HSBC Hong Kong, Cathay Pacific and EcoCeres are launching a essential initiative to spice up the employ of sustainable aviation gasoline (SAF) in Hong Kong. By bringing collectively Hong Kong’s finest monetary institution, its dwelling airline, and a number one Hong Kong-basically based SAF producer, the collaboration aims to spice up a key innovation for the prolonged-term decarbonisation of air breeze back and forth and foster a local SAF ecosystem for Hong Kong.
HSBC Hong Kong is inviting into a one-time possess settlement for around 3,400 metric tonnes of SAF produced by EcoCeres, which will be ancient in Cathay Pacific flights departing from the Hong Kong Worldwide Airport.
EcoCeres’ SAF is derived from 100% break-basically based biomass feedstock, which will carry an estimated slice payment of up to 90% in greenhouse gasoline emissions when compared to passe jet gasoline, licensed by Worldwide Sustainability and Carbon Certification (ISCC). This batch of SAF is made of completely traceable feedstock of ancient cooking oil. The slice payment in lifecycle carbon emissions is estimated to be 11,800 metric tonnes, when compared with employ of the same volume of passe jet gasoline. It’s miles the same to the carbon emissions coming up from around 10,000 roundtrip Financial system class seats between Hong Kong and London on Cathay Pacific flights.
Mr Lam Sai-hung, Secretary for Transport and Logistics of the Hong Kong SAR Authorities, Ms Clara Chan, Chief Govt Officer of the Hong Kong Investment Corporation Restricted, Ms Luanne Lim, Chief Govt Officer Hong Kong of HSBC, Mr Ronald Lam, Chief Govt Officer of the Cathay Community and Mr Matti Lievonen, Govt Chairman of EcoCeres officiated a ceremony to note the collaboration.
Mr Lam Sai-hung, Secretary for Transport and Logistics of the Hong Kong SAR Authorities said at the ceremony, “The announcement of this tripartite partnership arrives at a needed time. The collaborative efforts of Cathay Pacific, HSBC and EcoCeres in advancing sustainability resonate with the Authorities’s initiatives and vision. As talked about within the Chief Govt’s Coverage Handle final month, our goal is to set a usage goal for SAF within subsequent one year, aiming to significantly slice carbon emissions within the aviation sector.”
The most fresh Hong Kong SAR Authorities’s Coverage Handle reaffirmed the metropolis’s dedication to SAF pattern. For Hong Kong to domesticate the expansion and utility of SAF, as nicely as preserve its area as a number one worldwide aviation hub, collaboration between authorities and trade stakeholders is required. The collaboration equipped these days signposts meaningful development on this route and encourages the general public and personal sectors to pursue extra SAF initiatives.
Ms Clara Chan, Chief Govt Officer of the Hong Kong Investment Corporation Restricted (“HKIC”) said, “As Patient Capital, the HKIC has been pressing forward with our funding in and strategic partnership with enterprises with powerful vision, teams and train doable, which match our dual mandate to spice up the future pattern of Hong Kong. EcoCeres is a traditional example of a apartment-grown company, which has developed into a nicely-recognised unicorn on the realm stage. We’re cheerful to breeze looking out its dedication and concrete actions to spice up Hong Kong, as nicely as its endured pattern as a world trailblazer in SAF pattern and usage.
This day’s partnership demonstrates the curation of “Tri-Synergy” – synergy between Hong Kong’s roles as worldwide inexperienced skills and finance centre, as nicely as worldwide aviation centre, synergy amongst stakeholders from rather a number of industries comprising HSBC, Cathay Pacific and EcoCeres, and synergy amongst Hong Kong and rest of the area. We search for forward to the endured train of this partnership and SAF’s pattern in Hong Kong.”
Ms Luanne Lim, Chief Govt Officer Hong Kong,HSBC, said, “Right here is the finest SAF possess that HSBC has undertaken up to now. The Hong Kong initiative will support as a pilot programme, which might well per chance also aid pave the type for broader implementation. It reflects our reinforce for imprint fresh financial system solutions and demonstrates how companies can collaborate to spice up innovative decarbonisation applied sciences.”
In October 2020, HSBC location an ambition to alter into a win zero monetary institution by 2050. The monetary institution launched its first Procure Zero Transition Concept in January 2024, outlining its blueprint and the actions underway to aid meet that ambition.
Mr Ronald Lam, Chief Govt Officer of the Cathay Community, said, “We’re grateful to HSBC for this landmark partnership, showcasing shared sustainability management, and to EcoCeres for his or her market main SAF production. We’re very impressed by the participation by extra and extra corporates in SAF connected initiatives. At the same time, we search for forward to the pattern of a entire SAF protection in Hong Kong as quickly as that you would perchance well per chance be also imagine, which is required to raise and future-proof our dwelling metropolis’s competitiveness as an worldwide aviation hub and foster its transition to low-carbon vitality.”
Cathay aims to establish win-zero carbon emissions by 2050 and to employ SAF for 10% of Cathay Pacific’s total gasoline consumption by 2030. To traipse the transition to SAF, Cathay launched its Company SAF Programme in 2022, enabling individuals to slice their indirect emissions associated with air transportation. HSBC Hong Kong was once a commence member of the Cathay Company SAF Programme. The programme has a entire dedication of over 6,050 metric tonnes of SAF in 2024.
Mr Matti Lievonen, Govt Chairman of EcoCeres said, “We’re extremely pleased to make a contribution to the groundbreaking collaboration with HSBC and Cathay Pacific in piloting Hong Kong’s first SAF ecosystem. This initiative will reinforce HSBC in improving the traceability of its breeze back and forth supply chain, and likewise exemplifies an initiative to spice up development in opposition to a greener future. We’re confident that this tri-birthday celebration partnership will support as a a hit mannequin, consuming world efforts in opposition to decarbonisation within the aviation sector and promoting the shift to renewable vitality solutions.”
EcoCeres is certainly one of many few companies on this planet that might well convert break into diversified sorts of sustainable transportation fuels, accounting for around 20% of SAF market share globally in 2022 and 2023, in accordance to the realm SAF production volume printed by the Worldwide Air Transport Affiliation (IATA).
