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Plastic Credits: A viable solution to a choking planet?
Fewer than 60 companies are responsible for more than half of the world’s plastic pollution; with only six accountable for a quarter. (Try not to read that statistic whilst separating all of your recycling at home).
The pressure on large companies to tackle the environmental harm caused by single-use plastics is thankfully increasing at a pretty rapid pace now; and this is prompting a fresh exploration of new strategies that might be more ‘business-friendly’.
Since 2022, The United Nations have been negotiating the Global Plastics Treaty, which has just entered its fourth round of negotiations recently in Ottawa, Canada. The UN aims to reach a legally binding agreement to end plastic pollution by the end of the year.
One of the key solutions being proposed by some larger companies during these negotiations, is the ‘Plastic Credit’ scheme, a form of ‘Plastic Offsetting’. As you can imagine, many are understandably sceptical about any concept backed by the biggest polluters.
