India’s First Plastic Credit Certificate Trading Platform Ecoex Completes Online Transaction of 5000 MTs of Plastic Waste

Ecoex, an Indian based plastic credit certificate trading platform, has completed transactions totalling 5000 MTs of recycled plastic waste since inception.

The company (India’s first plastic credit certificate trading platform) was founded by Mr. Nimit Aggarwal, an eco-entrepreneur with nearly ten years of experience in the global plastic recycling industry.

Through Ecoex, Mr. Nimit aims to contribute to the circular economy. Plastic credit certificates are issued by Ecoex, allowing plastic manufacturers and brand owners to communicate with a pool of plastic waste processors and recyclers across India, thus strengthening the plastic waste management value chain.

Since its inception, Ecoex has added 24 recyclers, 10 authorised collectors with multiple ULB agreements, and 6 PIBOs.

The digital portal enables PIBOs and recyclers/co-processors to exchange plastic credit certificates in a seamless manner.

The plastic credit certificates documents testify to PIBO’s compliance with the recycling standard developed by the Government of India’s Plastic Waste Management Rule 2016 and related amendments.

Mr. Aggarwal believes that after reaching the first milestone of 5000 MTs, he would reach the second milestone of 100,000 MTs in FY22.

This would be possible due to continuous growth in the number of partners onboarded and digitisation of the entire value chain, from collection to ULB promotion, transportation, and recycling. The system captures and assigns unique identification numbers to all documents authenticating each process in the supply chain, ensuring no duplication.

Ecoex is also adding ULB-specific dashboards to the software’s capabilities. This one-of-a-kind dashboard, with user ULBs’ aesthetic, will assist them in registering, monitoring, endorsing, and facilitating plastic credit certificate transactions with brands. Ecoex is also committed to create and eventually extend the public-private partnership model with ULBs in the future in order to address India’s waste management challenges.

EcoEx aims to inspire companies about the EPR requirement mandated by PWM rules: ethical handling of plastic waste. The company is hosting a webinar on the subject on May 19th, 2021. Mr. Ulhas Parlikar (Global consultant & EPR expert) and Ms. Sanchita Jindal (Former Adviser, MoEf & CC) have been invited as speakers by the organisation.

Source: IBEF