GMEX Technologies has announced the signing of a collaboration agreement with Centre for Ganga River Basin Management and Studies (CGanga) to launch a Waste Trading Platform and Exchange in India.
The exchange solution will include technology to deliver market data, Warehouse Receipts, finance and trading, including auctions, quoting and continuous trading facilities. A key part of the solution will be the contact database that will track the potential thousands of product suppliers who will participate in the system.
Solid waste being dumped in the river is a huge challenge for the Government of India. Every day 68 million tonnes of waste is generated in India and only 19 percent of it is treated. The key challenge that is being addressed with this latest initiative is to provide efficient and cost-effective collection, segregation and transportation of waste.
The initiative also includes a partnership with GS Bioenergy, an innovative waste handling start-up, that has developed a transformational waste collection and segregation methodology which is entirely market driven. The company will act as an enabler for waste processors like biogas generators or Refuse Derived Fuel (RDF) generators.
The new trading platform will provide a ready spot market for trading waste. Generators of waste, irrespective of quantity can bring their waste to collection centres and get paid on the spot based on quantity and quality. This will enable a downstream waste-processing industry which relies on consistent and reliable supply of waste. It will also be used to generate income for industry workers who will benefit from a transparent and efficient market. The net result will be a super energised supply chain as every individual will now be super conscious of waste as it will be seen as a resource delivering on a “waste to wealth” economy.
The platform has the potential of solving the twin issues of waste availability to waste processors on one end and environmental damage due to improper disposal of waste on the other end.