New version broadens recyclers’ access to finance through Plastic Credits
Today, Verra released the Plastic Waste Recycling Methodology, v1.1. This revision of the Plastic Waste Mechanical Recycling Methodology, v1.0 has an expanded scope and includes criteria and procedures applicable to chemical (i.e., advanced, tertiary) recycling processes. Eligible projects that utilize chemical recycling technology may now apply this methodology to issue Waste Recycling Credits (i.e., Plastic Credits) under Verra’s Plastic Waste Reduction Program (Plastic Program).
Chemical recycling technologies enable the recycling and conversion of low-value and hard-to-recycle plastics into feedstocks that can displace virgin polymers. These processes also enable the management of certain types of plastic waste that cannot be recycled using current mechanical recycling technologies. The sale of Plastic Credits catalyzes the scaling of chemical recycling technologies and related technological innovations.
The Plastic Program issues credits only to recycling projects whose output can displace virgin plastic. Recycling projects resulting in an output that is used as fuel, for energy recovery, or as a chemical product are not eligible for Plastic Credits. This decision reflects one of the Plastic Program’s key objectives, namely to increase the availability of recycled plastic feedstocks.
The methodology will drive investment to activities that contribute to building a circular economy for plastics and is consistent with WWF’s Chemical Recycling Implementation Principles (2022).
South Pole supported the development of this methodology and provided key technical expertise for its revisions.
During the public consultation on the proposed revisions to the original methodology, Verra received almost 200 comments, which were taken into account in the final version.
The Plastic Waste Recycling Methodology, v1.1 is effective as of today, 30 June 2022. Projects using the Plastic Waste Mechanical Recycling Methodology, v1.0 must request listing on the Verra Registry by 30 September 2022 and complete validation and request registration with the Plastic Program by 31 December 2022.
Projects currently using the Plastic Waste Mechanical Recycling Methodology, v1.0 (e.g., a project that is validated and registered using this version) must update to the latest version of the methodology at crediting period renewal.
Any questions regarding this revised methodology may be sent to PlasticStandard@verra.org.