Bank of Ireland has been announced as the finance partner of Re-turn, Ireland's new national Deposit Return Scheme.
The scheme aims to boost the recycling rate for drinks containers by charging a small, refundable deposit for each plastic bottle or can.
Customers get this deposit back when they return the empty, undamaged container to any retailer nationwide, either through a reverse vending machine or manually over the counter.
The scheme will include Polyethylene Terephthalate plastic bottles and aluminium and steel cans between 150ml and 3 litres.
A deposit of 15c will apply to drinks containers from 150ml- 500mls and a deposit of 25c for over 500ml – 3 litres.
Bank of Ireland will provide €27.5 million in financing for the development and rollout of the scheme, which will go live for consumers in February 2024.
"Supporting the green transition is a really key part of Bank of Ireland's sustainability strategy so we are thrilled to play a role in helping Re-turn deliver this important Scheme that will benefit households and communities across the country," said Nikki Canavan, Head of Origination & Sustainability at Bank of Ireland Corporate and Markets.
"This transaction highlights Bank of Ireland’s commitment to providing meaningful debt financing in support of important sustainability-focused initiatives like Re-turn," she added.
To date, over 90% of producers and over 2,500 stores have already registered with the scheme.
An estimated 2 billion drinks bottles and cans are consumed in Ireland each year but over 30% not collected for recycling
Under the EU's Directive on single-use plastics, Ireland must ensure separate collection of 77% of plastic beverage bottles placed on the market by 2025, rising to 90% in 2029.
"The introduction of a national Deposit Return Scheme has been a major undertaking for the beverage industry in Ireland," said Ossian Smyth, Minister of State with responsibility for Communications and Circular Economy.
"Re-turn, its members and its partners have shown great commitment and leadership in coming together to develop this exciting new circular initiative and have made significant progress in preparing for the launch of this Scheme in February next year," he added.
