Five Things You Should Know About Plastic Credits

1. The Plastic Crisis
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We find ourselves in the midst of a plastic crisis. Approximately 390 million tons of plastic waste are generated annually globally, but only a fraction of it is collected and recycled. Despite corporate pledges and regulatory pressure, single-use plastic waste continues to accumulate. By 2040, there will be a $40 billion funding gap to manage municipal plastic waste effectively. Without capital mobilization, plastic will persistently leak into nature or be managed inadequately.

2. Verra’s Plastic Standard

To address this crisis and drive a paradigm shift, Verra introduced the Plastic Waste Reduction Standard (Plastic Standard). This standard issues Plastic Credits, which play a crucial role in tackling plastic pollution. Here’s why:

• Keeping Plastics Out of the Environment: Plastic Credits support the creation of robust plastic waste collection and recycling infrastructure worldwide, preventing plastics from entering our ecosystems.
• Mitigating Health Risks: These credits benefit the informal waste sector by reducing associated environmental and health risks.
• Corporate Stewardship Goals: When combined with a company’s plastic reduction strategies, Plastic Credits contribute to meeting plastic stewardship goals.
• Global Impact: They align with regional mechanisms and global policy instruments, advancing waste management priorities.

3. What Are Plastic Credits?

A Plastic Credit represents the collection of a specified weight of plastic waste that has been recovered or recycled, preventing it from ending up in the natural environment. These credits are measurable, traceable, and verifiable, ensuring genuine reductions in plastic waste1.
4. How They Work

Plastic Credits are transferable economic units that companies can purchase to offset their plastic waste. Each credit corresponds to 1 ton of plastic that is either recycled or collected, preventing it from becoming environmental pollution2.
5. Quality Assurance and Impact

Plastic Credits issued by Verra’s Plastic Waste Reduction Program adhere to quality assurance principles. These ensure their integrity and real-world impact. By supporting Plastic Credits, we contribute to a cleaner, more sustainable future.

Read the full article on Verra’s website: Five Things You Should Know About Plastic Credits

Remember, every small step counts in our fight against plastic pollution! 🌍🌱🌊
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