Development of New Standard for Plastic Waste Recovery and Recycling Underway
Verra is pleased to announce that the standards development process for the 3R Standard for Project Accounting (Project Standard) is underway. The Project Standard underpins the 3R Initiative, which seeks to provide incentives for corporates to reduce their plastic footprints and offer opportunities for companies and entrepreneurs to invest in activities that scale up waste collection and recycling. It is one of three components of 3R Initiative, the other two being the 3R Standard for Corporate Accounting and the 3R Crediting Mechanism.
With a growing demand for increasing plastic recovery and recycling rates, especially from consumer goods companies, new incentives are required to scale up plastic waste collection and recycling in key “hotspot” countries to establish transformative and sustainable business models that foster circularity and keep plastic out of the environment. The Project Standard aims to drive finance to projects in these countries that increases recovery from the environment and/or the recycling of plastic waste. It will set out the rules and methodologies for quantifying the recovery and/or recycling of plastic waste, develop social and environmental safeguards, and establish a mechanism for projects to generate credits.
Development of the Project Standard is guided by the Project Standard Development Committee (PSDC), a globally representative, multi-stakeholder group with experts from environmental non-profit organizations, groups who work with wastepickers and other marginalized and vulnerable groups, recycling and waste management organizations, companies with large plastic footprints and assessment organizations. For a list of the PSDC members and their affiliations please see below.
The development of the Project Standard is also supported by technical advisors with expertise in circular economy finance and impact investment, wastepicker engagement and advocacy, labor issues, chemical and physical recycling, product reuse, microplastics, plastic waste recovery and recycling project development and assessment.
We will be holding two periods of public consultation on the Project Standard in 2020 and are engaging with a number of projects that will pilot an early version of the standard. The first version of the 3R Standard for Project Accounting will be released in early 2021.
PSDC Member List:
Click here for more information about the 3R Initiative and the 3R Standard for Project Accounting.