Recyclable resources market in Korea

Recyclable resources market in Korea
Sang-Cheol Shin
Issue Date
Ministry of Environment
Series/Report No.
Korea Environmental Policy Bulletin : vol.11 issue1 2013
1-12 p.
Lately, the optimized waste management system has moved into its stabilization phase, but the quantity of wastes continues to increase, thus accentuating the need to reinforce a policy for promoting the recycling of wastes. In this light, Recyclable Resources Market has been created and currently is in operation. The target is to recover the high value imbedded in recirculation of waste resources, which were previously subjected to incineration, burial or simple reuse. As an optimized and customized marketplace for online trading between suppliers and consumers of wastes, Recyclable Resources Market is a system in which from provided by registered suppliers who registers information of type, characteristics, quantity, and quality of waste. A buyer can acquire best available items by searching information of closest available suppliers, prices, regions, and quality on the Market. There are various types of trading including intermediated trade, auction, group purchase, and ordinary trade. For more effective implication of the policy, the government is planning to begin with wastes, used home electronics and furniture. After that, it is planned to include used machines and equipment, intermediate processed materials, and recycled products which have high potential, and will allow every product that fit the function of the Market to be on the list, starting from 2015. Applicable users of Recyclable Resources Market reach about 800,000 business operators including waste generators, and those who deal used home electronics and furniture, the recycling centers operated by local governments are suitable to this project. For stable operation of the system, starting with the creation of the basic information system in 2012, a pilot project has been conducted targeting synthetic resin wastes, used home electronics and furniture, and baby products. And by figuring out market characteristics and trading process to come up with revised checklist and improvement methods, the government is going to build it by 2015 into a general trading marketplace for waste materials, which all waste discharg ing businesses and general public will have access to. If resource circulation rate is increased by 5% through Recyclable Resources Market, it will create an economic effect estimated at 3.316 billion dollars.

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