HSBC Hong Kong, Cathay Pacific and EcoCeres are launching a important initiative to aid the usage of sustainable aviation gas (SAF) in Hong Kong. By bringing collectively Hong Kong’s most keen monetary institution, its dwelling airline, and a main Hong Kong-essentially based entirely mostly SAF producer, the collaboration objectives to aid a key innovation for the prolonged-term decarbonisation of air commute and foster a local SAF ecosystem for Hong Kong.
HSBC Hong Kong is getting into right into a one-time buy settlement for spherical 3,400 metric tonnes of SAF produced by EcoCeres, which is able to be frail in Cathay Pacific flights departing from the Hong Kong International Airport.
EcoCeres’ SAF is derived from 100% damage-essentially based entirely mostly biomass feedstock, that might per chance carry an estimated discount of up to 90% in greenhouse gas emissions when put next to outmoded jet gas, licensed by International Sustainability and Carbon Certification (ISCC). This batch of SAF is made from absolutely traceable feedstock of frail cooking oil. The discount in lifecycle carbon emissions is estimated to be 11,800 metric tonnes, when put next with spend of the same volume of outmoded jet gas. It is miles an identical to the carbon emissions developing from spherical 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 Executive Officer of the Hong Kong Funding Company Restricted, Ms Luanne Lim, Chief Executive Officer Hong Kong of HSBC, Mr Ronald Lam, Chief Executive Officer of the Cathay Community and Mr Matti Lievonen, Executive Chairman of EcoCeres officiated a ceremony to designate the collaboration.
Mr Lam Sai-hung, Secretary for Transport and Logistics of the Hong Kong SAR Authorities talked about on the ceremony, “The announcement of this tripartite partnership arrives at a truly well-known time. The collaborative efforts of Cathay Pacific, HSBC and EcoCeres in advancing sustainability resonate with the Authorities’s initiatives and vision. As talked about in the Chief Executive’s Policy Take care of final month, our purpose is to keep a usage purpose for SAF internal subsequent 365 days, aiming to vastly decrease carbon emissions in the aviation sector.”
The present Hong Kong SAR Authorities’s Policy Take care of reaffirmed the metropolis’s commitment to SAF pattern. For Hong Kong to domesticate the expansion and application of SAF, moreover aid its repute as a main world aviation hub, collaboration between government and industry stakeholders is terribly well-known. The collaboration presented this day signposts meaningful progress on this course and encourages the public and internal most sectors to pursue extra SAF initiatives.
Ms Clara Chan, Chief Executive Officer of the Hong Kong Funding Company Restricted (“HKIC”) talked about, “As Patient Capital, the HKIC has been pressing ahead with our funding in and strategic partnership with enterprises with plentiful vision, teams and speak possible, which fit our dual mandate to aid the prolonged flee pattern of Hong Kong. EcoCeres is a classic instance of a home-grown company, which has developed right into a smartly-recognised unicorn on the world stage. We’re chuffed to learn about its commitment and concrete actions to aid Hong Kong, moreover its persevered pattern as a world trailblazer in SAF pattern and usage.
At this time time’s partnership demonstrates the curation of “Tri-Synergy” – synergy between Hong Kong’s roles as world green expertise and finance centre, moreover world aviation centre, synergy among stakeholders from assorted industries comprising HSBC, Cathay Pacific and EcoCeres, and synergy among Hong Kong and the leisure of the field. We learn about ahead to the persevered speak of this partnership and SAF’s pattern in Hong Kong.”
Ms Luanne Lim, Chief Executive Officer Hong Kong,HSBC, talked about, “Right here’s doubtlessly the most keen SAF buy that HSBC has undertaken up to now. The Hong Kong initiative will encourage as a pilot programme, which might per chance per chance wait on pave the manner for broader implementation. It displays our relief for contemporary financial system solutions and demonstrates how businesses can collaborate to aid innovative decarbonisation technologies.”
In October 2020, HSBC dwelling an ambition to alter into a catch zero monetary institution by 2050. The monetary institution released its first Uncover Zero Transition Conception in January 2024, outlining its approach and the actions underway to wait on meet that ambition.
Mr Ronald Lam, Chief Executive Officer of the Cathay Community, talked about, “We’re grateful to HSBC for this landmark partnership, showcasing shared sustainability management, and to EcoCeres for their market main SAF production. We’re very encouraged by the participation by extra and extra corporates in SAF linked initiatives. At the same time, we learn about ahead to the improvement of a comprehensive SAF policy in Hong Kong as rapidly as possible, which is terribly well-known to raise and future-proof our dwelling metropolis’s competitiveness as an world aviation hub and foster its transition to low-carbon energy.”
Cathay objectives to diagram catch-zero carbon emissions by 2050 and to spend SAF for 10% of Cathay Pacific’s whole gas consumption by 2030. To flee the transition to SAF, Cathay launched its Company SAF Programme in 2022, enabling members to diminish their indirect emissions linked to air transportation. HSBC Hong Kong was a begin member of the Cathay Company SAF Programme. The programme has a whole commitment of over 6,050 metric tonnes of SAF in 2024.
Mr Matti Lievonen, Executive Chairman of EcoCeres talked about, “We’re overjoyed to contribute to the groundbreaking collaboration with HSBC and Cathay Pacific in piloting Hong Kong’s first SAF ecosystem. This initiative will relief HSBC in bettering the traceability of its commute provide chain, and furthermore exemplifies an initiative to aid progress against a greener future. We’re assured that this tri-celebration partnership will encourage as a successful mannequin, titillating world efforts against decarbonisation in the aviation sector and promoting the shift to renewable energy solutions.”
EcoCeres is no longer any doubt one of many few corporations on this planet that might per chance convert damage into various sorts of sustainable transportation fuels, accounting for spherical 20% of SAF market half globally in 2022 and 2023, in accordance to the world SAF production volume revealed by the International Air Transport Association (IATA).
