Companies will soon be able to purchase plastic credits for the collection of unrecyclable plastics and prevent them from entering oceans.
Environmental commodity firm ClimeCo has partnered with TONTOTON, which remove plastic with little value from the environment in Vietnam.
A plastic credit is an environmental commodity that represents the collection or recycling of one tonne of plastic material, which can be transferred between companies and organisations.
ClimeCo’s clients will have the option to buy these credits to use in their sustainability and corporate governance programmes.
TONTOTON will recover and process unrecyclable plastics and turn it into a fuel to replace coal at local manufacturing sites. It has already been able to hire extra workers and expand capacity in Vietnam as a result of the investment from ClimeCo.
ClimeCo director of plastics markets Chris Parker said: “We decided to partner with and support TONTOTON because of its solution to create value in recovering plastic waste before it enters the ocean, that without it would not happen.
“Its values of addressing environmental justice, community health, and the welfare of workers matched our own.”
TONTOTON’s workers are primarily female, and they are provided with additional sustainable income, personal protective equipment and primary health insurance.