Plastic Recycling Platform will be Established

21.01.2022

The International Holding Company (IHC) of Abu Dhabi announced the formation of Rebound Ltd today to develop a unique solution to minimize global plastic pollution. Rebound Plastic Exchange, a global quality-assured trading platform for plastic feedstock, will be launched by the new subsidiary, allowing buyers and sellers to easily exchange recovered plastic with trust and confidence. Rebound Plastic Exchange, which is expected 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, create new economic opportunities, and lessen the impact of plastic pollution on the environment, unlocking a worldwide commercial potential worth AED 56 billion. Plastik Geri Dönüşüm Platformu Kuruluyor

Plastik Geri Dönüşüm Platformu Kuruluyor

Rebound Plastic Exchange was founded by IHC, a multi-sector conglomerate and the largest company listed in the Abu Dhabi Securities Exchange. Syed Basar Shueb, IHC’s Chief Executive Officer and Managing Director, commented: "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." Maryam Al Mansoori, General Manager of Rebound Ltd, said: "We've developed a global trading solution that offers a large-scale opportunity to reduce some of the world's plastic pollution via recycling. 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."

A True Circular Economy

Although nearly 100% of plastic trash can be recycled, the global rate of plastic recycling is about 15% [1]. Rebound Plastic Exchange will cover a key market vacuum by creating a quality-assured platform to purchase and provide recycled plastic feedstock to fulfill the growing demand from consumer products producers, supporting a genuinely circular economy. Based on the many commitments of major brands, many of whom are aiming for 20-30 percent increases[3] by 2025, a 6-million-ton[2] recycled content gap is projected. For the estimated 80% of countries lacking local capacity to produce or consume plastic feedstock, or both, Rebound Plastic Exchange provides new economic opportunities and a point of market access. Its passporting mechanism will also let states adhere to the Basel Convention's Amendments while participating responsibly in the plastics trade. Rebound is expected to have traded approximately 5 million tons of recycled plastic by 2025. 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 by DHL to undergo laboratory tests based on accepted international standards before being traded. Amadou Diallo, CEO of DHL Global Forwarding Middle East & Africa said: "As the global leader in logistics, we look forward to making Rebound Plastic Exchange's supply chains more sustainable and achieving environmental targets and business ambitions together. The symbolic signing of our partnership agreement at our MEA Innovation Centre also underlines our will to support UAE based Start Ups to connect people and improve lives."

Trust and transparency

Douglas Woodring, Lead Expert of Rebound Ltd, said: "Rebound Plastic Exchange is the needed intervention which will transform the world's plastic recycling industry. For the first time, the trade of plastic feedstock will see the same levels of trust and transparency that exist in the market for other commodities, increasing business confidence and encouraging greater trading volume, which will mean a reduction in plastic going to landfills."