Each year, the world produces about 400 million tonnes of plastic waste – more than the combined weight of all the people on Earth.
Just 9 percent of it is recycled, and one study predicts that global emissions from plastic production could triple by 2050.
Since 2022, the United Nations has been trying to broker a global treaty to deal with plastic waste. But talks keep collapsing, particularly on the issue of introducing a cap on plastic production.
Campaigners blame petrostates whose economies depend on oil – the raw ingredient for plastics – for blocking the treaty negotiations.
This week, the UN is meeting in Switzerland in the latest attempt to reach an agreement. But, even if the delegates find a way to cut the amount of plastic the world makes, it could take years to have a meaningful effect.
In the meantime, institutions like the World Bank are turning to the markets for alternative solutions. One of these is plastic offsetting.
So what is plastic offsetting? Does it work? And what do programmes like this mean for vulnerable communities who depend on plastic waste to make a living?
Plastic credits are based on a similar idea to carbon credits.
With carbon credits, companies that emit greenhouse gases can pay a carbon credit company to have their emissions “cancelled out” by funding reforestation programmes or other projects to help “sink” their carbon output.
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