Plastic Credit Program
Solving the plastic waste crisis will require solutions that build waste management infrastructure to allow for the recovery of plastic in the environment at scale. Plastic credits are a market-based mechanism to drive private sector capital to on the ground projects removing environmental plastic and creating next life solutions, including recycling, upcycling, and co-processing.
The social impact of crediting projects can parallel environmental benefits. The most acute plastic waste problems occur in developing parts of the world. Plastic credit projects can forward environmental justice, employment opportunity, education, community health & gender economic empowerment. Companies can support projects aligned with ESG, CSR, sustainability, and UN Sustainable Development Goal priorities.
To implement plastic credits, a business should understand the potential organizational benefits, which include:
- Offsetting a product line, a specific amount, polymer type, or geography of a plastic footprint
- Lowering the cost of sourcing recycled plastic
- Lowering the cost of sourcing environmental plastics
- Certifying materials as being ocean or ocean bound plastic or other sources
- Employee education and engagement opportunities
A plastic credit represents collecting or recycling one tonne of plastic material, which can be transferred between organizations. They can be used by companies and other entities who desire to address their plastic footprint but are otherwise unable to do so in a practical or economically viable way. They can mitigate external environmental plastic waste beyond a company’s control and the unavoidable volume of a plastic footprint.
In generating plastic credits, there should be rigorous processes and working from a standard that is separate from the actual project to ensure that the plastic recovery and recycling is:
- Additional – Recovery or recycling that otherwise would not occur
- Validated and approved on an independent, public protocol
- 3rd party audited & verified
- Individually identified, tracked, and retired on a public registry
- Assessed & documented for project social & environmental co-benefits
ClimeCo provides companies with a global portfolio of plastic credit projects with a diversity of geography, impacts, and circular economy solutions. Together we can help solve the ocean plastic pollution crisis, scale recycling, and create new waste infrastructure. Plastic credits are an investment in ecosystem restoration, biodiversity, the wellbeing of communities, sustainability & being a better business.
Orphan plastic refers to post-consumer single-use plastic that is of little value and non-recyclable. This type of plastic waste poses a significant threat to our world’s oceans. Our partners at TONTOTON have found a solution to prevent this plastic waste from entering the oceans by collecting it and giving it a productive next life. With the selling of plastic credits, TONTOTON can expand and grow its project efforts.
ClimeCo, a leader in the management and development of environmental commodities, has partnered with TONTOTON, a project developer in Vietnam that removes no-value plastic from the environment to generate the world’s first plastic credit from an independent protocol and 3rd party verification audit.
Plastic credit projects can address various interrelated problems: ecosystem degradation, inadequate waste management, biodiversity loss, health and economic risks, and carbon-fueled climate change.
“The emerging plastic credit market will direct private sector funds to help scale waste recovery and recycling,” says Chirs Parker. “ClimeCo’s clients can support these front-line projects and address their plastic footprints on a path to a circular economy.”
We have marketing material to help you learn more about plastic credits, how they are created, how they can help your company’s sustainability goals, and how you can support these types of projects.
ClimeCo is featured in a 3-page spread in Sustainable Plastics Magazine’s May/June 2021 issue! This article was written by ClimeCo’s Plastic Program Director, Chris Parker, and Vice President of Marketing, Nancy Marshall. The article discusses how we are finding more value in plastic and talks about ClimeCo’s launch of the world’s first plastic credit, how it works, the benefits, our partnership with TONTOTON, and the future of plastic credits.