UAE-based investment firm, International Holding Company (IHC) has established a new subsidiary, Rebound Limited, to create an innovative solution to reduce the world’s plastic pollution.
The new subsidiary will launch Rebound Plastic Exchange, a global quality-assured trading platform for plastic feedstock that enables buyers and sellers to efficiently trade recycled plastic with trust and confidence.
The Rebound Plastic Exchange, which is scheduled to begin trading in mid-2022, will bring globally recognized standards, certification, insurance, and quality assurance to the supply chain. The platform intends to improve the efficiency of plastic recycling at scale, and lessen the impact of plastic pollution on the planet, unlocking a global business opportunity worth $15 billion.
“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.“
The platform will fill a significant gap in the market, facilitating a truly circular economy as it creates a quality-assured platform to purchase and provide feedstock of recycled plastic to meet the growing demand from consumer goods companies. There is expected to be a 6-million-ton deficit of recycled content based on the many commitments of global brands, many of whom are aiming for 20-30 percent increases by 2025.
Its passporting mechanism will let governments abide by the Basel Convention’s Amendments while participating responsibly in the plastic trade. By 2025, it is estimated that roughly 5 million tons of recycled plastic will have been traded via Rebound.
The Germany-based DHL Global Forwarding is one of the launch partners to support the quality assurance process which Rebound Plastic Exchange has created as part of its verification protocol. Each product will be sent to DHL to undergo laboratory tests based on accepted international standards before being traded.