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Rebound CEO Maryam Al Mansoori said the Rebound Plastic Exchange (RPX) will be a one-stop shop to keep plastic out of the environment and into the economy.
Maryam Al Mansoori, CEO of Rebound, said the Rebound Plastic Exchange is a solution to reducing plastic pollution on a global scale. — photos provided
The UAE’s fight against plastic waste has intensified as a female-led company in the UAE has launched the region’s first digital trading platform for recycled plastics.
Maryam Al Mansoori, chief executive of Rebound, a subsidiary of Abu Dhabi-based international holding company, said the Rebound Plastic Exchange (RPX) will be a one-stop shop to keep plastic out of the environment and into the economy.
Plastic pollution is growing relentlessly, and according to various figures, the world currently produces around 400 million tons of plastic waste every year.
Al Mansoori pointed out that millions of tons of plastic waste are incinerated or illegally dumped every year, which affects not only the economy and the environment, but also health.
“Plastic is starting to enter our systems now more than ever. But it’s a versatile and useful material. It’s not going away anytime soon. So we have to realize that it’s not plastic that’s bad, but It’s the way we deal with plastic, which unfortunately leads to a lot of threats.”
She stressed that RPX is a solution to reducing plastic pollution on a global scale.
“We are launching something from the UAE to the world that solves a global problem in a global language, where buyers and sellers from all over the world can participate,” Al Mansoori said.
The global plastics market is expected to reach $46.6 billion by 2025.
Samah Al Hajeri, Director of Cooperatives and Strategic Reserves at the Ministry of Economy, is pleased to see innovative and sustainable solutions launched.
“This will solve a big problem that is happening right now. This is the kind of company we really try to build in the UAE,” Al Hajeri said.
The digital platform provides a secure way to trade between countries, with a system that enables buyers and sellers to track and trace the flow of plastic raw materials. It offers unparalleled traceability, certification and quality assurance, bringing much-needed trust to the launch of the circular plastics economy.
Al Mansoori noted: “Our digital platform provides companies and countries with an important benchmark against which to measure their ability to adopt and trade quality-assured plastics, equips them with a framework to facilitate communication, and highlight the realities of trade in transparent plastics Benefits. The platform essentially complements governments’ commitments to the Basel Convention on Plastics Trade Amendments and strengthens responsible participation in the trade in recyclable plastics.”
Importantly, the certification protocol ensures an in-depth verification process, including annual on-site audits of export facilities by professional certifiers and assessors.
“Buyers and sellers can certainly take advantage of the platform, first by making sure they have wider market access. They get a variety of each other. So buyers can tap into the resources of sellers from all over the world, and sellers also It can be vice versa. Sellers also benefit when they list the price at which they wish to sell,” said Al Mansoori.
Sellers’ products will not be listed on the Rebound Plastics Exchange website unless the review process is completed.
Eric Stryson, MD, Global Institute for Tomorrow (gift); Raya Makawi, Regional Head of Sustainable Development, Middle East and North Africa, 3M; Rodolfo Lacy) attended the event.
Eric Stryson, MD, of the Global Institute for Tomorrow (Gift), stressed the need for “urgent action” to address plastic mismanagement when plastic is dumped or incinerated openly rather than ending up in landfills.
Raya Makawi, Regional Head of Sustainability, 3M MENA, stressed the need for more collaboration and partnership to improve product recyclability.
A recent report by the Organisation for Economic Co-operation and Development (OECD) suggests that global production of plastic waste will triple by 2060.
Rodolfo Lacy, Director of the Latin America Department for Climate Action and Environment and the OECD’s Special Envoy to the United Nations, said: “The rebounding digital solution is an example of how the implementation of a global circular economy and international development can be effectively accelerated through sustainable trade. .”
To ensure continued transparency while facilitating cross-border trade, RPX will run a spec sheet, endorsed by industry membership association Recoup.
As the technologist who led the development of the RPX material specification sheet, Professor Edward Kosior, Managing Director of Nextek, stated: “Unless current practices change, an estimated 108 million tonnes of plastic waste will be landfilled, dumped or publicly burnt by 2050, especially if current practices change. in less developed and developing countries.”
Rebound and Abu Dhabi Global Market (ADGM) have joined forces to accelerate the mobilization of private capital for low-carbon, environmentally sustainable and climate-resilient investments.
Dhaher bin Dhaher Al Muhairi, CEO of ADGM Registration Authority, said: “Abu Dhabi is emerging as a hub for sustainable financial solutions. Rebound, on track to recycle 5 million tonnes of plastic by 2025, is at the heart of such solutions. It will have a significant impact on global business models and financial practices. Our partnership with Rebound Plastic will strengthen the position of circularity in the market and globally.”
Industry members in the Middle East, North America, Latin America, India, Southeast Asia and Europe have subscribed to RPX.
— ashwani@khaleejtimes.com
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