Abu Dhabi-based Rebound, a subsidiary of International Holding Company (IHC), has launched Rebound Plastic Exchange (RPX), a global B2B digital trading platform for recycled plastics.
This is a turning point for the industry as the world’s plastics market is forecast to reach $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.
According to the statement, “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.”
Mr. Stuart Foster, CEO of RECOUP said that, “We welcome Rebound’s extremely thorough plastic specification standards, essential to achieve quality, which allows recycling effectively and ethically 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.”
“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.”
Further, Rebound and Abu Dhabi Global Market (ADGM) have joined forces to accelerate the mobilization of private capital towards low-carbon, environmentally sustainable, and climate-resilient investments.
Rebound and ADGM planned 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.
Mr. Dhaher bin Dhaher Al Mheiri, CEO of ADGM Registration Authority commented that, “Our collaboration with Rebound Plastic will strengthen circularity’s position in the market and globally. As a financial center 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.