The Plastic Waste Reduction Program: Promoting Sustainable Solutions for Plastic Management

In an era where plastic waste has become a critical concern for companies, governments, and consumers worldwide, the Plastic Waste Reduction Program (Plastic Program) offers a robust solution to address this pressing issue. Developed and overseen by Verra, a non-profit organization, the Plastic Program enables the assessment and certification of waste collection and recycling projects, promoting sustainable practices and reducing the environmental impact of plastic waste. This article explores the key components of the Plastic Program, the process of project development and registration, and the issuance of Plastic Credits.

Overview of the Plastic Program

The Plastic Program serves as a mechanism for consistent accounting and crediting of various plastic collection and recycling activities. Its main objective is to drive investment into projects that increase the collection and/or recycling of plastic waste, thereby reducing the use of virgin materials and preventing plastic pollution. The program follows a rigorous assessment process to ensure that projects meet the required standards and methodologies.

Under the Plastic Program, projects can issue Plastic Credits for their plastic waste collection and/or recycling activities. These credits represent one metric tonne of plastic waste that has been collected or recycled above baseline rates. Each Plastic Credit is uniquely numbered and undergoes independent auditing to ensure its legitimacy and transparency. The credits can be sold to finance the project and are ultimately retired by end users to offset their plastic waste footprint.

Development and Registration Process

To participate in the Plastic Program, projects must complete a thorough development and assessment process. The process begins with the submission of a project description, which undergoes a 30-day public comment period. Following this, the project undergoes validation, during which a qualified third-party auditor reviews all comments received during the public comment period and assesses the project details.

Upon successful validation, the project proponent can request project registration with Verra. This stage involves a project review, where Verra evaluates the project against the Plastic Program's rules and requirements. The length of the validation and registration process varies depending on the project but can take up to a year.

Plastic Credits: The Key Incentive

Plastic Credits are at the heart of the Plastic Program, providing a powerful means of financing activities that verifiably reduce plastic waste. There are two types of Plastic Credits issued under the program: Waste Collection Credits (WCCs) and Waste Recycling Credits (WRCs). WCCs are awarded for the additional amount of plastic waste collected and responsibly managed, while WRCs are issued for any plastic recycled beyond a baseline recycling rate.

The Plastic Program ensures the integrity of Plastic Credits through quality assurance principles. These credits must represent collected and/or recycled plastic waste that is additional, real, and measurable. To maintain transparency, all Plastic Credit issuance and retirement records are publicly available on the Verra Registry.

Standards and Certifications

The Plastic Program allows for the labeling of Plastic Credits with additional certifications from participating standards or programs. These certifications provide further assurance of the project's adherence to specific social and environmental requirements. Project proponents must submit the necessary documents to obtain these certifications, demonstrating their compliance with the respective standards.

Verra maintains a list of participating standards on its website, and project proponents can liaise directly with these standards for details on their requirements. The inclusion of additional certifications enhances the credibility and impact of Plastic Credits, attracting buyers who prioritize specific environmental or social objectives.

The Role of Verra Registry

The Verra Registry plays a crucial role in the implementation of Verra's standards and programs, including the Plastic Program. It serves as a central repository for information on registered projects, issued and retired units, and enables the trading of units. The registry ensures the uniqueness of projects and credits within the system and tracks the generation, retirement, and cancellation of Plastic Credits.

As a non-profit standard-setter, Verra does not engage in the buying, selling, or trading of Plastic Credits. The negotiation and purchase agreements between project developers and buyers occur outside the Verra Registry. Strict "Know-Your-Customer" background checks are conducted for registry account holders, who are authorized to hold and transact Plastic Credits on behalf of companies or organizations interested in mitigating their plastic footprint.

Benefits and Impacts of the Plastic Program

The Plastic Program offers numerous benefits to various stakeholders, including companies, governments, and waste pickers. By incentivizing the collection and recycling of plastic waste, the program promotes the transition towards a more circular economy. Companies can assess the impact of their waste management projects, reduce supply chain risks, and contribute to environmental sustainability by reducing their reliance on virgin plastic.

Governments can leverage the Plastic Program to incentivize investment in waste collection and recycling projects, complementing existing waste management initiatives. The program also aligns with extended producer responsibility schemes, allowing regulators to integrate Plastic Program projects into their frameworks.

Importantly, the Plastic Program supports the livelihoods of waste pickers and other informal collectors. By increasing the amount of waste they collect and sort for recycling, these individuals can generate Plastic Credits and access additional income. The program's social and environmental safeguards ensure safe working conditions and improved livelihoods for these marginalized communities.

Continuous Improvement and Collaboration

Verra is committed to continuously improving the Plastic Program by incorporating the latest data and scientific advancements. The program undergoes regular updates to align with best practices and emerging industry standards. Verra collaborates with stakeholders, including a Plastic Program Advisory Group, to shape the program's technical and strategic direction.

Through its Plastic Program, Verra empowers organizations to make a tangible impact on plastic waste reduction. By participating in the program, companies and governments can demonstrate their commitment to environmental stewardship and contribute to a more sustainable future.

Conclusion

The Plastic Waste Reduction Program offered by Verra provides a comprehensive framework for the assessment, certification, and incentivization of waste collection and recycling projects. By issuing Plastic Credits, the program drives investment into projects that effectively reduce plastic waste and contribute to a more circular economy. With its rigorous standards, independent verification processes, and continuous improvement efforts, the Plastic Program serves as a powerful tool in the global fight against plastic pollution. Through collaboration and commitment, organizations can make a lasting impact on the environment and create a more sustainable future for generations to come.

MoEF&CC FICCIConfederation of Indian IndustryASSOCHAM (The Associated Chambers of Commerce and Industry of India) FEDERATION OF INDIAN EXPORT ORGANISATIONS TEXPROCIL - Apparel Online Apparel Export Promotion Council  ESG Tech Info Private Limited Ashish Rakheja Down to Earth Digital Green Hindalco Industries Limited Vedanta Limited - Aluminium Business Lee Kuan Yew School of Public Policy Smart Cities Mission Anantha Duraiappah UNESCO MGIEP

For further information and Sustainability Requirements Contact

Dr Rakesh Varma Ex-IAS (VR)

Founder/CEO ESGmitra www.esgmitra.com

Director@esgmitra.com

Certified ESG Professional |Certified GRI Standards Sustainability Professional (CGSSP) | Govt. EGOsystem & ECOsystem Coder | ESG BRSR GRI Leader | MBA, LLB, Public Policy Maker & Analyst