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Can credit trading drive dollars to plastics recovery?

February 18, 2020

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An initiative backed by several major brands is looking to boost the flow of corporate money to vetted plastics recovery and recycling projects. The effort is based on a voluntary market-based standard, currently called the Plastic Waste Recovery and Recycling Project Standard, which will lay out broad rules and requirements for projects around the world to meet. Projects meeting the standard could generate credits, which companies would then purchase to help fund the effort. “It’s essentially driving corporation financing through a crediting mechanism to plastic recovery and recycling activities,” said Sneha Balasubramanian, a program officer at Washington, D.C.-based group Verra, which is creating the standard. Verra is a standards development organization that has a focus on climate action and sustainable development.

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Oxea

OXEA is a global manufacturer of oxo intermediates and oxo derivatives, such as alcohols, polyols, carboxylic acids, specialty esters, and amines. These products are used for the production of high-quality coatings, lubricants, cosmetics and pharmaceutical products, flavorings and fragrances, printing inks and plastics. OXEA employs more than 1,400 people worldwide. OXEA is part of the Oman Oil Company S.A.O.C. (OOC), a commercial company wholly owned by the Government of Oman. Established in 1996, it pursues investment opportunities in the wider energy sector both inside and outside Oman. OOC plays an important role in the Sultanate's efforts to diversify the economy and to promote domestic and foreign investments.

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