Bank of Ireland has been announced as the sole finance partner of Re-turn, Ireland’s new national Deposit Return Scheme.
Bank of Ireland noted that it will provide €27.5 million in financing for the development and rollout of the scheme, which will go live for consumers in February 2024.
Séamus Clancy, interim chief executive of Re-turn, commented, "On 1 February 2024, we will launch to the Irish consumer and look forward to providing a cost effective, efficient and convenient Deposit Return Scheme that not only benefits the environment but also inspires and encourages us to value and reuse our resources in the best way possible.”
The scheme was established to help Ireland achieve EU recycling targets for the estimated two billion drinks bottles and cans that are consumed here each year.
The Minister of State with responsibility for Communications and Circular Economy, Ossian Smyth, said, “The introduction of a national Deposit Return Scheme has been a major undertaking for the beverage industry in Ireland.
"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.”
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.
Re-turn’s preparations for the launch are well underway, with strong support and collaboration from key stakeholders.
To date, over 90% of producers and over 2,500 stores have already registered with the Scheme.
The introduction of the Deposit Return Scheme is a simple solution to achieving higher collection rates for drinks containers.
More than 40 countries and regions have successfully introduced this type of scheme, with recycling rates exceeding 90% in many countries.
Commenting on the announcement, Nikki Canavan, head of Origination & Sustainability at Bank of Ireland Corporate and Markets, said, “The Deposit Return Scheme will help reduce single-use plastics, help Ireland meet EU targets, and move towards a circular economy where valuable resources are re-used or recycled as much as possible.
Canavan highlighted that supporting the green transition is a really key part of Bank of Ireland’s sustainability strategy.
"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.
"We are also engaging with leading retail brands to support the roll-out of reverse vending machines across their extensive store networks nationwide. We will continue to work proactively with the retail sector to promote the successful implementation of the Deposit Return Scheme."