The demand for secondary metals is predicted to overtake primary metals within the next 20 years, with a market value potentially reaching up to $500bn by the end of 2024. Currently, 400 million tonnes of metal are recycled annually. Despite this, there is no globally recognized, standardized authentication process to verify the origin of recycled metal and track its use through the supply chain. This prevents businesses from accurately accounting for their environmental impact in their ESG reporting. It also poses barriers for suppliers in enhancing the value of high-quality secondary metals.
Orbex addresses these challenges. The company applies a certification of origination (COO) for all secondary metal which is transacted via the new marketplace, detailing proof of provenance and origin.
Orbex develops authentication standards and processes as part of an open-source initiative at one of the most respected, independent non-profit standards bodies in the world, OASIS Open. These help empower businesses to make responsible sourcing decisions, enhance their ESG emissions reporting, and substantiate environmental credentials to stakeholders.
These standards have a tangible impact on an organization’s work towards carbon goals, supply chain Greenhouse Gas Protocol regulatory frameworks – particularly Scope 3 – as well as international regulatory compliance. OASIS Open’s previous work includes standards for electronic invoicing, and a standardized open interface allowing organizations to integrate biodiversity data into their software systems.
Orbex, which is backed by metal recycler and processor SA Recycling, has plans to expand to other environmental commodities such as recycled plastic and organics. The company boasts a team of industry professionals, including CEO Thomas Buchar, CDO Antonella Amadei, formerly the Head of Global Development at the London Stock Exchange Group; Board Advisor Tyler Adams, COO of SA Recycling; and Roseann Palmieri from Sandhill East Advisors.