GMEX Technologies (GMEX) has signed a collaboration agreement with Centre for Ganga River Basin Management and Studies (CGanga) to launch a Waste Trading Platform and Exchange venture to address the major pollution problems in the Ganga River Basin in India. The agreement was signed as part of the India Water Impact Summit that is being organised in Delhi this week by National Mission for Clean Ganga (NMCG) and CGanga.
CGanga is the new think tank formed under the aegis of NMCG and one of its stated objectives is to make India a world leader in river and water science. The Centre is headquartered at IIT Kanpur and represents all the leading science and technological institutes of the country. In addition, it is responsible for introducing new technologies, innovations and solutions into India.
GMEX was selected as one of the 25 ‘high impact’ solution providers, from around the world, who have been invited to present to all of the key stakeholders in the Ganga clean up initiative of the Government of India. GMEX is supported by partner UTrade Solutions and its affiliate Avenir Technologies Limited. 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. The solution will run in parallel on Blockchain technology inclusive of a distributed registry and contact database.
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.
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% 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 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.
A number of commodity investors and traders are looking to back this Biomass Exchange platform as it will lead to process and product standardisation; effective biomass price establishment; a simple purchase process; an increase in market transparency and efficiency with clear and equal rules for all market participants; easy access to the market resulting in low barriers to entry for new market participants on the sell side; and systemic control of counterparty financial and technical capacity.
Hirander Misra, Chairman & CEO of GMEX Group, commented, “We are delighted to be in Delhi and to present the venture at the India Water Impact Summit as part of this exciting sustainability initiative for which this project will lead to the de-layering and increased affordability and sustainability in usage of biomass.” He added, “We continue to focus on delivering innovation and emerging market solutions through a unique sustainable partnership-driven model.”
Navneet Mairal, CEO of GS Bioenergy (waste handling entity) and Transtradex (trade handling entity) commented “We are excited to launch this waste trading exchange platform here in India. We believe it will have a transformational effect on the region and expect it to be rolled-out in many other locations, locally as well as around the globe. He added “This 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, after all what is “waste” if not a “resource” awaiting a viable marketplace?”