{"id":29736,"date":"2023-11-08T12:42:18","date_gmt":"2023-11-08T12:42:18","guid":{"rendered":"https:\/\/www.antiersolutions.com\/?p=29736"},"modified":"2024-12-27T10:20:45","modified_gmt":"2024-12-27T10:20:45","slug":"blockchain-based-plastic-credit-a-cure-for-greenwashing","status":"publish","type":"post","link":"https:\/\/www.antiersolutions.com\/blogs\/blockchain-based-plastic-credit-a-cure-for-greenwashing\/","title":{"rendered":"Blockchain-based Plastic Credit \u2013 A Cure for Greenwashing!","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

Today, plastic waste has become a significant issue, having detrimental effects on the environment as well as public health. For years, companies around the world have been putting efforts to offset their GHG emissions with <\/span>carbon credit development<\/b><\/a>. Besides offsetting carbon emissions, companies seek a better approach to combat the plastic pollution problem, and plastic credit is one of them.<\/span><\/p>\n

Although plastic credit has emerged as an effective concept to deal with this plastic pollution, the greenwashing issue can\u2019t be easily ignored, raising the need for a better solution. In this blog, we will emphasize the plastic credits, the greenwashing problem, and the unique solution to deal with it.\u00a0<\/span><\/p>\n

The Mounting Crisis of Plastic Waste<\/strong><\/h3>\n

The latest stat shows that <\/span>12.7 million<\/span><\/a> tons of plastic enter our marine environment every year, highlighting how serious the threat of plastic pollution is. Even after this excessive plastic waste, plastic production is still on the rise and will be expected to grow in the coming years.\u00a0<\/span><\/p>\n

\u201cAccording to <\/i><\/b>Global Plastic Market Report 2023<\/i><\/b><\/a>, the global plastic market size is expected to reach USD 824.46 billion by 2030., growing at a CAGR of 3.98% from 2023 to 2030.\u201d<\/i><\/b><\/p>\n

Plastic wastes are not only choking our oceans but also polluting the soil, harming marine life and human health to a great extent. This is why the UN calls it a \u2018planetary crisis.\u2019 People around the world might be reducing their plastic usage at an individual level, however, there is a need for a more efficient effort to combat this problem at a global level. Plastic credit is one of the concepts gaining traction and considered an ideal approach to reduce plastic waste by creating a market for it.\u00a0<\/span><\/p>\n

Plastic Credit- An Innovative Approach for Sustainability<\/strong><\/h3>\n

A plastic credit represents a transferable certificate that represents the recycling or collection of one ton of plastic waste. It is a paradigm shift that integrates well with the company\u2019s operational ecosystem and can be implemented at a scale. The idea behind <\/span>plastic credit development is to create a financial incentive for companies to reduce their plastic use and adopt more sustainable alternatives.\u00a0<\/span><\/p>\n

How are Plastic Credits Generated?<\/b><\/h4>\n

Plastic credits are created by collecting & recycling plastic waste. Projects working with credit issuing authorities collect this waste and use efficient methods to recycle or reprocess the plastic. These projects count plastic waste that they hadn\u2019t collected, or processed and become the pollution in the environment. For each amount of plastic they recycled or collected, a certified plastic credit is issued that encourages responsible plastic waste management.\u00a0<\/span><\/p>\n

Who Buys Plastic Credits?<\/b><\/h4>\n

It can be purchased by organizations and other users who wish to take action against their plastic footprint. These <\/span>plastic credits can easily be purchased from verified issuing authorities. Several companies and entities worldwide are investing in this powerful approach to finance the fight against plastic pollution.\u00a0<\/span><\/p>\n

Greenwashing: A Roadblock to Genuine Sustainability<\/strong><\/h3>\n

While plastic credit is popular for the benefit of combating the plastic waste problem, it also faces the biggest problem – <\/span>GREENWASHING<\/b>.\u00a0<\/span><\/p>\n

Measuring the reduction or recycling of plastic waste accurately is difficult within the existing <\/span>plastic credit <\/b>system. This limitation in the system fuels the concern that businesses can claim themselves to be ‘plastic neutral’ without representing a genuine reduction in plastic waste.\u00a0 This problem is called greenwashing.<\/span><\/p>\n

Greenwashing is driven by various challenges in the plastic credit system.\u00a0<\/b><\/p>\n

Some of them we have listed below-<\/span><\/p>\n