EPR & Plastic Credits

What is EPR (Extended Producer Responsibility)?

Extended Producer Responsibility is a policy wherein the manufacturers are held liable to manage plastic waste by taking care of their product from creation to disposal. It, therefore, inspires the packaging to be designed in such a way that it can be recycled and, simultaneously, the environmental consequence of plastic waste can be reduced. EPR compliance will eventually force a firm to either manage the recycling process on its own or support it by buying plastic credits similar to carbon credits, which finance waste reduction projects. At Banyan Nation, we are committed to increasing EPR plastic practices by working with brands right through the end of the process. Our innovative recycling technologies help companies to realize EPR by either directly managing recycling or through plastic credits that fund impactful, sustainable initiatives. We direct our efforts towards EPR recycling to help global brands reduce their carbon footprints and circle the economy around plastics.

Importance of EPR in Sustainability

Extended producer responsibility in India is an approach toward sustainability. Hence, this model aims at waste reduction and encourages better recycling. Here is the importance of  EPR in sustainability:

• Waste Reduction: EPR creates an incentive for manufacturers to design products that are more recyclable, more reusable, or both.

• Environmental Protection: Ensures less pollution through handling hazardous materials, mainly EPR for plastic waste.

• Cost Sharing: Shifts the waste management cost burdens from the public sector to the producers.

• Innovation: Encourages sustainable product design and packaging, including innovations in EPR plastic management.

• Compliance: It helps nations to comply with environmental standards that are meant to be set, therefore accepting circle economies, mainly in EPR plastic waste sectors. 

The Role of Plastic Credits in Waste Management

Plastic credits are emerging as a solution to incentivize waste collection in areas lacking regulatory frameworks like Extended Producer Responsibility (EPR). These are mostly voluntary mechanisms that take into account environmental factors but by and large dismiss the social issues of the informal workers collecting waste.

Key Opportunities from Plastic Credits:

• Professionalising waste management by formalising the activities of informal collectors.

• Providing data for better policy making and supporting stronger EPR systems.

• Amplifying the voice of informal workers in waste management decisions so that their exercise of rights can be duly recognised and respected.

However, to ensure that systems will be truly sustainable, social aspects need to be integrated into the design process, with the protection of the welfare of informal waste collectors. In fact, if real impact is to be achieved considering plastic waste reduction, both businesses and governments need to take up these social issues.

Benefits of Using Plastic Credits

Engaging in the use of plastic credits provides businesses with an approach to address their footprint effectively. By purchasing these credits, companies can play a role in decreasing pollution, supporting sustainable practices and elevating their commitment to social responsibility. 

Here’s a look at the key benefits of incorporating plastic credits into your sustainability strategy.

1. Save the Ecosystem

Plastic pollution negatively impacts animals and their habitats and also degrades water quality. Buying plastic credits helps reduce the amount of waste entering our oceans and landfills, which ultimately contributes to a healthier environment.

2. Convenient Waste Management

Plastic credits offer an easy way to offset excess waste that companies can’t reduce further, simplifying waste management.

3. Part of a Larger Strategy

Buying plastic credits helps demonstrate your company’s dedication to sustainability and improves your brand reputation while also setting a precedent for others to follow.

How does Banyan Nation Facilitate Plastic Credit Solutions?

Banyan Nation is one of the award-winning leaders when it comes to plastic waste recycling, and has brought pioneering radical solutions through India’s first-ever vertically integrated plastic recycling technology. Our advanced technology in converting post-industrial and post-consumer plastics into ‘Better Plastics’ has ensured high-quality recycled granules together with eco-friendly methods of rejecting contaminants.

With Banyan Nation, we use a robust data intelligence platform to engage with a vast base of recyclers, enhancing better management of urban solid waste through the integration of mobile, cloud, and IoT. We further partner with some of the largest brands, the best in the automobile and global cosmetic companies, in which their materials can be reused in support of circular economy initiatives. With the range of innovations in our harbinger, we have been conferred the Circulars People’s Choice 2018 Award in the extended producer responsibility India sector, developing cutting-edge solutions for a more sustainable future.

The Value of Plastic Credits for Companies

Plastic credits are mainly used to enhance sustainability. The prices vary depending on the kind of project, location, the material involved, and other benefits. Projects with extra social or environmental impacts, such as reducing marine pollution or improving wages, command higher prices. Today, plastic credits range from $50 to $800 per tonne of removed plastic. The reason is that the given price reflects all the impacts and costs of a large project.

How Companies Can Use Plastic Credits?

Plastic credits allow companies to be in control of their environmental footprint while contributing to wider sustainability.

Companies can use plastic credits to:

• Offset Plastic Waste – Offset the plastic waste they produce.

• Meet Sustainability Goals – Achieve and showcase their environmental targets.

• Enhance Brand Image – Improve their reputation for environmental responsibility.

• Support Recycling Projects – Fund initiatives that reduce plastic waste.

• Comply with Regulations – Meet legal requirements for plastic waste management.