Terence Hon’s AI-driven start-up tackles Hong Kong’s largest source of waste: food
Hong Kong sends more food waste to landfill than any other category of rubbish. As well as taking up precious land resources, as the food rots, it releases methane, a powerful greenhouse gas. In a city where one in five people live below the poverty line, according to government figures, the amount of food thrown away not only represents poorly managed supply chains but also a lack of education around expiry and best before dates: often discarded food is still edible.
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In 2016, GreenPrice shops began popping up around Hong Kong, selling short-dated branded food and cosmetics at deep discounts, and it now diverts more than 2.5 million products from landfill each year. The company is the brainchild of Terence Hon, a 25-year-old entrepreneur who began thinking about food waste when he volunteered with Food Angel, a non-profit that redistributes surplus food to those in need, while he was studying business and IT at university. “I realised there was a huge mismatch in the allocation of the resources, and started to think about how I could contribute to a better, more sustainable society,” Hon says.
Hon was one of three Gen.T honourees to appear on the cover of Tatler’s October issue, which celebrated the Hong Kong entrepreneurs who are using technology for sustainable purposes.
We help our suppliers reduce their financial loss. And our customers are very happy... as they get up to 50 percent off the market price
Instead of GreenPrice taking away resources from charities to sell for a profit, it encourages a precedent for suppliers to release unsold food, rather than sending it to landfill, and the company either funnels the products to NGOs or sells them across its eight shops. “Not every distributor is willing to donate items for free to the charities. So they come to our stores and we do the rest,” Hon adds. “We help our suppliers reduce their financial loss. And our customers are very happy about the products that we sell as they get up to 50 percent off the market price.”