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.
The United Nations Global Treaty on Plastic Pollution is a crucial policy framework but needs many tools and many years to implement and be effective. However, we must not wait for these structural changes alone.
“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 and chairperson Nanette Medved-Po, who will attend the negotiations 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 delivering immediate and tangible environmental and socio-economic impact..”
In addition, businesses must take responsibility for their plastic use and waste through voluntary action and compliance with Extended Producer Responsibility (EPR) schemes being implemented around the globe.
“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, requiring companies to take responsibility for 80 per cent of their plastic packaging waste footprint by 2028. Early participation and compliance are very encouraging, with plastic offsets enabling participants to deliver tangible impact. Offset purchases from obligated companies are also 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.