Blockchain Development Company (BCDC) – a member of the Enterprise Ethereum Alliance – has announced the launch of the world’s first “Global” Plastic-Offset Scheme.
BCDC, through its RecycleToCoin project, is launching the scheme. It will allow; through partners such as the Plastic Disclosure Project (PDP), everyday families and companies all over the world to first calculate and then offset their entire annual plastic footprint. Unlike the often-controversial carbon offset schemes which can seem intangible, BCDC’s Global Plastic Offset Scheme will only support projects proven to tackle plastic pollution; while supporting others which will help reuse current and future plastics. Its funding will also be recorded on the immutable blockchain; so, there will be full accountability to all stakeholders.
The projects will include incentivised recycling for consumers and companies, developed to encourage everyone to make the change needed when disposing of plastics which are readily recyclable. BCDC will also include projects to reduce plastic pollution such as those BCDC’s partners the Plastic Bank and PDP are involved in.
The BCDC Global Plastic Offset Scheme will also support and operate “New Life Solutions” around the world to divert plastic (both recyclable and non-recyclable) in the future from ending up in landfill or the environment. In the case of non-recyclable plastic; turning that and other types of hard to recycle plastic into new, usable materials.
The current numbers for plastic ever-produced to-date demonstrate the scale of the problem. A study, led by Roland Geyer, an industrial ecologist at UC Santa Barbara, tallies the sheer amount of plastic humans have produced, how it’s used and ultimately where it ends up. In total, we have produced 9.1 billion tonnes of plastic, with an astonishing 5.4 billion tonnes of this either currently in landfill. This means that nearly 60% of plastic that has ever been produced has not been disposed of efficiently or recycled. Further to this, this amount is set to increase to 28.7 billion by 2050, with 13.2 billion tonnes either discarded in landfill or remaining in our environment – still equating to a shockingly high, 45%.
By working with companies directly and allowing consumers to assess their plastic impact, via an online portal, BCDC hopes to make everyone aware of what their plastic footprint really is. The firm will then offer companies and members of the public the chance to offset their plastic footprint by investing an amount within the BCDC Global Plastic-Offset Scheme.
By buying BCDC Tokens, companies and families will be able to use them to offset their plastic footprint. The Offset Scheme will accept BCDC Tokens, as well as the currency of the country purchasers reside in to offset their annual plastic footprint.
If BCDC Tokens are chosen instead of cash, individuals will benefit from being able to offset two years’ worth of their plastic footprint rather than the one with cash. This is possible because when tokens are purchased for money – the money goes directly to supporting the project. Individuals still own the tokens at this point; and at the end of year one they can then use them again to offset their plastic use. The Scheme will then sell those tokens back to other companies and families who want to offset their plastic footprint. That money is then used to support further projects moving forward.
Gordon Cowan, CEO of BCDC, said: “We are currently in talks with numerous plastic pollution abatement projects around the world. To partner with and invest in them, ensuring true global plastic-offset. It is imperative we tackle the plastic problem head on and encourage all projects involved in fighting plastic pollution to contact us and join the BCDC Global Plastic-Offset Scheme. We believe our initiative is a fantastic way of combating this, and every purchase of a BCDC token will allow us to grow the scheme and fight the scourge of plastic pollution.”