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PCX Markets launches first global platform to eliminate plastic pollution

·3 min read

LONDON , July 29, 2022 /PRNewswire/ -- Singapore-based PCX Markets has today launched the world's first online platform for purchasing certified plastic credits from multiple providers. 

PCX Markets Platform
PCX Markets Platform

The platform is a commercial plastic credit marketplace bringing together partners from around the world on a mission to stop the flow of plastic waste into nature.

PCX Markets will work closely with the established non-profit arm of the business, PCX Solutions, to give companies the opportunity to meet country-specific Extended Producer Responsibility compliance and achieve voluntary Net Zero Plastic Waste certification.

Plastic credit projects are verified against globally accepted plastic credit standards such as PCX Solutions' Plastic Pollution Reduction Standard (PPRS) and Verra's Plastic Waste Reduction Standard (PWRS).

The PCX Markets platform provides access to a plastic footprint calculator, which helps organizations understand their footprint and establish plastic reduction and offsetting targets.

The platform offers users projects to match their objectives to remove plastic from the environment and fund waste collection and infrastructure programs.

PCX Markets partners with community-based and institutional projects globally including:

  • HOPE's Aling Tindera Waste-to-Cash Program, based in the Philippines, which focuses on female microentrepreneurs who champion plastic waste recovery systems in their communities. To date, the program has collected 187,420 kilograms of plastic waste and boosted Aling Tindera incomes by 89% on average.

  • Second Life, the world's first Verra certified ocean plastic recovery and recycling project, which has recovered and recycled 2,389,000 kilograms of ocean-bound plastic in Thailand since 2020.

  • Veolia Thailand's LDPE recycling plant, which converts locally-sourced LDPE and LLDPE packaging waste into high-quality post-consumer recycled plastics, replacing fossil resources to produce films and bags.

  • ReCircle, a resource recovery enterprise in India, which directs waste away from landfills and oceans through a traceable system to create resources that ultimately feed back into the circular economy.

PCX Markets integrates blockchain-verified, tokenized plastic credit transactions with reporting on the efficacy of given projects. Companies then purchase credits to offset both their essential plastic use and their historic plastic footprints.

PCX has already diverted more than 32 million kg of plastic waste from nature, invested over US$2.7 million into the plastic circular economy, and driven 54,000 tonnes of carbon reduction from coal replacement.

The launch of PCX Markets will increase much needed funding to address the plastic waste crisis, accelerating global expansion of projects, investment in circular economy infrastructure, and support for plastic alternatives.

Nanette Medved-Po, Founder & Executive Chair of Plastic Credit Exchange said:

"With the OECD predicting that plastic waste will triple by 2060, plastic credits are an important part of a comprehensive solution set to address this critical issue that impacts both people and planet ."

"Today's launch is a crucial step toward enabling organizations to take responsibility for their plastic footprint, while working to reduce the plastic remaining in their supply chain. Credits can be an effective bridge while we collectively work towards a future where no plastic waste winds up in nature."

Sebastian DiGrande, CEO of PCX Markets added:

"Our new platform enables impact at a global scale to finally bend the curve on the plastic waste crisis in the right direction. We are providing individuals, institutions and businesses with an easy to understand experience delivering unrivaled access, transparency, verification and analytics."

Anne Marie Corominas, PepsiCo Corporate Affairs Head for PepsiCo Philippines, North & Southeast Asia, said about their partnership with PCX:

"At PepsiCo, our vision includes embedding purpose in all aspects of our business strategy and brands.  In addition to taking responsibility for our footprint, we are supporting a movement that reduces plastic waste and builds an inclusive circular economy."

Photo - https://mma.prnewswire.com/media/1868677/PCX_Markets_Platform.jpg