Scaling Up Waste Recovery and Recycling
More than 350 million tons of plastic are being used every year and just a fraction of this is being recycled. Plastic waste has become a critical concern to a number of companies and consumers. However, without new incentives it will be challenging to meaningfully scale up waste collection and management in key “hot spot” countries to the levels needed to keep significant amounts of plastic from entering the environment and the world’s oceans.
The 3R Initiative
Verra and BVRio, together with Steering Committee members Conservation International, Danone, Natural Capital Partners, Nestlé, South Pole, SYSTEMIQ, Tetra Pak and Veolia have established the 3R (Reduce, Recover, Recycle) Initiative to bring together leading players to:
- Catalyze responsible design, use and recovery of packaging materials;
- Support companies in reducing their plastic waste footprints and mitigating potential leakage into the environment; and
- Stimulate the development of new plastic recovery and recycling projects around the world.
The 3R Standards
The 3R Initiative will achieve these objectives by developing the 3R Standards for Project and Corporate Accounting and a complementary market mechanism which will enable corporates to substantially increase their internal and external efforts to cut plastic pollution.
The 3R Standard for Corporate Accounting enables corporates to robustly assess and report on their plastic waste footprint, and to communicate credible mitigation actions.
The 3R Standard for Project Accounting will enable robust impact assessment of new or scaled-up waste recovery and recycling projects/investments.
Development of the 3R Standards
Verra will use committees of experts in the development of the 3R Standards for Project and Corporate Accounting. The development of the 3R Standard for Project Standard is supported by 3R Project Standard Development Committee. The terms of reference for the 3R Standard for Project Accounting development committee are here; the terms of reference for the 3R Standard for Corporate Accounting will be released in the coming months.