Rebound, a subsidiary of International Holding Co. based in Abu Dhabi, United Arab Emirates, has launched Rebound Plastic Exchange (RPX), a global B2B digital trading platform for recycled plastics.
As part of the launch, Rebound says global leaders from government, business and civil society have come together to discuss how the trade in plastics presents an untapped opportunity to enable global circularity and close the gaps in the world. demand while increasing investment opportunities.
Maryam Al Mansoori, Managing Director of Rebound, delivered the keynote saying, “RPX was designed to bring trust and quality assurance to buyers and sellers. Our digital platform provides businesses and nations with a vital benchmark for their ability to adopt and market quality-assured plastics, equip them with frameworks to facilitate trade, and highlight the tangible benefits of transparent plastic trade. Overall, the platform inherently complements governments’ commitments to the Basel Convention amendments on plastic trade and enhances responsible participation in recyclable plastic trade.
To ensure transparency and facilitate cross-border trade, RPX says it will use technical data sheets approved by RECOUP, a UK-based non-profit organization which says it is committed to ensuring sustainable, circular and practical solutions for plastics resources in the UK and globally, which are matched to each listing in the RPX B2B marketplace.
Stuart Foster, CEO of RECOUP, said: “We salute Rebound’s extremely rigorous plastics specification standards, which are essential to achieve quality that enables efficient and ethical recycling and to develop a universal standard for the plastics trade in the international scale. These standards are comprehensive yet easy to follow, and they promise to be a good start to ensuring that equipment complies with shipping criteria such as recent changes to the Basel Convention and Basel shipping regulations. the EU.
Foster added, “These specifications help bridge the gap between the known limitations of recycling infrastructure and the need for responsible exports to achieve higher recycling rates and targets in developed and developing markets.
As the technical expert leading the development of materials datasheets for RPX, Edward Kosior, managing director of London-based consultancy Nextek, said: “Unless current practice changes, an estimated 108 million [metric tons] of plastic waste will be landfilled, dumped or burned in the open in 2050, especially in underdeveloped and developing countries. There is clearly a growing imperative for plastic circularity, and with growing demand for high quality recycled plastic raw materials, the key business drivers of quality, standardization, transparency and trust are paramount. In this context, RPX has invested in a world-class certification protocol incorporating industry best practices for material specification. Commodity buyers and sellers can now transact with greater efficiency and peace of mind. We are leading the movement beyond an era of informal, behind-the-scenes materials trading and towards a more integrated, efficient and quality-assured system.
He added: “Stakeholders around the world are now facing enormous pressure from investors and policy makers to ensure that we can move plastics from areas that have inadequate recycling facilities to areas which lack raw materials. In this way, we address the two problems facing the planet: reducing plastic waste in areas plagued by abandoned plastics and creating high-quality recycled plastics that will be used in new packaging, reducing the need for virgin plastics. . »
To that end, RPX says it will implement a passport system for end-to-end digital certification.
Rebound and Abu Dhabi Global Market (ADGM) have joined forces to accelerate the mobilization of private capital towards low-carbon, environmentally sustainable and climate-resilient investments. Rebound and ADGM say they plan to advance sustainable finance at Abu Dhabi Finance Week, Abu Dhabi Sustainable Finance Forum and in School of Sustainable Finance curricula .
Dhaher bin Dhaher Al Muhairi, CEO of the ADGM Registration Authority, said, “Abu Dhabi is fast becoming a hub for sustainable financial solutions. With the potential to facilitate the recycling of 5 million tons of plastics by 2025, Rebound is at the heart of these solutions. This will have significant impacts on global business models and financial practices. »
He added, “As a financial center and catalyst for growth, ADGM will continue to work with like-minded partners to advance the sustainable development agenda to meet the development and growth needs of our country and of the region at large.
Rebound has joined the panel of 73 public and private sector signatories to the Abu Dhabi Declaration on Sustainable Finance.
Rebound also reports that industry members in the Middle East, North America, Latin America, India, Southeast Asia and Europe have already subscribed to RPX.
“Scaling circular business around the world has now become a timely necessity,” said David Bourge, Managing Director of Veolia, Thailand. “Through trust and visibility, RPX is committed to increasing the volume of recycled plastics, and we are proud to be part of this journey.”
Rodolfo Lacy, Director of Climate Action and Environment for Latin America and Special Envoy to the United Nations for the Organization for Economic Co-operation and Development, said: “We must close the carbon cycle by seeking the circularity of goods and even services that depend on fossil fuels or their substitutes. … Rebound’s digital solution is an example of how to effectively accelerate the implementation of a global circular economy and international development through sustainable trade.