BoI, the new financial partner of Ireland’s aluminium cans recycle initiative

The Bank of Ireland (BoI) has been named the financial partner of Re-turn, Ireland's new national Deposit Return Scheme (DRS). The plan intends to increase beverage container recycling by charging a modest, refundable charge for each aluminium cans or plastic bottle. Polyethylene Terephthalate plastic bottles, as well as aluminium and steel cans ranging in size from 150ml to 3 litres, would be included in the plan.

"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. This transaction highlights Bank of Ireland's commitment to providing meaningful debt financing in support of important sustainability-focused initiatives like Re-turn," said Nikki Canavan, Head of Origination & Sustainability at Bank of Ireland Corporate and Markets.

Customers may reclaim their deposit by returning the empty, undamaged aluminium cans, steel cans, bottles, etc., to any store nationwide, either via a reverse vending machine or personally over the counter. A 15c deposit applies to beverage containers ranging from 150ml to 500ml, and a 25c deposit will be used for containers ranging from 500ml to 3 litres. Bank of Ireland will contribute €27.5 million to develop and deploy the plan, which will be available to customers in February 2024.

Over 90 per cent of growers and over 2,500 retailers have signed up for the plan. Every year, an estimated 2 billion bottles and cans are used in Ireland, with over 30 per cent not collected for recycling. According to the EU's Single-Use Plastics Directive, Ireland must guarantee a separate collection of 77 per cent of plastic beverage bottles put on the market by 2025, increasing to 90 per cent by 2029.

"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," added Ossian Smyth, Minister of State with responsibility for Communications and Circular Economy.