Plastic Credit Exchange (PCX), a Filipino non-profit plastic offset program, partnered with Microsoft to develop a public, blockchain-protected credit registry.
“It is important that the credit registry is trustworthy and available to the public,” said PCX founder and chair Nanette Medved-Po in a statement. “By using blockchain technology to not only protect the ledger but provide transparency around additionality and protect against double counting, stakeholders will know where and how they positively impact the environment.”
Similar to carbon markets that use carbon credits to limit companies’ production of greenhouse gases, PCX uses plastic credits to limit the number of plastics that businesses produce.
Companies in the Philippines who have purchased plastic offsets include Nestle Philippines and Unilever Philippines. Meanwhile, companies like PepsiCo Snacks, Wyeth Nutrition, Century Pacific Food, Colgate-Palmolive, and NutriAsia have pursued plastic neutrality in the country.
Read the full article here.