What's next for the 3R Initiative?
In July 2021, the 3R initiative celebrated our third birthday. We went from an idea to a fully functioning market-based approach to help tackle plastic pollution.
Our three major products are now all progressing in different directions.
The Guidelines for Corporate Plastic Stewardship, which set out best practices for companies that aim to reduce plastic waste and achieve circular use of plastic, will move forward as a key input of the World Business Council for Sustainable Development’s Corporate Plastic Footprinting and Disclosure (WBCSD) workstream.
The Plastic Waste Reduction Standard, managed by Verra, sets out requirements for new or scaled-up plastic waste collection and recycling projects to quantify their impact in a credible, transparent and consistent way to generate Plastic Credits. It has many impact-driven projects in the pipeline and a diverse and passionate multi-stakeholder advisory group.
The Circular Action Hub, managed by BVRio, currently features over 100 initiatives looking to connect with investors to support their packaging recovery activities and foster the circular economy either through direct financial support or through the acquisition of credits.
These outcomes have been successful due to the collaboration between 3R Initiative members and our stakeholders. The first phase of the Initiative has reached its end, but the transformation of how we avoid plastic waste will continue!
How do Plastic Credits work?
Check out our myth-busting explainer video about the concept of plastic credits.
Plastic crediting is an innovative financial tool that drives investment into plastic waste collection systems and new recycling ventures. Companies can compensate for the plastic pollution they cannot yet prevent by investing in projects that generate Plastic Credits. Transparent reporting, monitoring and independent auditing of waste management and recycling systems ensure that investment goes to credible and additional activities that improve the status quo. Watch our video to find out how plastic credits can drive investments towards a circular economy and support infrastructure, social, and environmental improvements throughout the value chain.