Page 49 - Plastics News July 2024

FEATURE NEWS

bon credits, which aim to reduce greenhouse gas Challenges and Criticisms
emissions, plastic credits address the plastic waste
problem. Moreover, companies can purchase these Ensuring the credibility and integrity of PCs requires
credits to offset their plastic footprint, support robust verification processes and standardized met-
waste management projects, and promote a circu- rics, which can be complex and costly. Additionally,
lar economy. the PCs market is still in its infancy, with limited li-
quidity and standardized trading platforms, posing
How Do Plastic Credits Work? challenges for widespread adoption. Critics argue

Certification: Accredited organizations or certifica- that plastic credits might be used by companies to
tion bodies verify and certify plastic collection or sidestep their responsibility to reduce plastic pro-
recycling projects. These projects can range from duction and consumption, relying solely on offsets
community-based clean-up initiatives to large-scale rather than making substantive changes. Further-
industrial recycling operations. more, accurately measuring the environmental and
social impact of these credits is challenging, requir-
Issuance of Credits: Once a project is certified, it is is- ing ongoing monitoring and evaluation.
sued a certain number of PCs based on the amount Successful Case Studies
of plastic waste collected or recycled. Each credit
corresponds to a specific weight of plastic. The Plastic Bank: An organization incentivizes plas-
tic collection by offering digital tokens in exchange,
Purchase and Trading: Companies looking to offset which people can use to purchase goods and ser-
their plastic usage can purchase these credits on vices. Plastic Bank sells credits to corporations look-
the market. The funds generated from the sale of ing to offset their footprint.
credits support further waste management activi-
ties. Repurpose Global: A platform that certifies and sells
PCs, funding waste collection and recycling projects
Redemption and Reporting: Companies that buy across the globe—Repurpose Global partners with
PCs can claim them against their plastic usage, ef- businesses to help them achieve their sustainability
fectively reducing their net plastic footprint. Regular goals.
reporting and third-party audits ensure transpar-
ency and accountability. A Promising Future
Benefits of PC Plastic credits represent a promising approach to
mitigating the plastic waste crisis. By providing eco-
Environmental Impact: They help reduce plastic pol- nomic incentives for waste collection and recycling,
lution by funding the waste collection and recycling they help create a more sustainable and circular
initiatives, thereby preventing plastic from entering economy. However, the effectiveness of plastic cred-
natural ecosystems. its will depend on rigorous standards, transparent

Corporate Responsibility: Companies can demon- reporting, and genuine corporate engagement. As
strate their commitment to sustainability and en- the market matures, plastic credits could play a sig-
vironmental stewardship by offsetting their plastic nificant role in reducing the environmental impact
usage. of plastic waste and promoting a cleaner, healthier
planet.
Economic Incentives: They create financial incen- Source – Plastics Engineering
tives for waste management projects, encouraging
innovation and investment in recycling technologies
and infrastructure.
Community Empowerment: Many plastic collection
projects operate in developing regions, providing
economic opportunities, and improving living con-
ditions for local communities.

July 2024 PLASTICS NEWS 51