TAGS: Sustainability and Bioplastics
LOTTE Chemical Titan Holding Berhad (“LCT”)’s subsidiary, LOTTE Chemical Titan (M) Sdn. Bhd. and Polymateria Ltd have agreed to build cooperation and pursue joint collaboration on the development of products incorporating next generation biodegradable technology including Polymateria’s proprietary technology (“Biotransformation”) in Malaysia by signing a non-legally binding memorandum of understanding. The MoU signing took place on 10 May 2023 at LCT’s headquarters in Selangor Darul Ehsan, Malaysia.
This MoU was signed by president & CEO of LCT, Mr. Park Hyun Chul and CEO of Polymateria, Mr. Niall Dunne. The MoU is a form of mutual commitment in recognizing each other’s commitment to pursue and achieve plastic sustainability in Malaysia.
Biotransformation Technology for Plastic Sustainability
The MoU coverage is focused on the cooperation of the two parties to develop products with Biotransformation Technology, promotion of environmentally sustainable biodegradable plastic solutions in Malaysia, and conducting any additional activities deemed mutually beneficial to work towards plastic sustainability in Malaysia. Specifically, both parties will work towards developing a new biodegradable resin with this technology.
Plastics are an important part of everyone’s daily lives, but the mismanagement of single-use plastics and the resulting impact on the environment is one of the leading global environment challenges. According to the Malaysian’s Government’s Plastic Sustainability Roadmap (2021), 63% of plastic wastes in Malaysia were not recycled or disposed in proper facilities. This is higher than the global average and must be addressed.
In addition to working closely with policymakers, universities and other social entities, collaborations between industry players like this is key to find solutions to address the complex, social, environmental and economic challenges faced by the petrochemical industry, plastic manufacturers and consumers. Hence, both parties hope to achieve positive outcomes in managing the issue of plastic waste in Malaysia.
President & CEO of LCT, Mr. Park Hyun Chul stated, “
We are pleased to build partnerships with new innovative technologies to jointly develop sustainable, biodegradable and environmentally friendly alternatives for the Malaysian market. The MoU is part of our initiatives to manage climate change and minimizing environmental impact in our business operations. At LCT, we embrace our parent company’s corporate vision “Every Step for Green” and aim to provide our customers with more sustainable options as we work together to build a more sustainable future.”
Niall Dunne of Polymateria commented, “
We are excited to cement our partnership with LCTM with the signing of this MOU. We look forward to working closely together to support Malaysia’s journey in tackling unmanaged plastic waste. Deploying our biotransformation technology in plastic resin gives it unprecedented scalability as we address the global plastic pollution challenge.”
Source: Polymateria
