The 3R (Reduce, Recover, Recycle) Initiative (3RI) partnership will create a new plastic recovery and recycling crediting mechanism to drive new finance to projects that reduce plastic waste.
P4G has invested US $599,819 in the partnership.
The partnership will develop a Plastic Standard to assess waste recovery and recycling projects transparently and consistently with the aim of creating a new market for waste recovery. Over 20 projects across six continents are currently piloting the Standard. This Standard will drive finance to projects that reduce plastic waste. Early tests will potentially recover 10,000 tons of plastic waste and mitigate 6,750 tons of CO2 emissions. The model will increase the value of plastic waste, catalyze expanded waste recovery, and make these projects financially viable.
P4G hosted a Community of Learning Gathering to generate knowledge sharing opportunities between other circular economy partnerships. This has resulted in robust conversations among other plastic waste management partnerships and knowledge partners like the Platform for Accelerating the Circular Economy (PACE).