With the world’s plastics market forecast to reach $45.6 billion (AED167.35 billion) by 2025, Abu Dhabi-based Rebound launched its Plastic Exchange, a global B2B digital trading platform for recycled plastics.
Rebound is a subsidiary of the International Holding Company.
Making the announcement, Maryam Al Mansoori, Chief Executive Officer, Rebound, said: “Rebound Plastic Exchange (RPX) was envisioned to bring trust and quality assurance amongst buyers and sellers.
“Our digital platform provides companies and nations with a vital benchmark for their capacity to adapt and trade quality-assured plastics, equip them with frameworks to facilitate exchange, and highlight the tangible benefits of transparent plastic trading.
“Overall, the platform inherently complements governments’ commitments to the Basel Convention’s Amendments on the trade of plastic and enhances the responsible participation in the recyclable plastic trade.”
Dr Rodolfo Lacy, Director for Climate Action and Environment for Latin America and Special Envoy to the United Nations from the OECD, added: “We need to close the carbon cycle again by seeking the circularity of goods and even services that depend on fossil fuels or their substitutes.
“Plastic products and the pollution they cause must be addressed from a life cycle perspective, also taking on the responsibility of healing damaged ecosystems and species. Rebound’s digital solution is an example of effectively accelerating the implementation of a global circular economy and international development through sustainable trade.”
To ensure transparency whilst facilitating cross-border trades, RPX will run specification sheets, endorsed by industry membership association RECOUP, that are tailored according to each listing found on the RPX B2B marketplace.
Stuart Foster, CEO of RECOUP said: “We welcome Rebound’s extremely thorough plastic specification standards, which is essential to achieve quality. This will allow recycling in an effective and ethical way and develops a universal standard for plastics to be traded on an international scale.
“These standards are extensive but easy to follow, and they promise to be a great start to ensure that material is compliant with shipment criteria such as the recent changes to the Basel Convention and EU shipping regulations.”
RPX will implement an innovative passporting system to operate an end-to-end digital certification according to global standards, reposing confidence and simplifying the transactions for buyers and sellers of recycled plastic.
Rebound partners ADGM
It was also announced that Rebound and Abu Dhabi Global Market (ADGM) will work towards accelerating the mobilisation of private capital towards low-carbon, environmentally sustainable and climate-resilient investments. The two organisations plan on further advancing sustainable finance during Abu Dhabi Finance Week, Abu Dhabi Sustainable Finance Forum (ADSFF) and across the curricula of the School of Sustainable Finance.
Dhaher bin Dhaher Al Muhairi, CEO of ADGM Registration Authority, said: “Abu Dhabi is well on its way to becoming a hub of sustainable financial solutions. With the potential of facilitating the recycling of five million tonnes of plastics by 2025, Rebound stands at the core of such solutions. It will significantly impact global business models and financial practices.
“Our collaboration with Rebound will strengthen circularity’s position in the market. ADGM will continue to work with like-minded partners to advance the sustainability agenda to address the development and growth needs of our country and the region.”
Through the collaboration, Rebound joins the panel of 69 public and private sector signatories to the Abu Dhabi Sustainable Finance Declaration, which was established in 2019 under the auspices of the Ministry of Climate Change and Environment (MoCCAE), the Central Bank of the UAE, and the Securities and Commodities Authority.
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