Since it started its recycling effort last month (Feb), DBS Bank says it has collected close to three tonnes of red packets. They will be sorted, packed and sent to paper mills to be turned into paper pulp. This will then be processed into recycled paper rolls or sheets, or combined with other raw materials to create new paper products.
Although DBS raised its hongbao recycling idea with many paper recycling companies, most turned them down until Tay Paper Recycling said yes.
The bank’s other sustainability efforts have been gaining ground too:
- Its “Recycle More, Waste Less” eco-movement to encourage Singaporeans to reduce the consumption of single-use plastics has seen more than 50,000 people pledging to do so, while more than 1,300 of its employees have pledged through an ongoing campaign to reduce their carbon footprint this year.
- The group has reduced its use and purchase of disposable plastic water bottles across DBS/POSB bank branches and offices in Singapore, saving some 7.3 tonnes of plastic waste every year. For this Chinese New Year, it said it avoided 220kg in plastic waste just by doing away with plastic wrapping for red packets.
- Today, 40% of DBS’ total energy consumption in Singapore comes from renewable sources, and it has pledged to power all local operations using renewable energy by 2030.
A total of 64 Ang Bao Recycling Bins for used red packets and DBS QR Ang Baos will be available at all DBS/POSB branches across Singapore till 18 April.
Read more here.
Source: The Straits Times, 16 March 2019