Rebound Plastic Exchange, a quality assured global trading platform for recycled plastics, will ensure transparency whilst facilitating cross border trade to unlock circularity worldwide.
ABU DHABI, UAE, Dec. 10, 2022 /PRNewswire/ — Rebound Plastic Exchange, a global B2B digital trading platform for recycled plastics, is ready to support Malaysia achieve its national sustainability targets by 2030. Implemented by the Ministry of Environment and Water (KASA), the Malaysia Plastics Sustainability Roadmap aims to phase out problematic single-use plastics against a 76% average collected-for-recycling rate by 2030, with long-term aims to achieve a 100% recycling rate for plastic packaging by 2050[1]. Rebound Plastic Exchange promises quality assurance and trust by vetting the members and listings posted onto the marketplace, thus helping the industry achieve its targets and keep plastic out of the environment.
Malaysia became the leading destination for the world’s plastic following the China ban in 2018. Its adherence to the Basel Convention gives Malaysia more leeway to curb plastic waste, incentivizing verified feedstock to enter its territories though contaminated plastics still find their way to the country despite the new UN rules[2]. Plastics can in fact be recycled into usable products, however 81% of the material value of plastics is lost in Malaysia due to failure to recover the material[3].
Maryam Al Mansoori, General Manager, Rebound Plastic Exchange, said, "ASEAN countries boast a significant portion of the global plastic feedstock, positioning the region as a leading processor for recycled plastics with Malaysia at its head, should it seize the opportunity to undergo pivotal changes in the industry, towards greater plastic recycling."
Meanwhile, PETRONAS Chemicals Group (PCG) officiated its partnership with ExxonMobil under a Memorandum of Understanding (MoU) to pilot advanced plastic recycling methods using cutting-edge technology for large-scale implementation[4].
It is estimated that up to 70%[5] of the existing installed recycling capacity in Malaysia is used for imported plastic waste, demonstrating the need for a range of solutions to support circular plastic waste management as Malaysia remains in the top 10 ocean polluters due to mismanaged plastic waste. Out of a total 1.41 million tonnes, currently, 1.07 million tonnes[6] of domestic plastic are disposed per year in Malaysia, resulting in only 24.2%, or 340,000 tonnes of recycled plastics overall.
Active buyers and sellers on Rebound Plastic Exchange come from over 21 countries, helping source plastic feedstock at the preferred price ranges. Industry members, whether buyers or sellers of recycled plastics, can register on Rebound Plastic Exchange free of charge and access a global marketplace for quality assured feedstock.
1. RPX Market Research Report: Insights into the Recycled Plastic Landscape in the ASEAN Region
2. https://www.reuters.com/article/us-malaysia-environment-plastic-idUSKBN2BG0ZL
3. https://www.malaysiakini.com/announcement/626174
4. https://www.thestar.com.my/business/business-news/2022/09/20/pcg-inks-mou-with-exxonmobil-on-plastic-recycling-in-malaysia
5. RPX Market Research Report: Insights into the Recycled Plastic Landscape in the ASEAN Region
6. RPX Market Research Report: Insights into the Recycled Plastic Landscape in the ASEAN Region