The Guidelines for Leadership in Corporate Plastic Accounting are being developed jointly by The 3R Initiative, EA, South Pole, and Quantis. The Guidelines set out a vision that corporates will assess their plastic footprint and waste, and identify actions within their value chain (e.g. avoiding plastic or replacing it where environmentally sensible) to take responsibility for those impacts.
In addition, corporations will invest beyond their value chains to address the plastic waste they cannot yet eliminate. Extended producer responsibility schemes (which enable producers to contribute to the end-of-life costs of products they put on the market) and plastic credits are two ways of achieving this goal. Corporates should report transparently and frequently on their efforts in order to justify making leadership claims such as “Net Zero Leakage” or “Net Circular Plastic”. Using the Corporate Guidelines will enable companies to track their progress in terms of
The Plastic Waste Reduction Standard (Plastic Standard) will establish rules and methodologies to quantify and account for the recovery and/or recycling of waste, incorporate social safeguards to protect project actors waste collectors, and implement a verification system using independent auditors.
The role of the Plastic Standard is to assess, verify and report on the impact of projects that increase plastic recovery and/or recycling, and to generate credits for activities that exceed baseline collection/recycling rates. Learn more
THE CREDITING MECHANISM
Scaling-up Recovery & Recycling by Driving Finance to Local Projects
The Crediting Mechanism for plastic recovery and recycling projects will benefit local communities while cleaning the environment. By adding real value to plastic and beverage cartons waste, the Mechanism will boost the supply of recycled content and, therefore, reduce the production of virgin plastic.
The Plastic Crediting Pathway
The path to a truly circular economy must also recognise the social dimension and positively impact people's lives and livelihoods. By establishing environmental and social safeguards, the Plastic Standard will ensure that all recovery and recycling efforts provide sufficient benefits to local economies and create sustainable livelihoods for local communities.
It will help ensure that the highest social safeguards are fully integrated into the project so that all participating project actors (including waste pickers/collectors) have safe working conditions.
The Crediting Mechanism will drive additional income to plastic recycling co-operatives and local communities which rely on manual waste collection.