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Rebound, a subsidiary of Abu Dhabi Stock Exchange-listed International Holding Company (IHC), has launched Rebound Plastic Exchange (RPX), a global business-to-business digital trading platform for recycled plastics.
RPX will be based in Abu Dhabi Global Market (ADGM).
The new exchange will help shift plastics from regions that have inadequate recycling facilities to regions that are short of feedstock, addressing the challenges of reducing plastic waste while creating high quality recycled plastics, according to a statement from Rebound.
To ensure that the traded material is compliant with shipment criteria in line with Basel Convention and EU regulations, RPX will run material specification sheets, endorsed by industry membership association RECOUP, tailored according to each listing found on the RPX B2B marketplace.
Additionally, it will also implement a passporting system to operate end-to-end digital certification.
Industry members in the Middle East, North America, Latin America, India, Southeast Asia and Europe have already subscribed to RPX, the statement said, adding that it will potentially facilitate the recycling of 5 million tonnes of plastics by 2025.
(Writing by Anoop Menon; Editing by Seban Scaria)
