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Amid escalating global demands for environmental sustainability and greener supply chains, Orbex, a leading metals recycler and processor, has launched the world's maiden marketplace for authenticated recycled metals.
The platform is backed by SA Recycling, one of North America's biggest recovered ferrous metal suppliers.
The recycled metals market is forecasted to overshadow primary metals in the next two decades, with an anticipated market value of around $500 billion by the end of 2024.
The recycling industry manages to repurpose 400 million tons of metal annually, yet the need for a globally accepted, standardized authentication system has posed hurdles for businesses. It has hampered accurate Environmental, Social, and Governance (ESG) reporting and made it challenging to bolster the value of high-quality secondary metals.
Orbex has tackled these challenges head-on by carving out a niche in applying a certification of origination (COO) for all secondary metal transacted via its new marketplace.
This certification offers a detailed record of provenance and origin, substantially boosting the credibility and value of secondary metals.
Additionally, Orbex is developing authentication standards and processes in partnership with OASIS Open, an independent non-profit standards organization. This open-source initiative empowers businesses to make more environmentally responsible sourcing decisions and augment their ESG emissions reporting.
These standardized procedures can significantly influence an organization's progression toward carbon goals and enhance regulatory compliance.
Orbex CEO, Thomas Buchar, remarked, "Orbex is driving much-needed change by finally bringing globally-recognized standardization to an enormous market. We are proud to promote sustainable practices while offering a unique opportunity to capitalize on increased demand for environmental commodities."
"Orbex is the first piece of critical trading infrastructure and will remain the original and most trusted source for secondary metals," Buchar added, expressing optimism about a future where they could offer a wide array of authenticated environmental commodities.
This initiative could profoundly impact industries like aviation, automotive, and construction, which are historically hard to decarbonize. By reusing steel and aluminum scrap alone, it's estimated that carbon emissions could drop by 600 megatons each year.
That's a hefty contribution considering that global metal production accounts for up to 7% of global greenhouse gas emissions.
The Orbex team, led by Buchar and comprising industry veterans like Antonella Amadei and Tyler Adams, also has eyes on the horizon for expanding to other environmental commodities such as recycled plastic and organics. With the mounting pressure for sustainable practices, this venture seems well-timed and poised for success.
Essentially, Orbex's new marketplace is the recycling industry's version of an 'authentication badge.' It certifies the origin of secondary metals and nudges businesses to actively participate in reducing carbon footprints. With some help from initiatives like Orbex's, 'going green' can become less of a challenge and more of a standard operating procedure.
"Orbex is the first piece of critical trading infrastructure and will remain the original and most trusted source for secondary metals"