Abu Dhabi-based conglomerate IHC announced on Tuesday that it will launch a global trading platform for recycled plastic in mid-2022.
The company said in a press statement that Rebound Plastic Exchange, which will be launched by its new subsidiary Rebound Ltd, will serve as a global quality-assured trading platform for plastic feedstock.
It said the platform would seek to increase the efficiency of recycling plastic at scale, provide new economic opportunities and reduce the impact of plastic pollution, and unlock a global business opportunity worth of 56 billion UAE dirhams($15 billion).
Syed Basar Shueb, IHC’s Chief Executive Officer and Managing Director, said the availability of a reliable advanced recycling system will play an essential role in helping address plastic in the environment of many countries around the globe.
He added that IHC is evaluating wide-scale deployment in other locations around the world.
Maryam Al Mansoori, General Manager of Rebound Ltd, said: "By capturing the value of plastic feedstock, we allow companies across all sectors, from apparel to automotive, to access recycled content with confidence, while creating new opportunities for communities in the value chain to grow their economies."
The statement said that roughly 5 million tonnes of recycled plastic is expected to have been traded via Rebound by 2025.
Douglas Woodring, Lead Expert of Rebound Ltd, said the trade of plastic feedstock on the Exchange will see the same levels of trust and transparency that exist in the market for other commodities.
The statement noted that launch partner DHL Global Forwarding would support the quality assurance
process which Rebound Plastic Exchange has created as part of its verification protocol. Also, the Exchange has a passporting system, which will support governments’ commitments to the Basel Convention’s Amendments while responsibly participating in the trade of plastic.
(Writing by SA Kader; Editing by Anoop Menon)
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