TRACKINGTHEFIGHT AGAINSTPLASTIC: APLASTICCREDITSYSTEM

By Maggie Ka Ka Lee

Burt’s Bees, will leverage Plastic Credits in their pledge to be Net Zero Plastic to Nature by 2025.

Most people will agree that plastic waste collection and recycling infrastructure worldwide needs to be improved. Recycling rates across the world, especially in the Global South, where there are few mandatory recycling, collection, and deposit return schemes, are low. Only 9 percent of global plastic waste was ultimately recycled in 2019.1 China’s National Sword policy raised additional international attention to the problems that exist in recycling value chains.

At the same time, companies and brands are being called on to address their plastic pollution and support the shift to a circular economy. Initiatives like the Ellen MacArthur Foundation Plastics Pacts and WWF’s Plastic ACTion Agreement encourage companies to reduce their use of virgin plastic and increase the recyclability of their packaging. These commitments require companies to increase the use of post-consumer recycled plastic and redesign for recyclability within their value chains. Fulfilling these commitments would certainly make a significant impact in addressing the plastic pollution crisis, but only with necessary monitoring and verification mechanisms.

Verra, a global leader in developing and managing standards, is stepping up to provide a credible, third-party verified plastic credit system as an accounting framework. It aims to empower companies and organizations to invest in verifiable plastic reduction projects, and facilitate the transition towards a circular economy.