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January 28, 2021updated 02 Feb 2021 11:21am

Lombard Odier renews partnership with Plastic Bank

By Hannah Wright

Lombard Odier has revealed its latest impact solution, designed to fund educational programmes in LMIC nations whilst helping combat ocean plastic pollution.

Reflecting the growing appetite amongst clients for effective sustainable investing, the launch of the new solution also confirms the extension of the firm’s partnership with Plastic Bank , a social enterprise committed to reducing ocean plastic.

Plastic Bank and Lombard Odier have partnered since July 2020, when Lombard Odier established a structured product named Blue Note which financed the collection of over 788.5 tonnes of ocean-bound plastic in Haiti and Egypt. To date, $69m has been invested in Blue Note.

Across the next phase of the partnership, Lombard Odier hope to directly support children in collector communities via educational bursaries and schooling materials.

Through the provision of bursaries to over 3,500 children, 16.5 million single-use plastic bottles will be prevented from entering the oceans.

Branded by many as the cornerstone of unsustainable capitalism, Stephane Monier, CIO of Lombard Odier’s private bank, believes there is an urgent need for change within the industry.

Monier commented: “Our economic model is currently unsustainable. We must evolve and transition to a more sustainable, regenerative alternative – a future based on a Circular, Lean, Inclusive and Clean model.

“Our partnership with Plastic Bank directly supports this aim, through minimising waste and ocean pollution, as well as supporting the creation of a fair and secure society through increased access to education for all.”

Plastic Bank champions sustainability through building ethical recycling ecosystems which prevent the accumulation of ocean plastic whilst improving the lives of collectors.

Founder and CEO at Plastic Bank, David Katz, said: “Our continued partnership with Lombard Odier represents an opportunity for financial institutions and their clients to invest in educational advancement in vulnerable communities and lasting impact on the environment for generations to come.”

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