The program combines plastic offset commitments by companies, with plastic waste removal from our Ocean. The goal is to bring incentives, local awareness and education about the benefits of proper waste resource recovery and management, so that trash does not become an environmental problem.
There’s a new kid on the block of sustainability claims being made by businesses: “plastic neutrality.” Thanks to the RIO’s partners , an emerging and undefined market for plastic offsets is just beginning to take shape. And, much like the market for carbon offsets, it’s messy.
WWF defines a plastic credit as a “transferable unit representing a specific quantity of plastic that has been collected and possibly recycled from the environment.”
For example, a company that uses virgin plastic to produce PET bottles in California could purchase credits for the equivalent amount of plastic to be collected somewhere else in the world. The new term “plastic neutrality” is being used to convey that a company has offset its “plastic footprint.”
Organizations such as rePurpose and The Plastic Bank are selling claims to plastics credits in exchange for a financial investment in initiatives to collect plastic from the environment or establish infrastructure to prevent further plastic leakage into waterways and oceans. In the same way that a company’s carbon credit may offset its U.S. emissions through the carbon mitigation associated with a forest planted in Rwanda or a direct air capture project in Canada, a plastic credit could go to paying waste collectors in Bangalore or expanding a plastic processing facility in Indonesia.
RIO takes this to the next step not alone collect Ocean Plastic like no other, but use the money raised from Plastic Tokens & Recycling Tokens to rebuild these communities that have been devastated by this Plastic Waste.