PCX Markets launches global platform for purchasing certified plastic credits
31 July, 2022
Singapore-based PCX Markets has launched an 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 to stop the flow of plastic waste into nature.
PCX Markets will work closely with the established non-profit arm of the business, PCX Solutions, to give companies the opportunity to meet country-specific EPR 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 (PPRS) and Verra'sPlastic Waste Reduction Standard (PWRS). The PCX Markets platform also provides access to a plastic footprint calculator, which helps organizations understand their footprint and establish plastic reduction and offsetting targets.
The platform offers users projects to match their objectives to remove plastic from the environment and fund waste collection and infrastructure programs.
PCX Markets partners with community-based and institutional projects globally including:
- HOPE's Aling Tindera waste-to-cash program, based in the Philippines, focuses on female microentrepreneurs who champion plastic waste recovery systems in their communities. To date, the program has collected 187,420 kilograms of plastic waste and boosted Aling Tindera incomes by 89 percent on average.
- Second Life, a Verra-certified ocean plastic recovery and recycling project has recovered and recycled 2,389,000 kilograms of ocean-bound plastic in Thailand since 2020.
- Veolia Thailand's LDPE recycling plant converts locally-sourced LDPE and LLDPE packaging waste into post-consumer recycled plastics, replacing fossil resources to produce films and bags.
- ReCircle, a resource recovery enterprise in India, directs waste away from landfills and oceans through a traceable system to create resources that ultimately feed back into the circular economy.
PCX Markets 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.
PCX has already diverted more than 32 million kg 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.
The launch of PCX Markets will increase much-needed funding to address the plastic waste crisis, accelerating the global expansion of projects, investment in circular economy infrastructure, and support for plastic alternatives.
"With the OECD predicting that plastic waste will triple by 2060, plastic credits are an important part of a comprehensive solution set to address this critical issue that impacts both people and planet," says Nanette Medved-Po, founder and executive chair at Plastic Credit Exchange.