Hanwha Solutions Partners with Korea International Trade Association to Support Eco-Friendly Startups
[Asia Economy Reporter Hwang Yoon-joo] Hanwha Solutions is collaborating with the Korea International Trade Association (KITA) to discover and support eco-friendly startups. The goal is to create a new model of ESG (Environmental, Social, and Governance) management that addresses social issues through win-win cooperation.
Hanwha Solutions' Chemical Division announced on the 21st that it had signed a "Mutual Cooperation Agreement for ESG Sector Collaboration" with KITA. The agreement, signed in writing by Hanwha Solutions CEO Lee Gu-young and KITA Chairman Koo Ja-yeol, aims to discover and support startups that can realize social values such as eco-friendliness.
Under this agreement, Hanwha Solutions will provide the costs necessary to validate business models for eco-friendly startups, while KITA will support spaces where startups can test new services and products.
Hanwha Solutions and KITA will first convert the pilot project "PET Bottles Become Clothes," conducted since last year with the eco-friendly startup Oyster Able at the COEX exhibition hall in Samseong-dong, Gangnam-gu, Seoul, into a full-scale business.
This project combines information technology (IT) and a reward system to encourage waste separation and plastic recycling. Visitors to COEX can deposit used transparent PET bottles into IoT-based waste separation bins developed by Oyster Able and earn points through the company's "Today's Recycling" application. When a certain number of points are accumulated, they can be redeemed for rewards such as clothing made from recycled PET bottles.
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With the transition to full-scale operation starting on the 21st, the number of waste separation bins installed throughout the COEX exhibition hall will increase from 6 to 12. The goal is to collect 5 tons of transparent PET bottles over the next year, enough to produce 10,000 upcycled T-shirts. Achieving this collection target is expected to reduce over 20 tons of carbon dioxide annually compared to disposing of the PET bottles.
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