Orbex aiming to provide missing link on metals recycling
24 May 2023
In response to the growing pressure on businesses to prioritise environmental responsibility and develop more sustainable supply chains, Orbex has launched the world’s first marketplace for globally recognised authenticated recycled metals.
The demand for secondary metals is predicted to overtake primary metals within the next 20 years, with a market value potentially reaching up to $500 billion by the end of 2024. Currently, 400 million tof metal are recycled annually.
Despite this, there is no globally recognised, standardised authentication process to verify the origin of recycled metal and track its use through the supply chain.
According to Orbex, this prevents businesses from accurately accounting for their environmental impact in their ESG (environmental, social and governance) reporting. It also poses barriers for suppliers in enhancing the value of high-quality secondary metals.
Orbex, which has secured one of the largest supplies of recovered ferrous metal in North America as well as access to 2% of the global recycled aluminium and copper markets, applies a certification of origination (COO) for all secondary metal which is transacted via the new marketplace, detailing proof of provenance and origin.
It also develops authentication standards and processes as part of an open-source initiative at independent non-profit standards body, OASIS Open.
“Orbex is driving much needed change by finally bringing globally recognised standardization to an enormous market which until now has sat untapped and unimpeded,” said CEO Thomas Buchar.
“We are proud not only to be promoting sustainable practices in sectors which are traditionally hard to abate, while offering the unique opportunity to capitalise on increased demand for environmental commodities, ensure supply chain integrity, and assist multinationals in their transition to a circular economy.”