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Changeblock, a London-based company that develops technologies for creating and trading offsets, and Toronto-based renewable electricity, white hydrogen producer and thermal processor FusionOne have partnered to launch what they claim is the world’s first end-of-life plastics offset.
Changeblock and FusionOne say the credit will allow companies and individuals to offset their plastic use and support permanent solutions for plastic scrap and will be available through Changeblock’s digital platform, which allows users to easily purchase and track their credits. The program will be backed by independent verification and will be recognized by leading carbon markets and sustainability initiatives around the world.
“We are excited to be working with FusionOne to help bring their innovative solution to the market and enabling monetization of one of the world’s largest waste streams,” Changeblock CEO Billy Richards says. “Plastic waste is a major environmental problem, and we believe that the plastic credit has the potential to significantly reduce plastic pollution and support the transition to a more sustainable future.”
Changeblock says it is an environmental exchange that shortens the timeframe for companies to create credits, making it easier to invest in environmental, social and governance (ESG) and improve success for clean technology companies. It states that it allows companies to create, trade, generate and gather data for environmental credits not only to mitigate carbon, but also for plastics, maritime-conservation, biological, nitrogen, sulfur and other emissions and biodiversity assets.
FusionOne says it has developed proprietary technology to convert end-of-life plastics into hydrogen as a clean source for energy production, as well as other applications. The company adds that its process is safe, scalable and environmentally friendly, with the potential to greatly reduce plastic pollution and support the circular economy.
“We are thrilled to be collaborating with Changeblock to bring the plastic credit to market,” FusionOne CEO Elliott Talbott says. “This is an important step towards addressing the global plastic waste crisis and supporting the transition to a responsible circular economy. We believe that the plastic credit has the potential to drive significant change in the way that we think about the use of plastic. The Changeblock platform will enable us, and other clean tech-focused companies and projects, to monetize their credit streams. This has the potential to significantly accelerate adoption of incentive-based tools and help us as a society to meet our environmental goals.”
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