Five Things You Should Know About Plastic Credits

Verra’s Plastic Standard and its methodologies underwent a rigorous development process and reflect quality assurance principles that ensure transparency and integrity. These include:

a. Development and governance: The Plastic Standard was developed over a two-year period following a rigorous multi-stakeholder development process. The ongoing development of the program includes public consultations and input from a cross-sectoral Plastic Program Advisory Group, which contributes to the technical and strategic evolution of the program.

b. ISEAL best practices: The development, maintenance, and evolution of the Plastic Program is guided by ISEAL’s Codes of Good Practice, which are recognized as the international reference point for credible standards and certification schemes.

c. Accounting methodologies: Project impacts are assessed using the approved and robust Plastic Waste Collection Methodology and/or Plastic Waste Recycling Methodology. The methodologies, developed through a multi-stakeholder consultative process and with input from technical experts, are regularly updated.

d. Demonstration of additionality: Every project seeking registration with the Plastic Program must demonstrate additionality using the procedures in the approved methodologies. This is a core requirement of the program and demonstrates that the plastic waste would likely not have been collected or recycled without the project.

e. Third-party verification: All projects seeking registration with the Plastic Program and requesting issuance of credits are subject to desk and field audits by qualified independent third-party auditors and Verra to ensure that they meet the rules and requirements of the Plastic Standard and apply the program’s methodologies properly. An independent validation and verification process ensures the integrity of the projects registered with Verra’s Plastic Program.

f. Assurance of end destination: Two types of Plastic Credits can be issued with the Plastic Program:

• • Waste Collection Credits are issued to projects that verifiably dispose of the collected plastic waste in an end destination that prevents it from leaking into the environment.
  • Waste Recycling Credits are issued to projects that demonstrate they have recycled plastic into a feedstock that can displace the use of virgin plastic.

g. No transboundary movement of plastic waste: Projects must comply with requirements that support the Basel Convention and discourage the transboundary movement of plastic waste.

h. Incorporation of safeguards: Plastic Credit projects reduce social risk across the plastic value chain by incorporating safeguards that improve livelihoods, ensure workers’ health and safety, and uphold human rights, particularly for the informal waste collectors and processors.

i. Continual improvement: Verra continually strengthens the requirements of the Plastic Program to ensure they reflect the latest data and science.

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