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A CLOSER LOOK

into the 3R Initiative Ecosystem

Guidelines for Corporate Plastic Stewardship

(Guidelines)

What is it?

The Guidelines set out best practices for companies that aim to reduce plastic waste and achieve circular use of plastic. They set out the elements of a comprehensive plastic stewardship program: standardised accounting and reporting of plastic footprints, footprint mitigation methods, and example commitments.

Who are the users? 

Companies & other organisations at the corporate, regional or brand level

Objective

To advise companies looking to set and meet ambitious plastic waste reduction leadership commitments based on comprehensive and sustainable plastic stewardship strategies.

Role in the 3RI Ecosystem

Establishes the role of plastic credits in corporate stewardship programmes; used by potential Plastic Credit buyers

Value proposition

The Guidelines set out:

  • High-level plastic footprint assessment metrics;

  • A mitigation hierarchy illustrating the priority of different footprint and leakage mitigation strategies in a robust plastic stewardship programme;

  • How to use plastic credits in the context of plastic stewardship; and,

  • Three associated corporate leadership commitments and how they can be achieved.

Plastic Waste Reduction Standard

 (Plastic Standard)

What is it?

The Plastic Standard sets out requirements for new or scaled-up collection and recycling projects to quantify their impact in a credible, transparent and consistent way to generate Plastic Credits. The projects must meet stringent requirements, including social and environmental safeguards. 

Who are the users? 

Project proponents implementing plastic waste collection and/or recycling activities

Objective

Provides an accounting framework for plastic waste collection and/or recycling activities. It can be used for accounting purposes only, or to issue Plastic Credits. Credits are issued for the additional amount of plastic waste that has been collected from the environment and responsibly managed or for any plastic recycled beyond a baseline recycling rate.

Role in the 3RI Ecosystem

Establishes the rules and requirements that must be met by plastic waste collection and recycling projects to be eligible for Plastic Credits 

Value proposition

  • Enables increased transparency and uniformity in accounting activities, ensuring environmental, safety and livelihoods improvements within the plastic value chain

  • The revenue from Plastic Credits allows projects to secure new finance to continue or scale-up activities, incentivising additional collection and recycling of plastic waste

  • Drives increased availability of recycled plastic feedstocks

 

Circular Action Hub 

What is it?

Circular Action Hub connects waste management projects with companies and investors willing to support waste management activities and foster the circular economy through direct financial support.

Who are the users? 

Waste management projects (SMEs, CO-ops, NGOs) & corporate supporters and investors

Objective

It is a digital platform for connecting supply and demand. It facilitates access to a variety of innovative financial solutions that will help waste management activities increase their capabilities, scale-up and innovate.  

Role in the 3RI Ecosystem

A transaction platform for different funding modalities: Grants or sponsorship, impact investment, and plastic credits’ transactions, including Plastic Credits issued by Verra*.

*While Plastic Credits under the Plastic Standard can be commercialised (monetary value) on the Circular Action Hub, Verra’s Registry System is the official database system for Plastic Credits issuance, transfer and retirement.

   

Value proposition

  • Creates liquidity for the Plastic Credits market, by connecting supply and demand

  • Allows buyers to aggregate Plastic Credit volumes from different activities and different types of materials. 

  • Provides transparency in the monetary value of Plastic Credits

HOW TO START USING THESE?

Use the Guidelines’ principles in designing your organisation’s stewardship program 

Quick Guide to Project Development under the Plastic Waste Reduction Program  

Project registration is online & tailored to the various funding modalities available on the platform.