New plastic stewardship initiative launched

BVRio, a non-profit organisation focused on the creation and promotion of market mechanisms for the environment, is proud to announce the launch of the 3R Initiative’s new plastic stewardship initiative that will establish the world’s first comprehensive framework for companies to verifiably manage and reduce plastic waste. More than 1,000 companies have committed to actions to create a New Plastics Economy. However, until now there have been few clear and credible best practices for achieving and reporting on the commitments to reduce plastic waste that many of these companies have set out.

“BVRio is excited with the launch of this important initiative. We see it as an important piece of the circular economy ecosystem, helping to increase the environmental robustness and impact of activities of this nascent sector, paving the way for more investment and activity in this space”, said Mauricio Moura Costa, CEO of BVRio. The plastic stewardship initiative includes Guidelines for Corporate Plastic Stewardshipand a Plastic Waste Reduction Standard (Plastic Standard).

The Guidelines for Corporate Plastic Stewardship, developed by the 3R Initiative, South Pole, Quantis and EA, provide best practices for companies to credibly and transparently quantify and report on their plastic footprints, leakage and commitments to reduce plastic waste. The Plastic Standard, developed and managed by Verra, helps companies that have fully maximised efforts to reduce the plastic footprint of their operations to invest in projects that collect and recycle plastic waste.

Companies can do this by purchasing plastic credits from projects that meet the Plastic Standard. The plastic stewardship initiative creates incentives for companies to invest in new or scaled-up collection and recycling projects that reduce plastic pollution and greenhouse gas emissions and help improve livelihoods and protect marine ecosystems.  

The Plastic Standard was piloted by 24 projects in 18 countries on six continents, with the assistance of BVRio. In Indonesia, where 165 million people do not have access to waste management, Nestlé and Danone contributed to two pilot projects using the Plastic Standard to account for and independently verify the social, economic and environmental benefits of their work. “Using the Plastic Standard will help improve transparency on impact measurement and reporting while supporting projects that will improve collection and recycling rates around the world.”, said Hanna Jager, Nestlé Global Responsible Sourcing Leader.  In addition to BVRio, 3R Initiative members include Nestlé, Danone, Tetra Pak, Verra, and leading environmental and carbon market organisations.