Rebound Plastic Exchange ready to unlock new opportunities for recycled plastics in Hong Kong

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. 9, 2022 /PRNewswire/ — Rebound Plastic Exchange, a global B2B digital trading platform for recycled plastics, is ready to enter the Hong Kong market in full swing following its increased activity across the Middle East, North America, Latin America, India, Southeast Asia and Europe. The global marketplace promises quality assurance and trust by vetting the members and listings posted onto the marketplace, thus helping Hong Kong and the industry achieve its targets and keep plastic out of the environment.

In 2016, Hong Kong exported nearly 1.78 million tonnes[1] of recycled plastic waste to China, most than any other country in the world. In 2020, plastics still made up 21% of the city’s total municipal solid waste (MSW), though with a 27% increase in locally recycled plastics[2] . The Hong Kong Legislative Council then passed the Waste Charging Scheme in 2021 with hopes to reduce per capita waste disposal by 45% and increase recycling rates by 55%[3]. As the highly anticipated scheme is about to begin in 2023, and with the new Waste Blueprint for Hong Kong 2035 entering into force, Rebound Plastic Exchange is ready to enable the city to unlock more investment opportunities to support its growing recycling targets and initiatives.

Maryam Al Mansoori, General Manager, Rebound Plastic Exchange, said, "Recent data shows plastic waste represents approximately 20% of municipal solid waste disposal in Hong Kong. [4] This statistic could very well be leveraged as the world’s plastics market is forecasted to reach $46.6 bn by 2025."

Rebound Plastic Exchange’s increased activity in Hong Kong will only complement the regional government’s commitments towards the Basel Convention’s Amendments on the trade of plastic and thus unlocking the world’s plastics, one country at a time. 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] https://ourworldindata.org/grapher/plastic-exports-to-china

[2] https://www.wastereduction.gov.hk/sites/default/files/msw2020.pdf

[3] https://www.wastereduction.gov.hk/en/index.htm

[4] https://www.gov.hk/en/residents/environment/waste/management/prsplastic.htm

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