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PCX Markets marks new milestone in the fight against plastic waste

Creative Desk (The Jakarta Post)
Jakarta
Wed, September 4, 2024

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PCX Markets marks new milestone in the fight against plastic waste

T

he latest good news about the global fight against plastic pollution comes from PCX Markets, which has successfully diverted over 100 million kilograms of plastic waste, equivalent to the weight of approximately 6.6 billion 15-gram plastic bottles, or enough to circle the Earth 25 times.

As a global leader in funding plastic pollution cleanup and waste management infrastructure, its efforts have seen a 34 percent increase in impact since January. The momentous milestone again reiterated the company's commitment to combating waste in Southeast Asia.

The region, home to several emerging markets, has borne the brunt of the plastic pollution crisis. According to the World Bank, Indonesia alone produces about 7.8 million tonnes of plastic waste annually, with 5 million tonnes going uncollected or disposed of in open dumpsites and improperly managed landfills. Without major intervention, coupled with limited waste collection and lack of recycling facilities, plastic pollution is set to increase by 30 percent by 2025 and more than double by 2040.

While the United Nations is working toward a global plastic treaty expected to conclude in December 2024 that estimates US$1.64 trillion will be needed to combat plastic pollution by 2040, Indonesia’s National Plastic Action Partnership estimates the country needs around $18 billion in capital investment to reduce marine plastic leakage by 70 percent by 2025 and achieve a circular economy for plastic by 2040.

PCX Markets offers a solution. The company operates a fully transparent plastic credit marketplace, enhancing a network that collects, transports and responsibly processes plastic waste. Brands can purchase credits from projects that fund waste management expansion, with each credit corresponding to the cleanup of 1 tonne of plastic. The impacts are verified by third-party auditors.

Sebastian DiGrande, CEO of PCX Markets explained that the world needs all solutions working in parallel—upstream reduction, a functional circular economy, scaled next-gen alternatives and ready-made, accessible solutions to legacy plastic waste like plastic credits.

So far in 2024, PCX Markets has expanded its marketplace with 10 new projects, extending its reach to new markets including Nigeria, Ivory Coast, Cambodia, Malaysia and Australia. The platform now hosts 34 projects across 11 countries, including Indonesia.

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