Listen to this articleA Long Island auction house is conducting an online public auction of recycled plastic credits.
Central Islip-based Maltz Auction is conducting the auction from Wednesday to Friday for more than 20,000 recycled plastic credits.
Similar in concept to carbon credits, which is designed to help businesses reduce carbon emissions, plastic credits are offered as a way to reduce plastic waste.
The program is designed to enable companies that produce plastic waste to purchase credits to help offset the waste that they created by supporting organizations that specialize in the cleanup of plastics. This recycled-waste program was designed by Verra, which specializes in the credits, and works with organizations around the world. The program aims to help lower environmental and health risks, while also ensuring sustainable financing for waste-management infrastructure.
“Are you aware that 390 million tons of plastic waste are produced annually, with minimal recycling?” Maltz Auctions CEO Richard Maltz asked.
“Verra’s website states that despite corporate commitments and regulatory pressure, single-use plastic waste continues to grow,” he added. “Plastic credits enable investments in areas severely affected by plastic pollution, promoting a circular economy.”
The credits to be auctioned are owned by Integrico, which is selling the credits. These credits are registered, but not issued, at Verra as part of Verra’s plastic waste reduction program.
Bidding opens Wednesday at 11 a.m. and closes Friday at 11 a.m.