Global digital trading platform for recycled plastics launches in UAE

A global B2B digital trading platform for recycled plastics was launched in the UAE.

Rebound, a subsidiary of UAE’s International Holding Company, launched Rebound Plastic Exchange (RPX). World leaders from government, business, and civil society convened at the launch to discuss opportunities around trading plastics that can enable global circularity and fill demand gaps, official news agency WAM reported.

RPX will run specification sheets, endorsed by industry membership association RECOUP, tailored to each listing found on the marketplace to ensure transparency and facilitate cross-border trades.

“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,” said Maryam Al Mansoori, chief executive officer, Rebound. “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.”

According to a study, close to 100 per cent of plastic waste can be recycled, but the global rate of plastic recycling sits at just 15 per cent. “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,” suggested Dr. Rodolfo Lacy, director for climate action and environment for Latin America and special envoy to the United Nations from the OECD. “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.”

Rebound and Abu Dhabi Global Market (ADGM) have also partnered to accelerate the mobilisation of private capital towards low-carbon, environmentally sustainable and investments. Dhaher bin Dhaher Al Muhairi, CEO of ADGM Registration Authority, said, “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.”

The world’s plastics market is forecast to reach $45.6bn by 2025, and IHC estimated earlier this year that roughly five million tons of recycled plastic will have been traded via Rebound by 2025. “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,” noted. Prof. Edward Kosior, managing director of Nextek. 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.”