Riyadh, Saudi Arabia, Duisburg, Germany, and Oslo, Norway – 1st July 2024
RIYADH, SAUDI ARABIA/ DUISBURG, GERMANY/ OSLO, NORWAY 1 July 2024 – MVW Lechtenberg Projektentwicklungs- und Beteiligungsgesellschaft GmbH, the leading consulting firm specializing in alternative fuels for the cement and related industries, in collaboration with Empower, a leading provider of innovative traceability solutions, is excited to announce the launch of a transformative plastic waste management project in The Kingdom of Saudi Arabia.
To enhance the capabilities and reach of this project, MVW Lechtenberg & Partner Middle East and SIRC have founded a joint venture. Saudi Investment Recycling Company (SIRC), the executive arm for waste management from the Government of Saudi Arabia, a key player in the initiative, is a wholly-owned subsidiary of the Public Investment Fund (PIF) in the Kingdom.
The goal of the project is to process approximately 3 million tonnes of municipal solid waste per year to produce refuse-derived fuels (RDF) in six governorates. The estimated CO2 emissions reduction when the project is fully implemented would be approximately 1,791,300 tonnes per year.
Empower’s blockchain technology will play a crucial role in this project, ensuring transparent tracking and management of plastic waste from collection to recycling and RDF conversion. This system will allow real-time monitoring of waste management activities, providing valuable data for stakeholders including municipalities, governments, and environmental organizations.
A key innovation in this project is the integration of Plastic Credits and RDF systems. Plastic Credits incentivize responsible waste disposal by providing financial rewards for verified plastic waste collection and recycling activities. These credits can be traded or sold to entities aiming to neutralize their plastic footprints or comply with environmental regulations, thereby fostering a more circular economy.
Plastic Credits will help close the financial gap between the cost of collecting and processing plastic waste and the market price for recyclable materials and RDF. By providing a sustainable revenue stream, these credits will ensure the long-term financial viability of this waste management initiative, making it more attractive to investors and stakeholders.
The verification of these credits will be based on the GPx traceability standard developed by GPN Corporation, as a member of the International Green Purchasing Network (IGPN). This standard ensures high levels of transparency, traceability, and accountability, which are crucial for building trust and securing participation from various stakeholders.
