Close of the 2020 PRN Compliance Year

15 February 2021

The 2020 Compliance period has seen a record number of tonnes traded in the Packaging Recovery Notes (PRNs) markets on the t2e platform. For the first time ever over 2 million tonnes (t) of PRNs were traded through The Environment Exchange, this milestone marks an increase of 14% on the previous compliance year. A total of 2,002,973t were traded in the Compliance period with 974,715t traded in the 2020 Spot market, 148,130t traded in the 28 Day Rolling Market and 880,128t traded across the Forward markets. A record 3,985 contracts were traded on the t2e platform in the 2020 markets, up by 6% on the previous year. In 2020 overall recycling rates remained strong despite the challenges caused by the Covid-19 pandemic. In 2020 overall recycling rates remained strong despite the challenges caused by the Covid-19 pandemic. 2020 saw a 39% decrease in total contract value.

A comment from Managing Director, Angus Macpherson: “Thank you to all our participants for their support throughout the 2020 compliance year. This has been another challenging year with the emergence of Covid-19 as well as a national lockdown. In spite of this, recycling rates remained very strong in 2020 with the increased targets met at a lower cost to industry than in 2019, showing the adaptability of the PRN system and its capability to cope with the unexpected. There will be challenges to come in the 2021 compliance year: the effect of Brexit on exports; the Basel convention amendments on Plastic exports; the continued impact of Covid-19 as well as further increases to recycling targets and a consultation on Extended Producer Responsibility (EPR). We were delighted at the positive response to the launch of the 28 Day Rolling market which re-opened on 1 February 2021. t2e looks forward to being of service in 2021 and beyond.”

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