Verra staff will be at the fifth meeting of the Intergovernmental Negotiating Committee (INC-5) (external) to develop an international legally binding instrument (ILBI) to curb plastic pollution, including in the marine environment. The session will take place in Busan, Republic of Korea, from November 25 to December 1. Verra will be attending as accredited observer to the United Nations Environment Programme.
In the lead-up to this event, Verra reiterates its support for the shared goal of ending plastic pollution worldwide and the mandate of the United Nations Environment Assembly (UNEA) Resolution 5/14 to develop an international legally binding instrument on plastic pollution, including in the marine environment, based on a comprehensive approach that addresses the full lifecycle of plastics.
Verra’s Plastic Waste Reduction Program (Plastic Program) can support various treaty objectives in the following ways:
- The program can drive investment to projects that establish and scale infrastructure for plastic waste collection and recycling, increasing the impacts of these activities to meet, advancing the downstream objectives of the treaty.
- The advancing of downstream treaty objectives also complements upstream plastic reduction and avoidance measures and therefore contributes to the treaty’s vision of addressing pollution across the full life cycle of plastics.
- The scaling up of infrastructure for plastic waste recycling will result in increased availability of recycled feedstock which is needed to meet voluntary or mandatory recycled content targets.
- Plastic Credits issued by Verra’s Plastic Program can be used (1) by companies to advance their plastic stewardship goals, 2) as part of a blended/innovative finance approach to mobilize large-scale capital to scale up plastic waste management, and 3) as a compliance mechanism to be integrated with Extended Producer Responsibility (EPR) schemes, recycling, or reduction laws to address plastic pollution. Plastic Credits have been recognized as one of the innovative financing mechanisms by the expert group who analyzed available financial mechanisms and sources for the implementation of ILBI ahead of INC 5 (see UNEP/PP/INC.5/5 (external)).
- Through its robust stakeholder engagement and social and environmental safeguards, the program can support a just and inclusive transition of the informal sector.
If you would like to meet with Verra staff in Busan, please email plasticstandard@verra.org.
