Verra has submitted written recommendations to the INC Secretariat ahead of the third session of the Global Plastic Treaty’s Intergovernmental Negotiating Committee (INC-3).
During the committee’s second meeting (INC-2), the INC secretariat identified the need to explore private and innovative finance mechanisms, including crediting programs, as a potential area of intersessional work. These mechanisms, which promote equity and innovation, can support the effective implementation of the treaty. Verra’s submission responds to this focus area by affirming the importance of Plastic Credits in supporting the Global Plastic Treaty’s objectives.
Plastic Credits issued by Verra’s Plastic Waste Reduction Program (Plastic Program) offer a scalable, accessible, and predictable mechanism for financing verifiable plastic waste collection and recycling activities.
In its written comments, Verra provides the following recommendations for the use of Plastic Credits:
- Plastic Credits should be included within the Global Plastic Treaty as a high-integrity funding mechanism to mobilize private and public sector finance. This finance can support plastic waste collection and recycling activities to strengthen local waste management systems and address legacy plastic pollution.
- Plastic Credits should be issued in compliance with internationally recognized standards, such as Verra’s Plastic Standard. This will ensure that these credits are only issued to high-integrity projects that meet the standards programs’ stringent requirements.
- Existing initiatives and frameworks, including Verra’s Plastic Program, can help maximize the effectiveness and credibility of crediting programs as an innovative financial mechanism within the Global Plastic Treaty.
Members of Verra’s Plastic Program team are eager to continue sharing their expertise on crediting programs as a way of supporting the Global Plastic Treaty’s financing goals. The team will attend INC-3 in Nairobi, Kenya, in November 2023 to further engage in this process.