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Thursday, 25 January 2024, 20:00 HKT/SGT
Driven by Waste Charging Baguio wins new contracts for smart food waste recycling machines for large residential estates

HONG KONG, Jan 25, 2024 - (ACN Newswire) - Baguio Green Group Limited ("Baguio" or the "Group", Stock Code: 01397.HK) is pleased to announce that following last year's success in securing a smart recycling machine contract from the Environmental Protection Department ("EPD") of the HKSAR Government ("the Government"), the Group has won new contracts for two large private residential estates for the provision of smart Food Waste Recycling Machines ("Food Waste Recycling Machines") and maintenance services. This initiative will help residents recycle food waste efficiently and reduce expenses associated with waste charging.

Statistics from 2022 show that Hong Kong landfills received an average daily input of 11,128 tonnes of municipal solid waste, with food waste constituting about 3,302 tonnes (approximately 30% of the total solid waste). To achieve the goal of "Zero Landfill" by 2035 in Hong Kong, addressing food waste issue is an urgent priority. Currently, Hong Kong only recycles about 200 tonnes of food waste per day, lower than the total amount of food waste produced. One of the reasons for this is the lack of effective food waste recycling facilities in residential and commercial buildings, which makes it inconvenient for people to recycle. Food Waste Recycling Machines not only address this issue but also incentivize people by allowing them to earn rewards through the EPD's Green$ Electronic Participation Scheme, contributing to environmental conservation efforts.

Currently, Food Waste Recycling Machines are installed in only 35% of public housing estates. The Government intends to extend the installation of the Food Waste Recycling Machines in all public housing estates in Hong Kong this year. In the private housing sector, the initiative is still in its initial phase. With waste charging set to take effect, the Government is proactively offering financial aid for private estates to install Food Waste Recycling Machines through the Recycling Fund and the Environment and Conservation Fund. With the significant demand generated by the Government's vigorous promotion and the expected implementation of waste charging on 1 August 2024, it is anticipated that this will create substantial business opportunities for Baguio's Food Waste Recycling Machines and its recycling services, further consolidating the Group's dominant position in the recycling market of Hong Kong.

Topic: Press release summary Sectors: Environment, ESG
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