Scaling Up Plastic Waste Recovery and Recycling
Plastic Recovery and Recycling Project Accounting Program
The Plastic Recovery and Recycling Project Accounting Program (Plastic Accounting Program) aims to enable robust impact assessment of new or scaled-up waste recovery and recycling projects.
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 to the levels needed to keep significant amounts of plastic from entering the environment and the world’s oceans.
Currently under development, the Plastic Accounting Program will be used for consistent accounting and crediting of a variety of plastic recovery and recycling activities. It will drive finance to projects that increase the recovery of plastic waste from the environment and/or its recycling. The Program will enable projects to be independently audited to determine the extent to which they have reduced plastic waste and/or increased recycling. Credits will be issued based on how much plastic is collected and recycled above baseline rates. This “plastic crediting mechanism” will provide an efficient and powerful means of financing activities that verifiably reduce plastic in the environment anywhere in the world.
How It Works
Projects developed under this Plastic Accounting Program will follow a rigorous assessment process in order to be certified. The Plastic Accounting Program will to cover a diverse range of activities which currently include waste collection from the environment, development of new municipal infrastructure, waste picker recyclable material collection, and development and/or scaling up of new recycling technologies.
Plastic Standard: The Plastic Recovery and Recycling Project Accounting Standard lays out the rules and requirements which all projects must follow in order to be certified.
Independent Auditing: All Plastic Accounting Program projects are subject to desk and field audits by both qualified independent third parties and Verra staff to ensure that standards are met and methodologies are properly applied.
Accounting Methodologies: Projects are assessed using a technically sound plastic waste recovery or recycling quantification methodology specific to that project type.
Registry System: The registry system will be the central storehouse of data on all registered projects and will track the generation, retirement and cancellation of all plastic credits. To register with the program, projects must show that they have met all standards and methodological requirements.
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