The new quality-assured trading network for plastic feedstock will enable buyers and sellers to effectively and securely exchange recovered plastic
DHL Global Forwarding will support the quality assurance process which Rebound Plastic Exchange has created as part of its verification protocol. (Credit: Hans from Pixabay)
Abu Dhabi-based International Holding Company (IHC) has established Rebound to facilitate the global trade of recycled plastic and minimise the world’s plastic pollution.
The new entity will set up a Rebound Plastic Exchange, a global quality-assured trading network for plastic feedstock to enable buyers and sellers to trade recovered plastic with trust and confidence.
Expected to start trading in the middle of 2022, the programme will incorporate internationally recognised standards, certification, insurance, and quality assurance into the supply chain.
It also promises to boost the effectiveness of plastic recycling at scale, offer new economic opportunities, and lessen the effects of plastic waste on the earth while opening up a global market worth AED56bn.
According to the firm, the exchange programme will close a large market gap, enabling a completely circular economy via the acquisition and supply of recycled plastic feedstock to fulfil the demand from consumer products firms.
Based on the numerous commitments made by international brands, many of which are aiming for increases of 20-30% by 2025, there is anticipated to be a six-million-tonne deficit of recycled content.
The programme offers new economic opportunities and a point of entry into the market for the 80% of nations that are believed to lack domestic processing or consumption capacity for plastic feedstock, or both.
The Basel Convention Amendments will be supported by the program’s passporting system, which will also enable states to participate responsibly in the plastics trade.
By 2025, five million tonnes of recovered plastic are anticipated to have been traded via Rebound, said the company.
IHC chief executive officer and managing director said: “This is a breakthrough concept coming from the UAE to the world with significant potential.
“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.
“We are confident our investment in Rebound Plastic Exchange will be another successful business for IHC, and we are evaluating wide-scale deployment, in other locations around the world.”