PREVENT Selects Circular Action Hub for Large International Circular Economy Project
PREVENT Waste Alliance, the coalition of private sector, academia, civil society and public institutions worldwide, has selected the Circular Action Hub as one of its eight global innovative and sustainable pilot solutions that contribute to a circular economy in low- and middle-income countries.
Pedro Moura Costa, Director of BVRio and PREVENT Waste Alliance steering committee member, spoke of the alliance,
The PREVENT Waste Alliance is growing rapidly through new organisations that share our principles and objectives. But we should especially focus on other international initiatives and work even more closely with them to build a powerful global network.
Plastic Credits for inclusive & transparent circularity project
Working with local partners in Mexico, India, Vietnam and Brazil, BVRio’s pilot project aims to establish Plastic Credits (Circular Credits) as a robust market mechanism to connect formal and informal waste recovery and recycling projects around the world with companies and investors willing to support these project activities through performance-based payments and ensure their long-term financial sustainability.
In addition, the sale of Plastic Credits will generate revenue for those affected by COVID-19. Waste pickers in developing countries are currently suffering from restrictions created by lockdown measures, the reduction in economic activity resulting in lower rates of waste collection, reduced prices paid for recyclable materials, and the direct impact of the virus on their health.
Our interventions are designed with the aim of providing frontline informal workers with dignified, safe, well-paying livelihoods, and all local partners embody worker empowerment in their missions. The ‘Plastic Credits for inclusive & transparent circularity’ project mobilises financing directly for investing in expansion of logistical systems and enabling monetization of previously worthless plastic-waste streams, all while providing frontline-workers requisite personal protective equipment and ensuring hygiene standard operating systems.
The four components
The project consists of four components, in which instruments and approaches are developed and tested in different countries to demonstrate the effectiveness of a Circular Credits System and to establish an international independent process standard for an inclusive recycling economy for plastics:
- Development of a process standard (ValuCred) for the transparent calculation, verification and validation of plastic credits (India and Vietnam).
- Establishment of a scientific framework and benchmarks for the environmental impact assessment of Plastic Credits projects (India).
- Supporting local collectors/recyclers in achieving market standards and offering physical materials through a global marketplace (Mexico).
- Establish the Circular Action Hub as the global marketplace for transacting of Circular Credits – performance-based payments for environmental services.