One French firm decided to go beyond making money and instead chose to make a wider contribution to society. ‘Love Your Waste’ in Paris turns food waste into renewable energy.
Is business all about profits or can companies go further by serving society better? One French firm believes that it is entirely possible to make money while at the same time becoming a force for good.
Business Planet spoke to Jérôme Perrin, Co-founder of the Paris based business 'Love Your Waste'. The company collects food waste and other bio-waste material, turning it into fertiliser and renewable energy.
"It's quite possible to combine profitability and social and environmental action - we illustrate it on a daily basis, Perrin said.
"The business model works like this: we are paid by our customers to process their biowaste, but our cost replaces an existing cost, and our service generates savings. When we are in a win-win situation, with both the customer and us, it usually lasts a long time."
'Love Your Waste' works with schools, hospitals, restaurants, and food delivery firms in and around Paris, collecting piles of food waste which end up in the French capital's bins every day.
In the EU alone, around 100 million tonnes of food is wasted each year, while globally it is estimated one-third of all food produced goes to waste.
Watch the full interview on Business Planet.