In an effort to tackle the growing concern over plastic waste, HD Hyundai Oil Bank and Hyundai Department Store have partnered to establish a closed-loop recycling system for plastic film. This collaboration, the first of its kind in the retail sector, was formalized with a memorandum of understanding signed this past Sunday. The initiative will see plastic film packaging collected from Hyundai Department Stores across South Korea, compressed, and then processed by HD Hyundai Oil Bank using pyrolysis oil technology.
This innovative process aims to recycle approximately 1,000 tons of plastic waste in its initial year. The end product will be new plastic films used to produce waste collection bags, which will be supplied to all 16 Hyundai Department Store locations and eight outlets across the country. Notably, Hyundai Department Store plans to distribute these recycled plastic bags free of charge within its network, promoting a cycle of sustainability.
This green initiative not only supports Hyundai Oil Bank in securing a stable supply of raw materials but also significantly contributes to environmental conservation. It is estimated that this project will reduce carbon dioxide emissions by 1,220 tons annually, marking a significant step in the companies’ commitment to sustainability and responsible resource management.
