The Global Recycling Foundation (GRF) is challenging the recycling industry to reap the rewards of voluntary carbon credits (VCC) and plastic credits. It says the industry stands to benefit significantly from VCC.
According to commodity specialists S&P Global, voluntary carbon markets allow carbon emitters to offset unavoidable emissions by purchasing carbon credits emitted by projects targeted at removing or reducing GHG from the atmosphere. Companies can participate in the voluntary carbon market either individually or as part of an industry-wide scheme.
Offsetting carbon savings
GRF is the organisation that established Global Recycling Day which has been held every year on 18 March since 2018. It believes that offsetting over a billion tonnes of carbon savings made by the recycling industry globally will provide billions of dollars of revenue to drive the circular economy. Other benefits include reducing the environmental impact, conserve depleting resources, and increase investments in environmental projects.
Ranjit Baxi, founding president of GRF, says: ‘Integrating the symbiotic relationship between VCC and plastic credits with the recycling industry will help to build a reliable source of funding to facilitate growth while offering a platform to offset carbon emissions helping to meet the net zero goals of 2050 as defined by COP28.’
Baxi argues that this would increase employment by creating jobs and strengthening community engagement, helping to build sustainable supply chains.
‘Integration of VCC into recycling initiatives helps to harness the collective power of the global markets enabling the stakeholders drive a meaningful progress towards a greener more resilient future.’
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