Plastic Credit and Financing Options for tackling plastic pollution

On August 21, a meeting titled “Plastic Credit and Financing Options for tackling plastic pollution” was held by Viet Nam National Plastic Action Partnership (NPAP). The event brought together representatives from Vietnamese government agencies, private enterprises, and non-governmental organizations, with KLINOVA’s sustainable finance experts also in attendance.

The workshop featured presentations by Mr. Steve Hardman from Plastic Collective, Mr. Varun Vithalani from rePurpose Global, Ms. Komal Sinha from Verra, and Mr. Hoang Thanh Ha from VinaCapital, covering the following topics:

1. Financial solutions tailored to Vietnam’s collection and recycling capacity.
2. The Outcomes-Based Waste Prevention (OBWP) approach and proposed Outcomes-Based Financing (OBF) solutions.
3. Verra’s plastic program, including the plastic credit mechanisms (Collection Credits and Recycling Credits) and their role in supporting the Vietnamese government’s Extended Producer Responsibility (EPR) framework, which incentivizes plastic waste collection and recycling. Over 60 plastic credit projects have been implemented, including the STOP Project and the Second Life Thailand Project.
4. The state of Plastic Credits in Vietnam, particularly focusing on credits aimed at supporting community groups and vulnerable populations, alongside financial measures to reduce plastic pollution. VinaCapital has been pioneering plastic credit initiatives since 2019.

In light of the escalating impact of plastic waste, the workshop addressed pressing and emerging issues related to plastic waste management. It was an important opportunity for experts from organizations and the plastics industry to share research, discuss ongoing project progress, and explore current plastic sorting mechanisms.

KLINOVA was honored to participate and gain valuable insights shared by organizations on the topic of Plastic Credits. With a commitment to supporting Vietnamese businesses on their sustainable development journey, KLINOVA believes that the development of Plastic Credits will serve as a potential financial resource to enhance plastic waste recovery and recycling activities in Vietnam.