One of Abu Dhabi's leading corporations, International Holding Company (IHC), has announced the formation of Rebound Ltd to develop a solution to minimise global plastic waste.
The new company, based in Abu Dhabi, will establish Rebound Plastic Exchange, a global quality-assured trading network for plastic feedstock that allows buyers and sellers to exchange recovered plastic effectively.
Rebound Plastic Exchange aims to fill a gap in the market, facilitating a truly circular economy by creating a platform to purchase and provide recycled plastic feedstock to meet the growing demand from consumer goods companies, with the global rate of plastic recycling sitting at just 15%.
According to an official statement, Rebound Plastic Exchange will incorporate global standards, certification, insurance, and quality assurance into the supply chain when it opens for trading in mid-2022.
With 80 percent of countries with inadequate domestic processing or consumption capacity for plastic feedstock, the platform will improve the efficiency of plastic recycling at scale, open up new economic opportunities, and lessen the global impact of plastic waste.
"It is our mission to provide confidence and transparency to the trade of recycled plastic," Maryam Al Mansoori, general manager at Rebound Ltd, said of how plastic waste may be turned into profit. By 2025, global brands have committed to increasing recycled content to 20-30 percent. However, 6.3 million tonnes of plastic feedstock are projected to be needed to achieve these obligations."
"Rebound Plastic Exchange unlocks a vast untapped economic opportunity by linking buyers and sellers of plastic feedstock all around the world." It encourages new processors to enter the market, resulting in increased industry growth, significant local job creation, and the worldwide circular economy of plastic," she continued.
According to Al Mansoori, with the UAE taking bold steps toward becoming a global hub for sustainability through its Green Economy initiative, Rebound Ltd hopes to contribute to the UAE leadership's efforts in creating solutions that will boost the country's competitiveness, support its sustainable development goals, and protect the environment for future generations.
Rebound is expected to have traded approximately 5 million tonnes of recycled plastic by 2025.
"This is a game-changing notion from the UAE to the rest of the world with enormous potential." "The availability of a reliable advanced recycling technology will play a critical role in helping many countries around the world handle plastic in their environments," said Syed Basar Shueb, IHC's CEO and managing director.
"As the world's leading logistics company, we're excited to work with Rebound Plastic Exchange to make its supply chains more sustainable and achieve environmental and business goals together." The symbolic signing of our cooperation agreement in our MEA Innovation Centre also demonstrates our commitment to assisting UAE-based start-ups in their efforts to connect people and improve lives," said Amadou Diallo, CEO of DHL Global Forwarding Middle East & Africa.