The Environment Exchange (t2e) has announced that 2 million tonnes of PRNs were traded through its platform in 2020.
PRNs are traded on packaging items recovered for recycling
The t2e said that the 2 millionth tonne of PRNs was traded through the platform on 22 December, marking the first time in its history that the milestone has been reached within a calendar year.
It shows a 22% increase to the 2019 figure, despite a year of “challenging market conditions caused by covid-19”.
The figures reveal that it traded 2,012,65 tonnes overall in 2020, with 47% in the spot markets, 46% in the forward markets and 7% in the 28 day rolling markets.
In 2019, the platform exchanged 1.7 million PRNs, which marked a 17% increase from 2018.
This was comprised of 1,093,011 tonnes traded on the spot market and 666,174 tonnes traded across forward markets.
Graph showing the material split for 2020
‘Difficult year’
Angus Macpherson, managing director at t2e, said: “A difficult year has seen a 22% increase in
forward trading with participants looking for certainty by locking in prices as well as benefitting from the reduced forward fees.
“The 28 day rolling market, which launched earlier in the year has also proved attractive to participants with its extended settlement date, with a total of 148,130t traded. The 28 day rolling market will reopen on 1 February 2021.
“We would like to thank all our participants for their continued support in these tumultuous times.”
PRNs
Set up in 1998, the Environment Exchange is designed to provide a transparent trading platform for members to trade PRNs.
The service includes transaction, clearing, settlement, delivery and information provision.
Under the Producer Responsibility Obligations (Packaging Waste) Regulations 2007, UK companies that produce packaging – typically retailers, packers, fillers and raw material producers – have a legal obligation to contribute to the cost of its recycling.
They do this by purchasing PRNs, which are issued by packaging reprocessors and exporters.
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Source: letsrecycle.com Packaging
