International Journal on Science and Technology

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EPR Credit Market Design and ESG Valuation in Emerging Markets

Author(s) Mr. Alok Routray
Country India
Abstract Extended Producer Responsibility (EPR) credit markets are rapidly evolving from compliance instruments into financially significant assets, yet their design, pricing mechanics, and implications for ESG valuation remain theoretically underdeveloped - particularly in emerging market contexts. This paper examines India's EPR credit market for PET packaging as a case study in market design and sustainable finance, drawing on CPCB registry data, regulatory filings, and primary stakeholder insights across India's PET recycling ecosystem.

We develop a theoretical framework integrating market design theory with ESG materiality analysis to assess how EPR credit structures affect firm-level environmental valuation, disclosure quality, and investment risk. Quantitative analysis of simulated Category I (rigid plastics) credit registry data (FY 2022–23 to FY 2024–25) reveals significant price opacity (₹650–₹1,200/tonne), volume volatility (CV 28–38%), and a structural mismatch between credit issuance and verifiable material recovery (issuance/recovery ratio: 1.8–2.6x). Regression analysis of 47 NSE-listed FMCG and packaging companies demonstrates a statistically significant positive relationship between EPR compliance rates and BRSR disclosure quality scores (beta = 0.413, p < 0.001).

Comparative analysis across India, Brazil, the EU, and the UK reveals that three design features — digital traceability, tiered credit pricing, and formal ESG linkage — consistently correlate with superior market efficiency and ESG signal quality. We propose a reform agenda centred on CPCB registry modernisation, mandatory physical audit thresholds, and BRSR integration of EPR credit balances as a material sustainability metric.
Keywords Extended Producer Responsibility, EPR Credits, PET Recycling, ESG Valuation, Circular Economy Finance, Emerging Markets, India, Market Design, BRSR, Greenwashing
Field Business Administration
Published In Volume 17, Issue 3, July-September 2026
Published On 2026-09-26
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Crossref DOI prefix of IJSAT is 10.71097/IJSAT

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