How Plastic Credits are Supporting the Global Plastics Treaty
Plastic Credit Exchange (PCX) releases position paper ahead of Global Plastics Treaty negotiations, illustrating how plastic credits are a critical part of the solution to the plastic pollution crisis today.
PCX Founder Nanette Medved-Po to attend INC-2 in Paris.
SINGAPORE and MANILA, Philippines, May 31, 2023 /PRNewswire/ — Plastic pollution, climate change and biodiversity loss are highly intertwined and exacerbate each other, threatening our life on Earth. We must innovate and invest in the development of alternative materials, transform supply chains, and change our consumption models to face it.
The UN Global Treaty on Plastic Pollution is a crucial policy framework but needs many tools and years to implement and be effective.
“There is no silver bullet that solves the plastic pollution crisis, particularly as the use cases and applications for plastic continue to grow faster than the alternatives,” says PCX founder Nanette Medved-Po, who will attend the INC-2 as part of the Philippine delegation. “Plastic offsets and credits constitute a powerful, immediately available mechanism to inject capital into the plastic waste market, and should therefore be part of the solution mix.”
In addition, businesses must take responsibility for their plastic waste through voluntary action and compliance with Extended Producer Responsibility (EPR) schemes.
“Properly accredited plastic offsets can deliver significant near-term impact and catalyze longer-term change. The EPR regulation in the Philippines is one of the most aggressive policies in the world. Early participation and compliance are very encouraging, with plastic offsets enabling participants to deliver tangible impact and incentivizing additional investment in upcycling and recycling infrastructure. This model could serve as a blueprint
for more countries to consider, and for the INC process to incorporate into the global framework under development” adds PCX’s CEO Sebastian DiGrande.
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