://www.bnnbloomberg.ca/bank-of-america-to-make-its-credit-cards-from-recycled-plastic-1.1754917
Pictures:
https://1000logos.net/bank-of-america-logo/
https://www.bloomberg.com/news/articles/2022-04-21/bank-of-america-to-make-its-credit-cards-from-recycled-plastic#xj4y7vzkg
MuhammadKonain
April 5, 2023 — 6:20 pm
Hi Filip,
Interesting read! I think it’s important to note that this move is part of Bank of America’s broader commitment to sustainability, including their goal to achieve net-zero greenhouse gas emissions in their financing activities, operations, and supply chain by 2050. It will be interesting to see if other banks follow suit and adopt similar sustainable practices. Perhaps this move by Bank of America will set an example for other companies to prioritize sustainability in their business operations.