Verra is a leader of the 3R Initiative, which has as its mission to catalyze zero plastic waste leadership. To that end, we support corporates using Plastic Credits as a way to address the plastic waste they cannot yet eliminate. Today we announce consultation on two different elements of our market-based approach to transparently and sustainably increase the value of plastic waste: methodologies of the Plastic Waste Reduction Program (Plastic Program) and the Guidelines for Leadership in Corporate Plastic Accounting.
The Plastic Waste Collection and Recycling Methodologies set out eligibility and accounting requirements for informal and formal plastic waste collection, and new or expanded mechanical recycling infrastructure, respectively. We need your input to ensure that the methodologies address relevant challenges and include robust accounting procedures for plastic waste collection and recycling projects around the world. For more information on the methodologies, how they fit into the Plastic Program, and links to the consultation documents, click here.
Projects developed under the Plastic Program will accelerate and scale up the removal of plastic waste from the environment and increase plastic recycling. However, the Plastic Credits generated by those projects must be used together with corporate actions to reduce plastic footprints and waste. The 3R Initiative is working with partners to document best practices for corporate plastic stewardship, including guidance on how to make plastic waste leadership claims that involve the use of Plastic Credits. We would appreciate input on the metrics for footprint and leakage assessment, mitigation measures, and claims proposed in the draft version of the Guidelines for Leadership in Corporate Plastic Accounting. The draft Guidelines and a comment template are available here.
The public comment periods for both the methodologies and the Guidelines are open from 7 October through 8 November.