Diversey, a packaging company part of US-based chemicals company Solenis, and Thailand-based chemical recycler Corsair are partnering on the use of plastics credits.
The companies have signed a Memorandum of Understanding to offset plastic waste generated by Diversey’s packaging through Corsair’s CSR plastic credits.
Plastic credits are market-based mechanisms designed to incentivise and finance the reduction, recovery, or recycling of plastic waste. Similarly to carbon credits, they can be traded between companies that produce and reduce plastic waste. Companies can purchase these credits to offset their plastic usage from firms that have collected or recycled plastic waste.
Corsair issues and releases 10 CSR plastic credits for every kilo of plastic waste it removes from the environment. The process and the credits are stored and recorded in the open-source Ethereum (ERC-20) blockchain technology in order to provide the transparency and public accountability.
The first phase of the plastic credits collaboration will launch in Thailand with Diversey’s Suma Star D1 hand dishwashing detergent, featuring packaging labelled as plastic neutral.
“Diversey is dedicated to reducing plastic waste and driving sustainability,” said Vikas Mittal, managing director for Thailand, Vietnam and Indochina at Diversey Hygiene. “This partnership with Corsair Group International allows us to deliver greater value to our customers while creating a lasting environmental impact.”
The exclusive partnership will operate in designated regions of Thailand where Corsair has the capacity to provide services, with plans to expand across the region.
Corsair operates a chemical recycling facility in Bangkok with an output of around 1 million litres of pyrolysis oil a month. It converts daily household plastic waste into what it calls advanced bio-oil.