Innovation in the PRN marketplace
Circularety was launched yesterday (27th September 2016) at the end of an excellent media campaign to increase awareness of a new product. The PRN system hasn't changed much in nearly 20 years. Ecosurety has decided that the system needs transparency, a certain level of predictability and choice. The concept being that in future producers can have more control over how their money is spent an how the environment benefits. As of January 2017 they can do this by using a web portal to choose a re-processor that has said that they have X tonnes and want £Y to fund project Z. This should provide transparency (Z project) and predictability (X Tonnes @ £Y/T).
It is an interesting idea and product. It was launched in central London yesterday to the great and the good of the packaging compliance world (so I don't know how I snuck through the filters). We do know that Steve, James and the team come up with interesting ideas and have the energy and means to make them a reality. The event was a generous affair and we were all given a VR headset, so we're expecting Ecosurety to have a VR offering soon too.
A few questions arise from the product launch. I'm sure I'm not alone in wondering how different this is from a forward contract, or who will underwrite the projects or how the administration of the website will be funded. Furthermore, is this competition to T2E?. I'm also wondering if compliance schemes can use the portal. Questions such as "is there enough UK reprocessing capacity available?" also got kicked about. I'm confident the answers will be rolled out in time for the January launch.
My thanks to Steve and James for the invite, insight and hospitality, and for possibly being the only competitor in the room for the night.