World's First Plastic Credit
ClimeCo, a leader in the management and development of environmental commodities, has partnered with TONTOTON, a project developer in Vietnam that removes no-value plastic from the environment to generate the world’s first plastic credit from an independent protocol and 3rd party verification audit. These credits were achieved through the Ocean Bound Plastic Neutrality Certification from French-based NGO Zero Plastic Oceans, and have been verified by leading global certification specialist Control Union Certifications. A plastic credit is an environmental commodity that represents the collection or recycling of one tonne of plastic material, which can be transferred between organizations. ClimeCo will market the plastic credits generated from this partnership, and clients will have the ability to purchase credits to use in their ESG, CSR, and sustainability programs.
“We decided to partner with and support TONTOTON because of their solution to create value in recovering plastic waste before it enters the ocean, that without them would otherwise not happen,” says Chris Parker, Director of Plastic Markets at ClimeCo. “Their values of addressing environmental justice, community health, and the welfare of workers matched our own.”
TONTOTON projects recover post-consumer, non-recyclable, ocean-bound plastic waste and co-process it into AFRM (Alternative Fuels & Raw Materials), which replaces coal at a local manufacturing plant to reduce the site’s GHG emissions. TONTOTON’s program is built on economic benefits for all parties, from the informal waste pickers to the funding companies. ClimeCo’s investment in TONTOTON has allowed them to hire workers, expand capacity, and start working in new areas in Vietnam to scale up the volume of plastic waste recovery.
“Plastic credits allow us to create a significant environmental and social impact by focusing on non-recyclable plastic that has no demand in the commodity market and is the main cause of pollution in our oceans,” says Barak Ekshtein, Founder and CEO at TONTOTON. “ClimeCo’s environmental approach to long-term solutions allows us to be creative in developing sustainable circular economy projects that will impact the environment over the years.”
Many social and environmental co-benefits should result from successful plastic credit projects. TONTOTON provides workers who are primarily female with an additional sustainable income, personal protective equipment, and primary health insurance for those who need it. The projects also support local governments, NGOs, and local businesses to build sustainable waste management infrastructure where it does not exist, creating circular economics. Their work is helping to conserve marine biodiversity and contributing to ecosystem restoration.
SOURCE ClimeCo LLC