Danone, Veolia, Nestle and Tetra Pak have collaboratively launched a global initiative to standardise corporate action on plastics. The ‘3R Corporate Standard’ initiative has set international environmental standards using a credit scheme that aims to support consumer goods firms, retailers and packaging producers.
These companies will be able to utilise a digital tool to trade plastics credits issued by recycling and recovery providers worldwide. These credits can then be used to prove compliance and to offset corporate plastic use. The money raised through this program hopes to fund projects that tackle plastic leakage and social inequalities in developing countries. The initiative is currently undertaking 12 initial pilots of potential credit issuing projects across Asia, Africa and Latin America.
It is estimated that between 8 and 12 million tonnes of plastics are entering into oceans and waterways every year. This has severe environmental and public health consequences that the public is becoming increasingly aware of and demanding action against.
Not only will answering these demands satiate consumers, but businesses could avoid an approximate yearly sum of US $80-$120 billion being lost from the global economy. This is due to the linear system that plastic currently resides in and failure to recognise it as an essential resource.
Standardising plastic action with a digital program such as ‘3R Corporate Standard’ will enable and encourage businesses to tackle plastic pollution, paving the way for a more circular life cycle for the material.
Pairing the initiative with social development programmes increases the incentive and doubles the benefit of other companies joining the scheme.