· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Eco-Business or enjoy below:
🗞️ Driving the news: The concept of "plastic credits" is gaining popularity globally, particularly among corporations
• This system allows entities to offset their plastic production by paying for the removal of an equivalent amount of plastic waste from the environment
• However, the lack of common standards and regulations raises questions about the effectiveness and transparency of this approach
🔭 The context: Plastic production has skyrocketed from 2 million metric tons in 1950 to more than 400 million metric tons in 2020, with expectations to double by 2040
• The plastic waste issue is growing exponentially, and critics argue that plastic credits alone cannot address the surge
🌍 Why it matters for the planet: While plastic credits aim to tackle the downstream issue of plastic pollution, they do not address the root problem of plastic production and use
• The plastic crisis requires a comprehensive solution, and relying solely on credits could lead to greenwashing and a lack of accountability
⏭️ What's next: The development of a robust and transparent plastic credit system is crucial, such a system must include worldwide standards and ensure accurate data collection and verification
• The United Nations Global Plastics Treaty, currently under negotiation, could potentially incorporate plastic credits as part of a broader strategy to combat plastic pollution
💬 One quote: "The plastic crisis is too large and imminent to be solved by a single solution or mechanism" (Verra, a nonprofit organization involved in verifying plastic credits)
📈 One stat: Due to the absence of state-funded initiatives for waste management in Senegal, which has a population of 17.9 million, experts anticipate that the nation will face a surge in mismanaged plastic waste, surpassing the levels in the U.S. by 2025
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