Technological watch

Arab IHC to launch online trading platform for recycled plasticsA recycled-plastics exchange is in the works(Photo: Fotolia/Syda Productions)Abu Dhabi-based investment giant International Holding Company (IHC; www.ihcuae.com) has announced plans to create an online exchange marketplace that would enable traders in recycled plastics from around the world to buy and sell materials.
IHC has founded a subsidiary, Rebound, which is planning to launch the Rebound Plastic Exchange by mid-2022. The Arab investment firm said in a statement that the new exchange would â??introduce globally recognised standards, certification, insurance, and quality assurance into the supply chainâ?. It further noted, â??The platform aims to increase the efficiency of recycling plastic at scale, provide new economic opportunities and reduce the impact of plastic pollution on our planet.â?
The investment group, founded in 1998, has interests in a variety of industrial sectors and reported turnover of AED 7 bn (EUR 1.7 bn) in 2020. It said that by 2025, approximately 5 mn t of recycled plastic will have been traded via Rebound â?? the CO2 equivalent of removing emissions from 5 mn cars.
Syed Basar Shueb, IHCâ??s chief executive and managing director, said, â??The availability of a reliable advanced recycling system will play an essential role in helping address plastic in the environment of many countries around the globe.â?
According to market experts, however, the 5 mn t trade goal is very ambitious â?? in the EU alone, the target use is 10 mn t of recyclates by 2025. Some others are critical of the international trade of waste and recyclate products altogether, stating that the trade is neither environment-friendly nor efficient, nor does it play into the spirit of resource protection and circular economy. â??Every country, every region should recycle its own waste,â? is the sentiment among critics.26.01.2022 Plasteurope.com [249457-0]