EPAM Joins Drink Without Waste Initiative to Help Combat Hong Kong's Plastic Pollution Crisis

Rhea-AI Summary

EPAM Systems (NYSE: EPAM) has taken on a technical advisory role in the Drink Without Waste initiative, aimed at tackling the growing plastic waste crisis in Hong Kong. The move addresses the daily disposal of over 2,300 tons of plastic waste, with a mere 11% recycling rate. The partnership includes creating a Data Room to streamline recycling data collection, significantly enhancing visibility and operational efficiency. This initiative aligns with EPAM's commitment to environmental, social, and governance (ESG) goals, as they strive to mitigate litter from single-use plastics and support better recycling practices.

Positive

• Engagement in the Drink Without Waste initiative aligns with EPAM's ESG goals.
• Creation of the Data Room enhances data visibility and operational efficiency.
• The initiative addresses significant environmental concerns in Hong Kong.

Negative

• None.

As a technical advisor, the company helped quantify the volume of waste generated from beverage containers by creating a data room to consolidate data

NEWTOWN, Pa., March 16, 2023 /PRNewswire/ -- Hong Kong disposes of more than 2,300 tons of plastic waste a day, and with a low recycling rate of 11%, most of it goes into landfills, according to government figures.ⁱ EPAM Systems, Inc. (NYSE: EPAM), a leading digital transformation services and product engineering company, today announced its technical advisory role with Drink Without Waste, an initiative led by the Single-Use Beverage Packaging Working Group, to develop and facilitate strategies and actions that significantly reduce waste from beverage consumption arriving in landfills and polluting the environment. The first initiative was creating a Data Room to consolidate recycling data and provide visibility around the volume of waste collected.

"Protecting the environment and creating innovative conservation solutions is at the core of our ESG mission, which is why it was a natural fit for us to partner with Drink Without Waste and help them reduce litter from single-use plastic bottles in the APAC region," said Darren Lee Starsmore, SVP, Head of EPAM APAC. "The Data Room we created is a foundational and fully scalable component in supporting a much larger recycling theme in Hong Kong. We're looking forward to seeing great things happen as a result."

A significant pain point for the non-profit organization was monitoring the recovery of used beverage packaging through the program using Excel spreadsheets. The new Data Room—hosted on AWS cloud—consolidates the data, reduces manual effort, and provides a scalable solution for future projects. Designed to provide transparency and improve the collection and auditing process that comes from collectors, recyclers, logistic providers, and supportive campaign partners, the data room is equipped with automated reminder emails, a dashboard for the public, and Power BI reporting for internal stakeholders. In addition, it also calculates the subsidy amount that needs to be given to collectors and recyclers.

"We are pleased to be working with EPAM to combat the plastic crisis in Hong Kong," said Paul Zimmerman, General Manager, Drink Without Waste. "Visibility of data streams is key to expeditious implementation of a Producer Responsibility Scheme for beverage containers in Hong Kong. The Data Room is the core module that will support future developments in recording and reporting requirements and is key to building much-needed trust in recycling systems in Hong Kong."

Named a 2022 Barron's 100 Most Sustainable Company, EPAM's detailed planning represents an interconnected effort to lead its employees and industry partners to a new standard of environmental responsibility. Examples of its innovative conservation solutions include Image n Pay digital payments, the Footprint plastic bag problem and Trashly, named a Best Environmental Mobile App by Google.

Learn more about the Drink Without Waste project in an interview with Paul Zimmerman.

To learn more about EPAM's approach to corporate responsibility, visit epam.com/about/who-we-are/corporate-responsibility

About EPAM Systems
Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has leveraged its advanced software engineering heritage to become the foremost global digital transformation services provider – leading the industry in digital and physical product development and digital platform engineering services. Through its innovative strategy; integrated advisory, consulting, and design capabilities; and unique 'Engineering DNA,' EPAM's globally deployed hybrid teams help make the future real for clients and communities around the world by powering better enterprise, education and health platforms that connect people, optimize experiences, and improve people's lives. In 2021, EPAM was added to the S&P 500 and included in the Forbes Global 2000 companies list. 

Selected by Newsweek as a 2021 and 2022 Most Loved Workplace, EPAM's global multi-disciplinary teams serve customers in more than 50 countries across six continents. As a recognized leader, EPAM is listed among the top 15 companies in Information Technology Services on the Fortune 1000 and ranked four times as the leading IT services company on Fortune's 100 Fastest Growing Companies list. EPAM is also listed among Ad Age's top 25 World's Largest Agency Companies for three consecutive years, and Consulting Magazine named EPAM Continuum a top 20 Fastest Growing Firm.

Learn more at www.epam.com and follow EPAM on Twitter and LinkedIn.

Forward-Looking Statements
This press release includes estimates and statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Our estimates and forward-looking statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our business and operations. These statements may include words such as "may," "will," "should," "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions. Those future events and trends may relate to, among other things, developments relating to the war in Ukraine, political and civil unrest or military action in the geographies where we conduct business and operate, developments relating to COVID-19, and the effect that they may have on our revenues, operations, access to capital, profitability and customer demand. Other factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the risk factors discussed in the Company's most recent Annual Report on Form 10-K and the factors discussed in the Company's Quarterly Reports on Form 10-Q, particularly under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" and other filings with the Securities and Exchange Commission. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made based on information currently available to us. EPAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.

ⁱ Solum, A. (2022, April 18). Hong Kong zero-COVID policies create mountains of plastic waste. Reuters. Retrieved January 25, 2023, from https://www.reuters.com/world/asia-pacific/hong-kong-zero-covid-policies-create-mountains-plastic-waste-2022-04-19/

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SOURCE EPAM Systems, Inc.

FAQ

What is the Drink Without Waste initiative associated with EPAM?

The Drink Without Waste initiative is aimed at reducing plastic waste in Hong Kong and involves EPAM Systems providing technical advisory support.

How much plastic waste does Hong Kong dispose of daily?

Hong Kong disposes of over 2,300 tons of plastic waste each day.

What role did EPAM play in the Drink Without Waste initiative?

EPAM serves as a technical advisor, helping to create a Data Room to consolidate recycling data for improved visibility and efficiency.

What is the recycling rate of plastic waste in Hong Kong?

The recycling rate for plastic waste in Hong Kong is only 11%.

How does the Data Room benefit the Drink Without Waste initiative?

The Data Room streamlines data collection, reduces manual effort, and provides a scalable platform for future recycling projects.