Plastic credits can help scale recovery and recycling efforts
Posted on December 18, 2024 by DrRossH in Plastic RecyclingThere is a big discussion happening right now regarding the plastic waste crisis and the emerging plastic credit market.
Source: Plastic credits can help scale recovery and recycling efforts | Sustainable Plastics
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.
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.
There are different types of projects that can generate plastic credits. Some examples are:
- Coastal and waterway debris removal by hand,
- Open ocean collection by boat,
- Debris traps set in rivers,
- Microplastic filtration collection, and
- Recycling materials collected from the natural environment, post-consumer & industrial waste, urban dumping, and unmanaged landfills.
There are a lot of factors that determine the pricing of plastic credits. For instance, higher costs in the recovery of plastic from the ocean compared to the picking of plastic waste from landfills will be reflected in the pricing of those credits. To some buyers, credits from a specific geography, polymer, or source that aligns with a company’s operations are worth a premium. Meanwhile, projects that support more social progress in health, equality, employment, and environmental justice should have these attributes valued in the price of the credit. Likewise, projects that pay workers a higher standard wage or provide healthcare benefits should reflect that added value.
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