ABU DHABI, (WAM) — Rebound, a subsidiary of International Holding Company (ADX: IHC), on Monday celebrated the launch of Rebound Plastic Exchange (RPX), a global B2B digital trading platform for recycled plastics, a turning point for the industry as the world’s plastics market is forecast to reach US$45.6 billion by 2025.
The global launch convened world leaders from government, business, and civil society to discuss how trading plastics presents an untapped opportunity to enable global circularity and fill demand gaps while boosting investment opportunities through dynamic exchanges.
The announcement was made by Maryam Al Mansoori, Chief Executive Officer, Rebound, who, while delivering a keynote, said, “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.”
Commenting on the occasion, Dr. Rodolfo Lacy, Director for Climate Action and Environment for Latin America and Special Envoy to the United Nations from the OECD, said, “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 inescapable 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 continuous 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. These specification sheets were developed by a group of industry experts.
Stuart Foster, CEO of RECOUP said, “We welcome Rebound’s extremely thorough plastic specification standards, essential to achieve quality, which allows 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.
“The ongoing challenges and questions that face us all are many – this is matched by the fundamental shift in attitude towards improved long-term use of plastic resources and the development of circular economy models. These specifications help to bridge the gap between the known limitations of recycling infrastructure, and the need for responsible exports to achieve higher recycling rates and targets in both developed and developing markets.”
Rebound and Abu Dhabi Global Market (ADGM) have joined forces to accelerate the mobilisation of private capital towards low-carbon, environmentally sustainable and climate-resilient investments. Rebound and ADGM 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 bring significant impacts to global business models and financial practices. Our collaboration with Rebound Plastic will strengthen circularity’s position in the market and globally. As a financial centre and a catalyst for growth, 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 wider region.”
Through the collaboration, Rebound joins the panel of 69 public and private sector signatories to the Abu Dhabi Sustainable Finance Declaration incepted 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, reaffirming Rebound’s commitment in achieving and fostering green and sustainable investments.
As the technical expert leading the development of material specification sheets for RPX, Prof. Edward Kosior, Managing Director of Nextek, noted, “Unless current practices change, it is estimated that 108 million tonnes of plastic waste will be landfilled, dumped, or openly burned in 2050, especially in under-developed and developing countries. There is clearly a growing imperative for plastic circularity, and with the increasing demand for high-quality recycled plastic feedstock, the key trading factors of quality, standardisation, transparency, and trust are paramount. With this backdrop, RPX has invested in a world-class certification protocol incorporating industry best practices for material specification.”
With this in mind, 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.