Plastic Credits
Transforming Environmental Responsibility into Tradable Assets
Plastic credits, also known as plastic offset credits or plastic waste credits, are a financial instrument designed to incentivize the reduction, recycling, or proper disposal of plastic waste. The concept is similar to carbon credits, which are used to incentivize reductions in greenhouse gas emissions.
As a leading provider of sustainable solutions, Targray offers a comprehensive plastic credits program designed to empower businesses to tackle the global plastic waste crisis effectively. We facilitate the exchange of plastic credits, providing businesses with a tangible mechanism to offset their plastic footprint, and demonstrate their commitment to environmental stewardship while supporting initiatives focused on reducing plastic waste. Plastic credits contribute to the development of a circular economy by encouraging the responsible use of plastics and promoting closed-loop systems. Our expertise ensures that businesses can seamlessly integrate these credits into their sustainability strategies, aligning with global environmental goals.
How Do Plastic Credits Work?
Plastic credits offer a market-based solution to address environmental concerns by creating a platform where both businesses and individuals can actively manage their plastic consumption. Through these credits, companies and individuals can demonstrate accountability for their plastic usage by investing in projects and initiatives aimed at reducing plastic waste. This system encourages participation in efforts to combat plastic pollution while also fostering innovation and sustainability in waste management practices.
- Measurement: An organization or project measures the amount of plastic waste it prevents from entering the environment through activities such as recycling, waste collection, or plastic substitution.
- Certification: Independent organizations certify the amount of plastic waste prevented or recycled, verifying the claims made by the project or organization.
- Issuance: Once certified, plastic credits are issued to the organization or project based on the amount of plastic waste they have prevented or recycled. Each credit represents a specific amount of plastic waste prevented or recycled.
- Trading: Plastic credits can be bought and sold on the market. Companies or individuals looking to offset their plastic footprint can purchase these credits to compensate for their own plastic use.
- Verification: Periodic verification ensures that the plastic waste reduction or recycling activities continue to meet the standards required for credit issuance.
- Impact: The revenue generated from the sale of plastic credits can be used to fund further plastic waste reduction or recycling initiatives, creating a cycle of investment in sustainability.
THE ROLE OF COMPLIANCE IN PLASTIC CREDITS
Compliance plays a crucial role in the plastic credits market, ensuring transparency, credibility, and accountability in the issuance and trading of credits.
For businesses, compliance with environmental laws and regulations is not only a legal requirement but also a key aspect of corporate responsibility and reputation management. By participating in plastic credits programs that comply with relevant regulations and certification standards, companies can demonstrate their commitment to environmental sustainability while mitigating the risk of non-compliance penalties.
Plastic credits programs often operate within regulatory frameworks that outline criteria for credit certification, project eligibility, and credit trading. These regulations may include requirements for transparent reporting, third-party verification, and adherence to specific environmental performance criteria. Compliance with these standards ensures the integrity and credibility of plastic credits, providing assurance to buyers and investors regarding the environmental impact of their investments. Regulatory compliance helps foster trust and confidence in the plastic credits market, encouraging broader participation from businesses, investors, and stakeholders.
Through our comprehensive approach to compliance management, Targray helps businesses navigate the complexities of plastic waste reduction initiatives, maximize the effectiveness of their sustainability investments, and drive positive environmental outcomes.
COMPLIANCE CONSIDERATIONS
CO2 Emissions Reduction Projects
Our experts excel in identifying and supporting initiatives that lead to significant CO2 emissions reductions. By investing in and advising on projects with a measurable environmental impact, we empower our clients to make meaningful contributions to a greener future.
Low-CI Fuel Production and Import
Recognizing the pivotal role of low-carbon intensity fuels in reducing overall environmental footprint, we facilitate the acquisition of Plastic credits through the production or import of such renewable fuels. Our strategic guidance ensures compliance while promoting the use of cleaner energy sources.
Transformative End-Use Fuel Switching in Transportation
As trusted industry experts in transformative end-use fuel switching, we guide our clients in making the transition to sustainable transportation fuels and bio-based feedstock. This not only aligns with compliance requirements but also positions businesses at the forefront of the sustainable mobility revolution.
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GREEN-E® CERTIFICATIONTargray is a registered participant in the Green-e Energy renewable energy certification program. Green-e carbon products and solutions undergo a through investigation process ensuring they are sourced from a eligible energy sources (e.g. – wind, solar, geothermal, biomass or low-impact hydropower) that meet international standard criteria.
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The Verra RegistryVerra is a global leader helping tackle the world’s environmental and social challenges by developing and managing standards that help the private sector, countries, and civil society achieve ambitious sustainable development and climate action goals. The standards and programs Verra develops and manages are globally applicable and advance action across a wide range of sectors and activities. Programs undergo extensive stakeholder consultation and expert review, and draw from four key components: standard, independent assessment, accounting methodologies, and registry.
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Gold StandardThe Gold Standard (GS) is a voluntary carbon offset program focused on progressing the United Nation’s Sustainable Development Goals and ensuring that project’s benefit their communities. It can be applied to voluntary offset and Clean Development Mechanism (CDM) projects. The GS CDM was launched in 2003 after a two-year consultation with stakeholders, governments, non-governmental organizations, and private sector specialists from over 40 countries. The GS for voluntary offset projects was launched in 2006. The GS project registry – containing all projects implemented through the standard was launched in 2018.
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American Carbon Registry (ACR)The American Carbon Registry (ACR), a nonprofit enterprise of Winrock International, was founded in 1996 as the first private voluntary greenhouse gas registry in the world. Winrock operates ACR to create confidence in the environmental and scientific integrity of carbon offsets in order to accelerate transformational emission reduction actions.
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Climate Action Reserve (CAR)The Climate Action Reserve (CAR) is an offset registry for global carbon markets. CAR establishes high quality standards for carbon offset projects, oversees independent third-party verification bodies, issues carbon credits generated from such projects and tracks the transaction of credits over time in a transparent, publicly-accessible system.
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International Emissions Trading Association (IETA)The International Emissions Trading Association (IETA) is a non-profit association with more than 250 members who are active stakeholders in the international carbon and emissions markets. The organization was created in 1999 to establish a global framework for greenhouse gas emission reductions trading.
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INTERNATIONAL SUSTAINABILITY & CARBON CERTIFICATION (ISCC)ISCC is a globally applicable sustainability certification system that covers all sustainable feedstocks, including agricultural and forestry biomass, circular and bio-based materials and renewables. |
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Xpansiv CBLCBL has established the first of its kind Standard Instruments Program (SIP) to build on market infrastructure to accompany and govern the launch of spot contracts for the settlement and physical delivery of environmental commodities across existing registries that can be determined as meeting certain defined, standardized criteria for market quality and performance. |
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