Global non-profit standard-setter Verra and sustainability-focused coalition 3R Initiative have launched a new scheme that aims to reduce plastic waste.

The plastic stewardship initiative is a new scheme, which includes the Guidelines for Corporate Plastic Stewardship and Plastic Waste Reduction Standard (Plastic Standard).

Developed by the 3R Initiative, South Pole, Quantis and EA, the Guidelines for Corporate Plastic Stewardship will enable companies to clearly measure and report their plastic footprints, leakage and plastic waste reduction commitments.

The Verra-developed Plastic Standard allows firms to invest in projects that collect and recycle plastic waste, specifically designed for companies that have broadly expanded their efforts to lower the plastic footprint across operations.

Furthermore, the plastic stewardship initiative offers incentives to companies investing in the new or scaled-up collection and recycling projects that contribute to the effort.

Verra chief executive officer David Antonioli said: “With less than 10% of the 350 million tonnes of plastic produced each year currently recycled, we face an unprecedented plastic pollution crisis which must be addressed.

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“If just ten of the top plastic producers in the world adopted this new plastic stewardship initiative, it would remove more than one million tonnes of plastic waste leaked into the environment each year.”

So far, 24 projects have piloted the Plastic Standard in 18 countries across six continents.

Besides Verra, other members of 3R Initiative include Danone, Nestlé, Tetra Pak, BVRio, Conservation International, Lloyd’s Register,, South Pole, SYSTEMIQ, Natural Capital Partners and Veolia.