More than 350 million tons of plastic are used every year and just a fraction of this is being recycled. Significant amounts of plastic end up in nature, and plastic waste has become a critical concern to consumers and to companies.
To keep this waste out of the environment, Verra and BVRio — together with Danone, Veolia, Nestlé, Tetra Pak, Conservation International and South Pole — recently launched the 3R Initiative. This Initiative will provide incentives for corporates to reduce their plastic footprint and offer opportunities for companies and entrepreneurs to invest in activities that scale up waste collection and recycling.
Components of the 3R Initiative
The 3R Initiative will develop the 3R Standards for Corporate and Project Accounting and a complementary 3R Crediting Mechanism.
- The 3R Standard for Corporate Accounting will enable companies to robustly measure and monitor their plastic footprints; this level of transparency will encourage increased use of recycled plastic and product design that accounts for sustainable alternatives to plastic as well as reusability.
- The 3R Standard for Project Accounting will set out the rules and methodologies for quantifying the removal and/or recycling of plastic waste, develop social and environmental safeguards, and establish a system for independent project certification.
- The 3R Crediting Mechanism will allow companies invest in plastic recovery or recycling projects outside of their footprint.
The Impact Inside and Outside the Value Chain
Independent certification against the 3R Standard for Project Accounting will enable projects to clearly demonstrate their positive social and environmental impacts, which may include improved livelihoods and work conditions for waste pickers. Plastic credits will unlock new investments in waste collection and recycling infrastructure that currently doesn’t exist but which could play a big part in cutting plastic pollution at its source.
Play a Role in Shaping the 3R Standards
Verra will be leading the development of the 3R Standards for Project and Corporate Accounting and is currently seeking members for the 3R Project Standard Development Committee.
The multistakeholder 3R Project Standard Development Committee (PSDC) will help ensure that only high-quality projects achieving their stated waste-reduction outcomes will be credited and that the standard’s widespread use will result in a significant increase in recovery and recycling rates around the world.
View the PSDC Terms of Reference and download the application here.