Business Wire India, EcoEx and TRST01 have partnered with a purpose to create the world’s first Decentralized, Blockchain, Credible plastic credit system based on the tenets of Trust, Transparency and Traceability. Plastic credits are measurable, verifiable, and transferable units representing a specific quantity of plastic collected from the environment or recycled.
A plastic Credit Certificate is a bonafide set of documents (proof of project execution) that authenticates a PIBO’s (Producers, Importers, Brand Owners) conformity with the recycling standards set under the Extended Producer Responsibility policy of Plastic Waste Management Rules 2016, India (amended 2018, 2021). Credible plastic credits are not just a “net-zero” game but a “net-positive” paradigm shift.
Speaking on occasion, Mr Nimit Agarwal, Founder and Director of EcoEx, said The need of the hour is to have a technology-driven impact framework with the best standards and principles. This association would ensure an ethical supply chain, and the plastic credits would become an integral tool for managing the plastic footprint.
Mr Akshaya Rath, CEO of EcoEx, Said It is a milestone for both startups, EcoEX and TRST01. This will simplify the complex process of EPR authentication with a single project-specific QR code and give access to all PIBOs’ to cross-check if their EPR transaction documents are not part of any other EPR certificate.
Mr Prabir Mishra, CEO of TRST01, said, “Marketplaces or registries are responsible for certifying, registering, transferring and retiring offsets from the market. Using Decentralized Blockchain technology, we leapfrog the current fragmented market and steer the plastic recycling credit industry in the right direction. Blockchain will enable complete traceability of recycled material and identify the recycler, also ensure transparency in the documentation process. This will eliminate the cumbersome paper-based process with a digital application on a blockchain-enabled QR system and provide complete data integrity.”
The beauty of Blockchain is that the plastic credits ecosystem would eliminate double claiming and unlock traceability and ownership. Technology is the answer to curb ‘greenwashing’ and other conflicting opinions.
The vision accelerates companies’ shift towards circular production and addresses socio-economic and environmental factors. The value of credible plastic credits should be high enough to incentivize producers to prioritize reduction at source. With technology as a catalyst, it is an earnest effort to put the best foot forward to reduce the plastic footprint. Every piece of plastic matters because the planet matters!