THE 3R INITIATIVE ANNOUNCES PARTNERSHIP WITH P4G
SEPTEMBER 17, London – The 3R Initiative announces a new partnership with P4G, the Partnering for Green Growth and the Global Goals 2030 Initiative. P4G will provide US$ 4.5 million to fund and accelerate seven public-private partnerships with innovative solutions to drive green growth and climate action in developing countries, including Bangladesh, Colombia, Ethiopia, Kenya, India, Indonesia, and Zambia.
Selected following a global competition, these 2019 P4G Scale-Up Partnerships seek to achieve the following:
Mobilise impact investing crowdfunding to grow agri-food businesses for small-to-medium enterprises in developing countries;Transform Africa’s renewable energy market starting in the Southern Africa region;Increase energy efficiency in India’s industrial sector;Grow demand and supply for clean energy in Colombia, Indonesia and Vietnam;Develop sustainable, low-carbon economic zones and industrial parks in Ethiopia, Kenya and Nigeria;Create a regional sustainable sourcing certification program for India’s farming communities; andEstablish a new market-based model for recovering and recycling plastic waste.
“These P4G Partnerships can develop into regional and global models for sustainable development and growth,” said P4G Global Director Ian de Cruz. “We salute the organisations from the private, public and civil society sectors as pioneers that are working collaboratively to advance solutions that drive both green growth and climate action. Through the support of the global P4G network, we look forward to accelerating these partnerships in their implementation and path to market commercialisation.”
3R Initiative
A New Market-Based Model for Recovering and Recycling Plastic Waste
Today, cities around the world create about 1.3 billion tons of solid waste annually, representing more than $1 trillion in global losses due to inadequate recovery and recycling practices. The 3R (Reduce, Recover, Recycle) Initiative (3RI) will create a new plastic recovery and recycling crediting mechanism, which will provide an efficient and powerful means to drive new finance to projects and activities that reduce plastic in the environment. The 3RI is a multi-stakeholder partnership among BVRio, Conservation International, Danone, Natural Capital Partners, Nestlé, South Pole, SYSTEMIQ, Tetra Pak, Veolia, and Verra. The crediting mechanism will be underpinned by the 3R Standard for Project Accounting, which will enable the robust and consistent measurement and reporting of projects that reduce plastic waste around the world. Through testing the crediting mechanism with early-implementation projects, the Initiative is expected to lead to the recovery of 10,000 tons of plastic waste from the environment and 6,750 tons of CO₂ emissions avoided or removed. Initially, projects will be focused in Brazil, Colombia, Mexico and Indonesia. The success of the 3R Initiative will increase the value of waste plastic, including traditionally low-value items like films and light-weight bags. Consequently, this added value will catalyse new and expanded waste recovery and recycling activities, making previously unjustifiable projects and investments financially viable. P4G awarded the 3R Initiative $600,000 in scale-up funding in 2019.