| Abstract |
Sustainable Development Goals (SDG) 12: Responsible consumption and production and 14: Life Below Water coincide in the targeting of the problem of plastic pollution. The problem has been garnering immense media attention in the recent years. Efforts to reduce unnecessary plastic consumption have been seen in social movements, in corporate policies and most noticeably, in regulatory control in the form of bans for specific types of single-use plastic items. A paradox exists as, arguably, civilization cannot sustain its current developmental momentum without the use of plastics, especially with the COVID-19 pandemic demanding higher levels of protection and hygiene. An ideal goal for the transformation of the plastic value chain is the concept of circular economy - the complete return of post-consumer plastic waste (PCPW) for repeated re-consumption after recovery and recycling processes. Hence, corporate engagement to manage the plastic value chain in ways that commit to the creation of circular economies is crucial. While reduction and substitution are being pursued, the current scale of the plastic production is still expected to remain the same or increase for the next few years as life cycle assessments (LCA), test trials of consumer acceptance towards novel delivery mechanisms and other forms of innovation are emerging. The reduction of plastics in the private-sector is allegedly ongoing but still intangible in Asia as daily lives continue to rely heavily on single-use plastics and large amounts of plastic packaging. While recovery and collection innovations are underway for application and are picking up speed, there is still an unfathomable amount of marine litter entering waterways, which aggravates the bigger-than-ever problem of plastic pollution in Asia. Responsible production has long adopted the concept of credits. Carbon credits are the most notable one, while palm oil credits are also prominently purchased by manufacturers to offset any palm oil content that is not yet sourced from certified sustainable suppliers. The concept of credits for plastics is currently sporadically seen across the world, especially in developing regions of Asia, but remains much less explored than their counterparts for other commodities. "Plastic neutrality" or "net plastic circularity" in the form of credit purchasing by businesses could likely be the final missing piece of the puzzle picturing a circular economy, especially as an interim measure and later as a component to be integrated into existing and upcoming extended producer responsibility (EPR) schemes. In theory, the credit system could serve as an offsetting mechanism to recover an equivalent or higher amount of plastics to be produced by the credit-purchasing responsible manufacturer. This paper explores how responsible plastic production, accounting, recovery and offsetting could be enabled through standardized plastic credits, similar to the existing carbon and sustainable palm oil credit systems, could be applied in Asia to achieve the goal of recovery of plastics for circularity. |