Singapore-based PCX Markets has launched the world’s first online platform for purchasing certified plastic credits from multiple providers.
The platform is a commercial plastic credit marketplace bringing together partners from around the world on a mission, the company says, to stop the flow of plastic waste into nature.
The company will work closely with its non-profit business arm, PCX Solutions, to give companies the opportunity to meet country-specific extended producer responsibility compliance and achieve voluntary net-zero plastic waste certification.
Plastic credit projects are verified against globally accepted plastic credit standards, such as PCX Solutions’ Plastic Pollution Reduction Standard and Verra’s Plastic Waste Reduction Standard.
The platform also provides access to a plastic footprint calculator, which helps organizations understand their footprint and establish plastic reduction and offsetting targets.
The company integrates blockchain-verified, tokenized plastic credit transactions with reporting on the efficacy of given projects. Companies then purchase credits to offset both their essential plastic use and their historic plastic footprints.
“Today’s launch is a crucial step towards enabling organizations to take responsibility for their plastic footprint, while working to reduce the plastic remaining in their supply chain,” says Nanette Medved-Po, founder and executive chair of Plastic Credit Exchange (PCX). “Credits can be an effective bridge while we collectively work towards a future where no plastic waste winds up in nature.”
PCX has already diverted more than 32 million kilogrammes of plastic waste from nature, invested over US$2.7 million into the plastic circular economy, and driven 54,000 tonnes of carbon reduction from coal replacement.