News and resources on ESG data and technology, Impact Investing and Sustainable Finance initiatives and best practices.

CPI Card Group joins NextWave Plastics

Source: CPI Card Group

NextWave Plastics, a Lonely Whale initiative convening leading companies to develop the first global network of ocean-bound plastics supply chains, today announces CPI Card Group Inc. (OTCQX: PMTS, TSX: PMTS) (“CPI” or the “Company”), a payment technology company and leading provider of credit, debit and prepaid solutions, as the latest new member company to join the consortium.

In September 2019, CPI introduced the first to market payment card featuring a core made with recovered ocean-bound plastic. Named Second Wave™, the high-quality card from CPI is EMV® compliant and dual interface capable.

Second Wave™ offers businesses an opportunity to engage a growing market of environmentally-conscious consumers while helping reduce first-use plastic and divert plastic waste from entering the ocean. CPI estimates that, for every 1 million Second Wave™ payment cards produced, over 1 ton of plastic will be diverted from entering the world’s oceans, waterways, and shorelines. Since launching the card in 2019, CPI has produced and delivered over 10 million Second Wave™ cards, diverting at least an estimated 10 tons of plastic from entering the ocean.

“CPI is dedicated to being a responsible corporate citizen - and we take pride in offering financial institutions and companies across various card industry segments an innovative way to incorporate sustainable solutions into their portfolios,” said Guy DiMaggio, SVP & General Manager of Secure Card Solutions at CPI Card Group. “Joining NextWave supports our commitment to addressing the problem of plastic entering the Earth’s oceans. We look forward to collaborating with and learning directly from the leading technology companies and consumer brands that are NextWave members - as we explore new ways to incorporate ocean-bound plastics into our products and better protect our planet.”

Lonely Whale, a nonprofit that develops data-driven campaigns that reconnect us to each other by encouraging behavior change away from single-use plastic and toward a healthy, thriving ocean, launched NextWave Plastics alongside Dell Technologies in 2017 to bring together a cross-industry consortium of companies to scale the use of ocean-bound plastics. Member companies include Dell Technologies, Bureo, General Motors, Herman Miller, HP Inc., Humanscale, IKEA, Interface, Solgaard, Trek Bicycle, and now, CPI Card Group.

As a NextWave member company, CPI is reinforcing its sustainability efforts by joining the ranks of other leading companies who have collectively diverted 850 tons of plastic from entering the ocean in two years. Through NextWave, CPI will add to and learn from the existing body of knowledge on ocean-bound plastic sourcing and recycling, advancing near-term solutions to protect the ocean from plastic pollution. Additionally, CPI’s ocean-bound plastics supply chain in Haiti is a part of the same supply chain utilized by HP for its products including the HP Elite Dragonfly, the world’s first notebook with ocean-bound plastics; HP EliteDisplay E273d, the world’s first display manufactured with ocean-bound plastics; and the Original HP ink cartridges made with plastic bottles collected in Haiti. With two member companies sourcing different types of material from the same location, NextWave is able to have a more widespread impact in Haiti. This furthers NextWave’s core mission of scaling ocean-bound plastic supply chains worldwide.

“At HP, we envision a low carbon and circular economy that creates a healthier planet, provides income opportunities for people and communities, and respects human rights,” said Ellen Jackowski, Chief Sustainability and Social Impact Officer at HP Inc. “HP has diverted more than 780 tonnes of plastic (equivalent 60 million bottles) from the ocean and upcycled them into premium HP products. Now with CPI joining NextWave and sourcing from the same supply chain that we use, the expanded collaboration will allow us to quickly scale the supply chain and solve critical issues to stop plastic from reaching our oceans and to create lasting, positive impact on our planet.”

NextWave member companies have introduced more than 10 new products integrating recycled ocean-bound plastic content as of the end of 2019, with more to come - and are currently on track, in alignment with UN SDG 14.1, to have diverted a minimum of 25,000 tons of plastics, the equivalent to 1.2 billion single-use plastic water bottles, from entering the ocean by the end of 2025.

“CPI Card Group’s addition to NextWave Plastics marks a total of 11 companies collaborating to turn off the tap of plastic entering the ocean,” said Kendall Starkman, director of NextWave Plastics at Lonely Whale. “NextWave Plastics unites private-sector competitors, many of which are direct competitors, to work together openly and transparently. Most companies keep supplier relationships and product development confidential, but by building trust, NextWave fosters transformative collaboration to facilitate innovation at scale. We are thrilled to have CPI join us as a NextWave Plastics member company - another bold leader standing up for our ocean.”

Comments: (0)