According to the Zhitong Finance App, Baguio Green Group (01397) issued an announcement. Following receiving an intelligent integrated recycling machine contract from the Environmental Protection Department (EPA) of the Hong Kong Special Administrative Region Government of China last year, the group achieved excellent results and successfully won two large-scale private residential housing estate contracts to provide intelligent food waste recycling machines and their maintenance services to help residents efficiently recycle food waste and reduce garbage levies.
According to 2022 data, an average of 11,128 tonnes of municipal solid waste is dumped in landfills every day in Hong Kong, of which about 3302 tonnes (about 30%) is food waste. To achieve Hong Kong's goal of “zero waste landfill” by 2035, there is no time to delay solving the food waste problem. Currently, only about 200 metric tons of food waste are recycled per day in Hong Kong, which is less than the total amount of food waste generated. One specific reason is that residential and commercial buildings lack effective food waste recycling facilities, making it easy for the public to recycle. Food waste recycling machines not only solve this problem, but also allow citizens to earn “Green Green Award” points from the Environmental Protection Department in exchange for gifts, contributing to environmental protection.
Currently, only 35% of public housing units in Hong Kong are equipped with food waste recycling machines. The Government plans to expand this to all public housing estates in Hong Kong within this year. Private housing estates are still in their infancy. As the garbage levy is about to be implemented, the Government has actively provided full financial support to private housing estates through the Recycling Fund and the Environment and Conservation Fund to install food waste recycling machines. The above public and private markets, under the huge market demand created by the government's vigorous promotion and the garbage levy expected to be implemented on August 1 this year, are believed to bring huge business opportunities to Baguio food waste recycling machines and related recycling businesses, further consolidating the Group's leading position in the recycling industry in Hong Kong.