South Korea's HD Hyundai Oil Bank Co. and Hyundai Department Store Co. have partnered to create a closed-loop plastic film recycling system, a first for the retail industry.
The two companies announced on Sunday that they had signed a memorandum of understanding (MOU) to collect used plastic film packaging from Hyundai Department Stores nationwide.
The compressed plastic will be recycled in 1-ton units to HD Hyundai Oil Bank.
HD Hyundai Oil Bank aims to collect 1,000 tons of plastic waste this year and convert it into new plastic film through a pyrolysis oil process.
Using this recycled plastic, the company will produce waste collection bags for all 16 Hyundai Department Stores and eight outlets.
Hyundai Department Store will offer recycled plastic collection bags free of charge to the brands within its stores.
Through this collaboration, HD Hyundai Oil Bank will be able to secure a stable supply of raw materials for pyrolysis oil, and Hyundai Department Store can reduce carbon dioxide emissions by 1,220 tons.
Write to Hyung-Kyu Kim at khk@hankyung.com
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