Five Things You Should Know About Plastic Credits
Verra’s Plastic Waste Reduction Program (Plastic Program) is a complementary solution to help address the plastic crisis. Plastic Credits issued by Verra’s Plastic Program enable projects to improve and scale up critical plastic waste management systems around the world.
Plastic Credits will play a key role in addressing plastic pollution, and we invite you to learn more by reading our commentary on Five Things You Should Know About Plastic Credits.
Did You Know?
- 27 projects across 14 countries on five continents are currently listed and/or registered with Verra’s Plastic Program.
- 77% of these projects are in countries with lower middle-income economies.
Visit the Verra Registry to learn more about these projects.
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- Photo by Second Life Thailand: Ocean-Bound & Land Plastic Recovery, Recycling and Reuse (Verra Project 2513)
Verra at Global Plastic Treaty Negotiations in Paris
Verra staff will attend the second session of the Intergovernmental Negotiating Committee (INC-2) in Paris, France, from 29 May to 2 June 2023. The Intergovernmental Negotiating Committee is developing an international legally binding instrument (i.e., a Global Plastic Treaty) to curb plastic pollution, including in the marine environment.
On 30 May 2023, Verra will host a panel with representatives from across the plastic value chain to discuss how Verra’s Plastic Standard and Plastic Credits can help advance the treaty’s goals.
If you will be at INC-2 and are interested in attending Verra’s side event or connecting with Verra staff in Paris, please email events@verra.org.
“The global economy is now only 7.2% circular; and it’s getting worse year on year—driven by rising material extraction and use. […] With a circular economy, we can fulfil people’s needs with just 70% of the materials we currently use—within the safe limits of the planet.”
Verra Registers and Issues Credits to First Plastic Project in Australia
Verra has registered and issued Plastic Credits to the first Australian project registered with the Plastic Waste Reduction Program.
The Far North Queensland Farm Plastics Project implements and scales up the collection of agricultural waste from banana farms by collecting plastic waste and delivering it to mechanical recyclers or sanitary landfills. This reduces the impact of plastic waste entering the Great Barrier Reef and the surrounding waterways and landscapes of Far North Queensland.
The project expects to collect an average of 250 metric tonnes of agricultural plastic waste annually as Plastic Credit finance enables it to scale its operations over time.
Read more about the Far North Queensland Farm Plastics Project.
Fee Schedule Update
Verra recently published updated fee schedules for its standards programs. The following two changes affect the Plastic Program Fee Schedule (PDF):
- The introduction of an annual account maintenance fee ($500): existing account holders received the first bill for this fee on 1 May 2023; and
- Updated annual fees for validation/verification bodies.
Please note that fees relevant to the VCS Program or VCUs do not apply to Plastic Program projects.
Don’t miss Circularity 23, the leading convening of professionals building the circular economy (June 5-7, Seattle)!
Join us and the growing community of more than 1,200 visionaries and practitioners to move beyond incremental action, catalyze systems change, and accelerate the circular economy. Apply the 10% discount code C23VERRA when you register today: http://bit.ly/3HBpmim
A Look Ahead
In the next few months, our team looks forward to connecting with stakeholders at the following events:
- 29 May-2 June: Second Session of the Intergovernmental Negotiating Committee on Plastic Pollution (Paris, France)
- 5-7 June: Circularity (Seattle, WA, USA)
- 26-28 June: GreenFin (Boston, MA, USA)
Verra staff participate regularly in events. For a comprehensive list, please check our events page, which is continually updated.
If you would like to invite a Verra team member to speak at your event, please contact events@verra.org.
