Philippines-based Plastic Credit Exchange (PCX), which offers plastic credits that companies can purchase to offset their plastic footprints, says it is launching its service in the United States with participants including New York-based Peanut Butter & Co. and Miami-based Touchland Hand Sanitizer.
According to PCX and its founder Nanette Medved-Po, the plastic offset program is being designed to “cultivate a movement toward plastic neutrality.”
PCX says a fully audited process by third-party auditors including Ernst & Young and PWC allows it to translate the weight of plastic offsets to the equivalent plastic credits registered in a blockchain ledger that is “powered by Microsoft.” The system is designed to ensure “full accountability, transparency and traceability across the entire PCX ecosystem,” according to the company.
In the Philippines, PCX has worked with companies including PepsiCo, Colgate-Palmolive, Unilever and Nestlé so they can work toward and eventually earn PCX Plastic Neutral Certification.
PCX describes the Philippines as “at the epicenter of the plastic pollution crisis,” making it an ideal place for corporations to help fund the collection of plastic scrap from neighborhoods there. “PCX prioritizes working with female micro-entrepreneurs, small scale fishermen and low-income communities,” the company says.