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Rebound, a subsidiary of International Holdings, on Monday celebrated the launch of Rebound Plastic Exchange (RPX), a global B2B digital exchange for recycled plastics, a turning point for the industry as the global plastics market is expected to reach $45.6 billion by 2018 2025.
According to the Emirates News Agency (WAM), the global launch brought together world leaders from government, business and civil society to discuss how the plastics trade offers an untapped opportunity to achieve global circularity and fill demand gaps, while increasing investment through dynamic exchanges Chance.
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The announcement was made by Rebound CEO Maryam al-Mansoori, who said in his keynote speech: “RPX is designed to bring trust and quality assurance to buyers and sellers. Our digital platform provides an important benchmark for companies and countries , to assess their ability to adapt and trade quality-assured plastics, equip them with a framework to facilitate communication, and highlight the tangible benefits of transparent plastic trading. Overall, the platform essentially complements governments’ commitment to the Basel Convention commitment to the Plastics Trade Amendment and strengthen responsible participation in the recyclable plastics trade.”
Commenting on the comments, Dr. Rudolf Lacey, Director of the Latin America Department of Climate Action and Environment and the OECD’s special envoy to the United Nations, said: “We need to close the carbon cycle again by seeking circularity in goods and even services that rely on fossil fuels or their alternatives. Products. Plastic products and the pollution they cause must be addressed from a life cycle perspective, while also bearing an inescapable responsibility to repair damaged ecosystems and species. Rebound’s digital solution is to effectively accelerate the implementation of the global cycle through sustainable trade A model for economic and international development.”
To ensure continued transparency while facilitating cross-border trade, RPX will run a specification sheet endorsed by industry membership association RECOUP, customized for each listing on the RPX B2B marketplace. These spec sheets were developed by a team of industry experts.
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.
Rebound and ADGM plan to further advance sustainable finance in courses at Abu Dhabi Financial Week, Abu Dhabi Sustainable Finance Forum (ADSFF) and the Sustainable Finance Academy.
Dhaher bin Dhaher al-Muhairi, Chief Executive Officer, ADGM Registration Authority, said: “Abu Dhabi is emerging as a hub for sustainable financial solutions. Rebound is expected to facilitate the recycling of 5 million tonnes of plastic by 2025 and is the first Core. It will have a significant impact on global business models and financial practices. Our partnership with Rebound Plastic will strengthen circular’s position in the market and globally. As a financial hub and catalyst for growth, ADGM will continue to work with like-minded partners , to advance the sustainable development agenda to meet the development and growth needs of our country and the wider region.”
Through the partnership, Rebound joins a panel of 69 public and private sector signatories and commodities to the Abu Dhabi Declaration on Sustainable Finance, launched in 2019 by the Ministry of Climate Change and Environment (MoCCAE), the UAE Central Bank and the US Securities and Exchange Commission Authority, reaffirming Bounce’s commitment to enabling and promoting green and sustainable investment.
As the technologist leading 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. It is in less developed and developing countries. Plastic recycling is clearly more and more urgent, and with the increasing demand for high-quality recycled plastic raw materials, key trade factors such as quality, standardization, transparency and trust are crucial. In this context , RPX has invested in a world-class certification protocol that incorporates industry best practices in material specification.”
With this in mind, RPX will implement an innovative passport system to run end-to-end digital certification according to global standards, instilling confidence and simplifying transactions for buyers and sellers of recycled plastics.
read more: Microplastics found in drinking water in West Africa’s largest city
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