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Abu Dhabi: Region’s first trading platform for recycled plastics launched

Rebound Plastic Exchange (RPX) will be a one-stop shop to keep plastics out of the environment and into the economy, said Maryam Al Mansoori, CEO, Rebound

The UAE’s fight against plastic waste has got a booster shot with an Emirati woman-led company launching the region’s first digital trading platform for recycled plastics.

Rebound Plastic Exchange (RPX) will be a one-stop shop to keep plastics out of the environment and into the economy, said Maryam Al Mansoori, CEO, Rebound, a subsidiary of Abu Dhabi-headquartered International Holding Company.

Plastic pollution is growing relentlessly and as per different data, the world currently produces about 400 million tonnes of plastic waste a year.

Al Mansoori noted that each year millions of tonnes of plastic waste is burned or illegally dumped, which is not only impacting the economy and environment but also health.

“Plastic is starting to enter our system now more than ever. But it is a very versatile and useful material. And it is not going to go away anytime soon. So, we have to realise that it’s not plastic that is bad, it’s rather the way that we manage how we dispose of it, unfortunately, is leading to a lot of threats.”

RPX, she underlined, is a solution to reduce plastic pollution on a global scale.

“We are launching something from the UAE to the world that addresses a global issue in a global language where buyers and sellers all around the world can come and participate,” Al Mansoori said.

The world’s plastics market is forecasted to reach $46.6 billion by 2025.

Samah Al Hajeri, Director of cooperatives and strategic reserve, Ministry of Economy, was excited to see the launch of an innovative and sustainable solution.

“This will solve a big problem happening now. This is the sort of company we really strive to see here establishing in the UAE,” Al Hajeri said.

The digital platform provides a secure way to trade between countries with a system that enables buyers and sellers to track and trace the movement of plastic feedstock. It offers unparalleled traceability, certification, and quality assurance bringing much-needed trust to the initiation of a circular plastic economy.

Al Mansoori noted: “Our digital platform provides companies and nations with a vital benchmark for their capacity to adopt and trade quality assured plastics, equip them with frameworks to facilitate exchange, and highlight the tangible benefits of transparent plastic trading. The platform inherently complements governments’ commitments to the Basel Convention’s Amendments on the trade of plastic and enhances the responsible participation in recyclable plastic trade.”

Significantly, the certification protocol ensures an in-depth verification process, including an annual site audit of the export facility by professional certifiers and assessors.

“Buyers and sellers can make use of the platform, of course, by first ensuring that they have a wider market access to tap into. They get a variety of one another. So, buyers can tap into the resources of sellers from all around the world, whereas, sellers can also do vice-a-versa. Sellers also benefit as they list the price they wish to sell it for,” Al Mansoori said.

The products by a seller don’t go live on reboundplasticexchange.com unless a vetting process is completed.

Eric Stryson, MD, Global Institute for Tomorrow (Gift), stressed on the need to “act urgently” on the mismanagement of plastic as it gets openly dumped or burnt rather than going into a landfill.

Raya Makawi, regional leader, sustainability, Mena, 3M, highlighted the need for more collaborations and partnerships to improve recyclability of products.

A recent report by the Organisation for Economic Co-operation and Development (OECD) suggests that the amount of plastic waste produced globally will triple by 2060.

Rodolfo Lacy, director for Climate Action and Environment for Latin America and Special Envoy to the United Nations from the OECD, said: “Rebound's digital solution is an example of how to effectively accelerate the implementation of global circular economy and international development through sustainable trade.”

To ensure continuous transparency while facilitating cross border trades, RPX will run specification sheets, endorsed by industry membership association Recoup.

As the technical expert leading the development of material specification sheets for RPX, Prof. Edward Kosior, managing director of Nextek, noted that “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.”

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.

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 5 million tons 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 into the market and globally.”

Industry members in the Middle East, North America, Latin America, India, Southeast Asia and Europe have already subscribed to the RPX.

— ashwani@khaleejtimes.com