LOTTE Chemical announced the launching of ‘Project LOOP’ for the construction of plastic circular economy by improving and used plastic collection culture and recycling plastic.

‘Project LOOP’ gathered a total of eight companies to raise awareness of resource circulation and construct a system of circular economy in Korea. LOTTE Chemical and ‘Impact Square’ take charge of project coordination and Superbin, an AI-based resource circulation and recollection robot developer, installs the automated used PET collector.
Also, ‘Kumhofiber Industries’ will take charge of used PET pulverization and manufacture, while ‘Korea Textile Development Institute’ produce fiber yarns using used plastic and ‘LAR,’ ‘Beyond,’ and ‘Revelop’ produce social venture products using the recycled fiber yarns.

The representatives and officers of related companies, including CEO Kim Gyo-Hyun, gathered on the 19th floor of Jamsil LOTTE World Tower in the afternoon of March 30 for an MOU and agreed to discover small success cases to minimize environmental impact and realize the value of symbiosis.

“This is the first meaningful project launched by a group of companies with interests and expertise in environmental issues,” said CEO Kim Gyo-Hyun of LOTTE Chemicals. “We will contribute to using the resources properly and creating the culture of plastic circular economy to realize the social value together.”

‘Project LOOP’ has installed a total of 6 to collect used PET bottles since last January, two each at Jamsil LOTTE World Mall, LOTTE World, and LOTTE Mart, and aims at collecting a total of 10 tons of used PET bottles by July this year.
The used PET bottles will be used to make yarns and fabric to produce eco-friendly shoes, clothing, and bags.

“There are many startups dedicated to resolving social issues with unique ideas,” said CEO Kim Jung Bin of Superbin. “We can take a step closer to our dreams with the support of LOTTE Chemical.”

LOTTE Chemical is planning on various activities applying the ‘5Re (Reduce, Replace, Redesign, Reuse, Recycle) Model’ to construct the vital plastic cycle system, which is one of the three projects of resource circulation, and announced that the eco-friendly practice projects will be promoted to minimize the environmental impact and realize the value of symbiosis considering the social value in every business sector.