Verra Issues First Plastic Waste Reduction Credits
Market-Based Approach Will Scale up Activities to Address Plastic Pollution
WASHINGTON, DC – 24 March 2022 | Standard-setter Verra has issued the first credits generated under its Plastic Waste Reduction Program to a project spearheaded by Second Life Thailand. These Plastic Credits introduce scale and efficiency into global recycling efforts and accelerate the removal of plastic waste from the environment.
On 18 March, Verra issued to Second Life Thailand more than 650 Waste Collection Credits (WCCs) and 60 Waste Recycling Credits (WRCs), each of which represents one metric tonne of plastic waste either removed from the environment or recycled. The issuance follows an extensive external audit by validation/verification body Control Union and a comprehensive review by Verra.
Second Life Thailand works primarily on islands, where it prevents plastic from leaking into the ocean and decimating marine populations. The revenue from Plastic Credits makes it possible for Second Life Thailand to initiate and scale up activities that increase the collection and recycling of plastic waste. They include:
- Placing a premium on plastic waste collected from hard-to-reach islands;
- Funding the sorting of collected fishing nets so that those nets made of nylon can be recycled; and
- Providing training, transportation, and personal protective equipment for collectors and recyclers.
French cosmetics group Caudalie has emerged as the first buyer of the project. The company purchases Plastic Credits from Second Life’s project to support its “100% Plastic Collect” initiative, which covers its full plastic footprint via this voluntary extended producer responsibility mechanism, and ensures that most of the company’s packaging is made from recycled materials that can be recycled or reused.
Plastic Credits serve an important function for companies that have taken steps to reduce their plastic footprint within their value chain and seek to address plastic leakage outside their value chain. Purchasing Plastic Credits also reduces the social and environmental risks inherent to the plastic collection and recycling supply chains, as all projects must implement social and environmental safeguards to improve the livelihoods of the workers and community members impacted by project activities. This beyond-value chain investment, facilitated by Plastic Credits, helps finance essential plastic waste management systems across the globe.
Second Life works with the following companies who seek to support their plastic stewardship strategy through the purchase of Plastic Credits: Caudalie, Clarins, SPF Diana (Thailand) Co., Ltd., Mars, CERPD, GreenPrint, A PDI Company, and ACT Commodities (a global leader in providing market-based sustainability solutions).
For more information, please contact:
- Steve Zwick, Senior Manager, Media Relations, Verra, email@example.com [Netherlands]
- Anne Thiel, Senior Manager, Communications, Verra, firstname.lastname@example.org [Washington, DC]
- Nik Supatravanij, Program Manager, Second Life Thailand, email@example.com [Bangkok]
Verra is a nonprofit organization that operates the world’s leading carbon crediting program, the Verified Carbon Standard (VCS) Program, as well as other programs in environmental and social markets. Verra is committed to help reduce greenhouse gas emissions, improve livelihoods, and protect natural resources by working with the private and public sectors. We support climate action and sustainable development with standards, tools, and programs that credibly, transparently, and robustly assess environmental and social impacts and enable funding for sustaining and scaling up projects that verifiably deliver these benefits.
Second Life Thailand is a social enterprise specialized in the development of ocean plastics collection and recycling projects by supporting grassroot communities on islands and remote coastal areas. Second Life operates projects in Thailand, Indonesia and Vietnam and plans to open new projects in Brazil and Mexico in 2022, following the Verra Plastic Standard. Second Life seeks to maximize the additionality as well as the social and environmental impacts of circular economy projects, with the ambition to raise the bar of the industry standards.
Second Life is an offspring of PUR Projet, developing Offsetting and Insetting Carbon projects in 40 countries.