Do You Know What Is Plastic Credit?

Do you know what is plastic credit? Plastic credit is a transformative way of funding to give a catalytic effect to our transition toward the circular economy. Growing awareness of the matter is related to a sustainable solution to the plastic pandemic. Plastic credits are associated with the local need and the global system of plastic management. Let’s explore the topic of plastic credit.

What Is the Plastic Pollution?

The global scenario of plastic waste is getting worse day by day and the reason behind this plastic epidemic is our irresponsible activities toward the environment. 

Though it is sounding alarming it is a fact that every year we are producing a lumpsum amount of plastic waste which is more than the combined weight of the entire humanity. 

Data says, in the year 2020, the total production of new plastic is over 370 billion kg which is on a tragic note, more the 320 billion kg, the total weight of the combined human population on the planet.

In our country, we are producing 25000 metric tons of plastic every day. Isn’t it a horrible situation? Yes, it is, we are producing such an amount of single-use plastic that we can’t recycle. The problem needs a sustainable and effective solution to lessen the hazardous effects of plastic on the ecosystem.

What is Plastic Credit?

The plastic credit model of EPR compliance is an initiative to bring an ethical & sustainable solution to the problem of plastic pollution. Plastic credits are considered as an effective procedure to remove or recycle excess plastic waste from the environment. The concept of plastic credit is inspired by the carbon credit model which was crafted to reduce excess carbon emissions. 

According to a study by the World Wildlife Fund (WWF), “a plastic credit is a transferable unit representing a certain quantity of collected and perhaps recycled plastic from the environment”. 

Two key role players are involved in a plastic EPR model. One is the organizations that use plastic during the production of their products and packaging. Another one is the projects that collect plastics from the environment and recycle them into new products. 

The Association of these two companies is very important to running a successful plastic EPR model. An EPR company takes the responsibility to recycle the similar amount of plastic that they produce and eventually comes into the landfills. As per them, plastic credits are one of the best options to reduce plastic waste.

How Does Plastic Credit Work?

The working mechanism of plastic credits is interesting. For An EPR company, how much quantity of plastic waste, it is keeping in the environment is called the plastic footprint. After calculating this data, the company can proceed to purchase the same amount of plastic credit as per its plastic footprint. So, if a company has a plastic footprint of “X” kg., it can purchase plastic credit of “X” kg.

The amount one company is paying to purchase plastic credits is given to one particular project. Now, it comes under the liability of that project to collect or recycle the same amount of plastic waste of plastic footprint. At the end of the entire process, the company can call itself plastic-neutral.

How Much Successful Plastic Credit Is?

The plastic crediting system is a waste management significant tool. But if it is not implemented correctly, it can cause harm to the waste management process.

Plastic credit can initiate misleading claims of “plastic neutrals” and other potential terminology around offsetting.  

Another danger is that work on Extended Producer Responsibility (EPR) implementation may be hampered. EPR has been recognized by the WWF as a required and effective strategy in the fight against plastic waste. There is particular fear that widespread adoption of crediting activities would either not coordinate with local EPR implementation or will be perceived as a suitable substitute for EPR. It needs to be observed if voluntary credit systems will help or hinder the adoption of EPR policies by governments. Participants should be aware that bespoke programs have the potential to obstruct beneficial interventions.

Conclusion –

The approach of plastic credit intends to legalize the recycling sector by providing waste management organizations and recyclers who have adopted the plastic credit model with larger monetary advantages. This concept has the potential to revolutionise India’s urban environments by providing waste management agencies with stability and scalability, allowing for faster recycling. 

Furthermore, the PWMR mandated plastic makers to offset their responsibility by finding a recycler within the same month in the geographic area where their product is distributed. This will assist both the local biodiversity and the people who work in the recycling industry.

Sharing is Caring
Top 8 Ways To Reduce Plastic Waste?

Plastics have become an inextricable component of our everyday life. While plastics are undeniably convenient, efficient, and make all of our lives a little simpler, they have resulted in significant worldwide plastic pollution for which the world has no definite remedy. [...]

Read More
Future scenarios of global plastic waste generation and disposal

The foundation of today’s fast-paced world is laid on the bricks of plastics. Undoubtedly, Epr plastic has innumerable uses, but humans have become dependent on single-use or disposable plastic. Plastic pollution has become one of the most pressing environmental issues, as the rapidly increasing production of disposable[...]

Read More
How Plastic Extended Producer Responsibility Can Increase Your Profit!

Plastic had become a part of our lives; it has secured its place everywhere in different forms like grocery polythene, coffee lids, water bottles to take out containers. China is the biggest importer of plastic in the world. [...]

Read More
Effects Of Plastic Waste On Marine Ecology

There is no doubt, India is full of multiple resources. It could have been wealthier than all other developed countries. The problems are the cheap availability of resources and lower labour costs. [...]

Read More
How To Avail The Benefits From Plastic Waste With Minimal Spending?

Plastic is a synthetic or semi-synthetic everyday material, made of Polyethylene, a thermoplastic polymer. It is cost-effective, easy to produce, highly durable, and helps protect and preserve goods through packaging. But being a non-degradable product, it affects the[...]

Read More
The Environmental Impact of Plastic Pollution

Plastic has become one of the most used and versatile materials in the world today and our lives would be incomplete without it. You’ll find plastic in almost everything around you—in your furniture, kitchen[...]

Read More
What Is Microplastic Contamination?

Plastic is one of the most common and best-known types of trash, but few people understand the potential impact that it could have on our environment, and in particular on marine life[...]

Read More
Do You Want to Know What Is EPR?

Do you want to know what is EPR? The full form of EPR is “Extended Producer Responsibility”. It is an urgent need to promote proper trash management since we produce plastic waste compared[...]

Read More
What is The Connection Between EPR Plastic & Environment?

Do you know what is the connection between EPR plastic & environment? Every year, more and more waste is ending up in the environment and keeping a harmful effect on mother earth[...]

Read More
Do You Know How Does an EPR Company Work?

The issue of waste management is a matter of immense concern and has a direct impact on the environment. Every year around 300 million tons of plastic waste is getting produced on earth and somehow it is gathering in landfills []

Read More
Why Recyclers play an important role in Plastic Waste Management

Introduction: India is generating about 3.5 million tons of plastic waste annually and the per capita plastic waste generation has almost doubled over the last five years and about 60% of the plastic waste has been recycled annually in India. Plastic is made up of various harmful and toxic chemicals thus it poses a serious environmental []

Read More