Sustainable Plastics - May/June 2021 - 17

sustainability
Waste-Picker
Hon Son Island
Finding More
Value in Plastic
There is a big discussion happening right now regarding the plastic waste crisis and
the emerging plastic credit market. It has become clear that the current efforts and
funding from government and philanthropy cannot match the scale of the World's
plastic waste problem. The plastic credit mechanism will bring private sector capital
to help scale recovery and recycling efforts, which should have an immediate impact
on the crisis. By Chris Parker - Director, Plastic Credit Program and Nancy Marshall -
VP, Marketing of ClimeCo.
T
here are many questions
being asked
about
this programme.
How do
these credits work? What are
the risks and benefits? Is it right
for our company? This article
will explain how a plastic credit
is generated and verified, what
benefits can be brought to your
company, and whether this can
be a permanent fix for plastic
waste.
What is a Plastic Credit?
A plastic credit is an environmental
commodity that
represents the collection or recycling
of one tonne of plastic
material, which can be transferred
between organizations.
Credits are created when one
entity, often referred to as the
project developer, voluntarily
implements practices that collect
or recycle plastic waste.
The recoveries generated can
then be claimed by another entity.
Without these projects, this
plastic would not be removed
from the environment, nor would
it re-enter a production stream
that uses recycled plastic.
Companies who purchase
plastic credits can use them to
address a portion of their plastic
footprint while supporting
plastic waste recovery efforts.
This allows them to offset plastic
in their business against the
recovery of plastic waste in the
environment or recycling it into
a production loop.
Most plastic credit projects
also address other interrelated
problems, such as: ecosystem
degradation, inadequate waste
management, environmental
justice, biodiversity loss,
human health, and economic
risks. These projects also
typically support a menu of
UN Sustainable Development
Goals, including No Poverty,
Decent Work and Economic
Growth, Industry Innovations
and Infrastructure, Sustainable
Cities and Communities, Climate
Action, Life Below Water,
and Partnerships for Goals.
In creating and issuing plastic
credits, there should be rigorous
processes in place and
a standard to work from that
is independent of the actual
project to ensure that the plastic
recovery and recycling is:
* Additional - recovery or
recycling that otherwise would
not occur,
* Approved and individually-tracked
on an independent
protocol registry, such as Verra
or the Ocean Bound Plastic
Certification,
* Third-party audited & verified,
*
Measured, recorded &
tracked, and
* Assessed & documented
for project social & environmental
co-benefits.
" Using a public, independent,
third-party verified standard
means that all actors (the
standard owner, the certification
company, and the project
issuing the credits) are distinct,
non-related organizations, and
that all information is publicly
available, " says Adriana Amico,
Co-founder of Zero Plastic
continued on page 18
May/June 2021
17
Sustainable Plastics - May/June 2021

Table of Contents for the Digital Edition of Sustainable Plastics - May/June 2021
