25 C
Wednesday, March 22, 2023

Rebound, Bioeconomy and ACX Sign Net Zero MOU

Rebound, Bioeconomy and ACX Sign Net Zero MOU

Rebound Ltd (RPX) has signed a Memorandum of Understanding (MoU) with carbon-focused companies Bioeconomy and ACX Holdings Ltd to identify opportunities for net-zero carbon and recycled plastics.

By the end of 2030, plastics are expected to emit more greenhouse gases than coal-fired power plants. The industry-led coalition will focus on educating key stakeholders about the financial incentives available to companies that reduce plastic and CO2 emissions to address greenhouse gas footprints.

The alliance expands the parties’ expertise in plastics and carbon to create the future of environmental commodities. The partnership creates a dynamic marketplace for trading recycled plastic and earning carbon credits through the Rebound Plastic Exchange (RPX) and ACX exchanges, enabling business customers to meet their sustainability and net zero commitments. Bioeconomy will bring its expertise in technical standards for carbon credits to the partnership to market a similar incentive-driven approach to plastic recycling.

ideal venue

Maryam Al Mansoori, Managing Director of Rebound Ltd, said: “Abu Dhabi Sustainability Week is the perfect place to announce this dynamic new alliance. We know that almost all types of plastic can be recycled, but we only recycle about 15% basis. We need to raise awareness that plastic raw materials have environmental and economic value and aim to move closer to 100% recycled plastic to keep it out of the environment in our economy.”

Dorjee Sun, CEO of Bioeconomy, said: “Abu Dhabi Sustainability Week kicks off a significant year for the UAE, culminating in its global leadership at COP28. We need to do more to encourage action on climate change and reward positive Action. Encouraging more plastic recycling through credit mechanisms like these, which are already working to incentivize avoidance of deforestation and sustainable land management, can go a long way toward reducing emissions.”

William Pazos, co-founder and co-CEO of ACX, said: “ACX is expanding its product range beyond carbon to a wider range of environmental products. The partnership with Rebound and Bioeconomy marks the beginning of our foray into the emerging field of plastics. Like carbon , plastics are an environmental challenge that can be addressed through market infrastructure. We are excited to apply ACX’s innovations to plastics.” — trade arab news agency

Source link

Related Articles

Mubadala and Ares to Form $1 Billion Global Credit Investment JV

Ares Management Corporation, a Los Angeles-based global alternative investment management firm, and Abu Dhabi investment group Mubadala have joined forces to form a...

UAE’s MoEI wins ‘Excellence in Governance – Maritime’ award

The UAE Ministry of Energy and Infrastructure (MoEI) has been honored with the 'Excellence in Governance - Maritime' award at the ShipTek International...

Oliver Wyman appoints Adel Alfalasi as head of UAE practice

Global strategy and management consultancy Oliver Wyman has appointed Adel Alfalasi as its new UAE head. In this role, Adel Alfalasi leads the team...

Latest Articles