Rebound (RPX), a subsidiary of Abu Dhabi’s International Holding Company, has signed a Memorandum of Understanding (MoU) with carbon-focused companies Bioeconomy and ACX Holdings Ltd, the holding company of the AirCarbon Exchange (ACX) group, to identify net-zero carbon and recycled plastics opportunities in the Middle East and around the world.
Plastics are on track to release more greenhouse gases than coal-fired power plants by the end of 2030. This industry-led alliance will focus on educating key stakeholders on the financial incentives available to companies reducing their plastics and CO2 emissions to address their greenhouse gas footprint.
This alliance amplifies each party’s plastics and carbon expertise to pioneer the future of environmental commodities. The partnership creates a dynamic marketplace for trading recycled plastic and access to carbon credits via the Rebound Plastic Exchange (RPX) and ACX exchanges, enabling corporate customers to fulfil their sustainability and net-zero commitments. Bioeconomy will bring its expertise in the technical standards surrounding carbon credits to the partnership, educating the market on similar incentive-driven approaches for plastics recycling.
Dorjee Sun, CEO of Bioeconomy; Maryam Al Mansoori, General Manager of Rebound Plastic Exchange; Thomas McMahon, Co-Founder and Co-CEO of ACX; William Pazos – Co-Founder and Co-CEO of ACX signed the Memorandum of Understanding (MoU).
Maryam Al Mansoori, General Manager of Rebound said, “Abu Dhabi Sustainability Week is the ideal venue to announce this dynamic new alliance. We know that almost all types of plastic can be recycled but we are only recycling around 15% on a global basis. We need to create a greater awareness that there is an environmental and economical value in plastic feedstock, with a goal of moving closer to recycling 100% of plastic, so that it is kept within our economy and out of the environment.”
Dorjee Sun, CEO of Bioeconomy, said, “Abu Dhabi Sustainability Week starts an important year for the UAE that culminates with its global leadership of COP28. We need to do more to embrace incentives in the fight against climate change and reward positive action. Encouraging more plastic recycling through similar credit mechanisms that are already working to incentivise avoided deforestation and sustainable land management can significantly help in emissions reductions.”
William Pazos, Co-Founder and Co-CEO of ACX, said, “ACX is expanding our offering beyond carbon into broader environmental products. This cooperation with Rebound and Bioeconomy marks the beginning of our foray into the nascent plastics space. Like carbon, plastics is an environmental challenge that can be addressed employing market infrastructure. We are excited to bring ACX’s innovation to plastics.”