HSBC Hong Kong, Cathay Pacific and EcoCeres are launching a major initiative to give a enhance to the exercise of sustainable aviation gasoline (SAF) in Hong Kong. By bringing collectively Hong Kong’s excellent monetary institution, its dwelling airline, and a leading Hong Kong-based SAF producer, the collaboration goals to give a enhance to a key innovation for the lengthy-term decarbonisation of air scurry and foster a local SAF ecosystem for Hong Kong.
HSBC Hong Kong is coming into true into a one-time maintain agreement for around 3,400 metric tonnes of SAF produced by EcoCeres, that may be frail in Cathay Pacific flights departing from the Hong Kong Global Airport.
EcoCeres’ SAF is derived from 100% damage-based biomass feedstock, that may raise an estimated discount of as a lot as 90% in greenhouse gasoline emissions in contrast to mature jet gasoline, certified by Global Sustainability and Carbon Certification (ISCC). This batch of SAF is fabricated from entirely traceable feedstock of frail cooking oil. The discount in lifecycle carbon emissions is estimated to be 11,800 metric tonnes, in contrast with exercise of the identical volume of mature jet gasoline. It is expounded to the carbon emissions coming up from around 10,000 roundtrip Economy 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 Investment Company Small, 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 rate the collaboration.
Mr Lam Sai-hung, Secretary for Transport and Logistics of the Hong Kong SAR Authorities said on the ceremony, “The announcement of this tripartite partnership arrives at a in reality significant time. The collaborative efforts of Cathay Pacific, HSBC and EcoCeres in advancing sustainability resonate with the Authorities’s initiatives and vision. As mentioned in the Chief Executive’s Coverage Take care of final month, our aim is to construct a usage target for SAF within subsequent yr, aiming to vastly lop carbon emissions in the aviation sector.”
The contemporary Hong Kong SAR Authorities’s Coverage Take care of reaffirmed the metropolis’s dedication to SAF construction. For Hong Kong to domesticate the sing and application of SAF, as smartly as withhold its residing as a leading world aviation hub, collaboration between govt and industrial stakeholders is important. The collaboration introduced this day signposts meaningful progress in this direction and encourages the public and deepest sectors to pursue extra SAF initiatives.
Ms Clara Chan, Chief Executive Officer of the Hong Kong Investment Company Small (“HKIC”) said, “As Patient Capital, the HKIC has been pressing ahead with our investment in and strategic partnership with enterprises with big vision, teams and sing capacity, which fit our dual mandate to give a enhance to the lengthy escape construction of Hong Kong. EcoCeres is a classic example of a dwelling-grown company, which has developed true into a smartly-recognised unicorn on the world stage. We are jubilant to explore its dedication and concrete actions to give a enhance to Hong Kong, as smartly as its persisted construction as a world trailblazer in SAF construction and usage.
Recently’s partnership demonstrates the curation of “Tri-Synergy” – synergy between Hong Kong’s roles as world green technology and finance centre, as smartly as world aviation centre, synergy amongst stakeholders from a wide selection of industries comprising HSBC, Cathay Pacific and EcoCeres, and synergy amongst Hong Kong and the relaxation of the world. We wait for the persisted sing of this partnership and SAF’s construction in Hong Kong.”
Ms Luanne Lim, Chief Executive Officer Hong Kong,HSBC, said, “This is a truly mighty SAF maintain that HSBC has undertaken to this level. The Hong Kong initiative will back as a pilot programme, which can presumably perchance support pave the come for broader implementation. It shows our give a enhance to for fresh economic system alternatives and demonstrates how businesses can collaborate to give a enhance to innovative decarbonisation applied sciences.”
In October 2020, HSBC space an ambition to change into a obtain zero monetary institution by 2050. The monetary institution launched its first Gain Zero Transition Scheme in January 2024, outlining its come and the actions underway to support meet that ambition.
Mr Ronald Lam, Chief Executive Officer of the Cathay Community, said, “We are grateful to HSBC for this landmark partnership, showcasing shared sustainability leadership, and to EcoCeres for his or her market leading SAF manufacturing. We are very inspired by the participation by an increasing selection of corporates in SAF associated initiatives. At the identical time, we wait for the come of a comprehensive SAF coverage in Hong Kong as soon as likely, which is important to steal and future-proof our dwelling metropolis’s competitiveness as an world aviation hub and foster its transition to low-carbon energy.”
Cathay goals to abolish obtain-zero carbon emissions by 2050 and to exercise SAF for 10% of Cathay Pacific’s total gasoline consumption by 2030. To escape up the transition to SAF, Cathay launched its Company SAF Programme in 2022, enabling participants to lop their indirect emissions associated to air transportation. HSBC Hong Kong used to be a launch member of the Cathay Company SAF Programme. The programme has a total dedication of over 6,050 metric tonnes of SAF in 2024.
Mr Matti Lievonen, Executive Chairman of EcoCeres said, “We are extremely overjoyed to make contributions to the groundbreaking collaboration with HSBC and Cathay Pacific in piloting Hong Kong’s first SAF ecosystem. This initiative will give a enhance to HSBC in bettering the traceability of its scurry supply chain, and also exemplifies an initiative to give a enhance to progress in direction of a greener future. We are assured that this tri-social gathering partnership will back as a successful mannequin, spirited world efforts in direction of decarbonisation in the aviation sector and promoting the shift to renewable energy alternatives.”
EcoCeres is unquestionably one of many few corporations in the world that can convert damage into varied varieties of sustainable transportation fuels, accounting for around 20% of SAF market fraction globally in 2022 and 2023, in keeping with the world SAF manufacturing volume published by the Global Air Transport Affiliation (IATA).
