HSBC Hong Kong, Cathay Pacific and EcoCeres are launching a well-known initiative to provide a steal to the spend of sustainable aviation gasoline (SAF) in Hong Kong. By bringing collectively Hong Kong’s biggest bank, its home airline, and a number one Hong Kong-based entirely mostly SAF producer, the collaboration targets to provide a steal to a key innovation for the long-length of time decarbonisation of air go and foster a neighborhood SAF ecosystem for Hong Kong.
HSBC Hong Kong is coming into staunch into a one-time aquire agreement for around 3,400 metric tonnes of SAF produced by EcoCeres, that would furthermore merely be historical in Cathay Pacific flights departing from the Hong Kong Global Airport.
EcoCeres’ SAF is derived from 100% shatter-based entirely mostly biomass feedstock, that would furthermore merely bring an estimated good deal of as much as 90% in greenhouse gasoline emissions as compared with aged jet gasoline, licensed by Global Sustainability and Carbon Certification (ISCC). This batch of SAF is fabricated from entirely traceable feedstock of historical cooking oil. The good deal in lifecycle carbon emissions is estimated to be 11,800 metric tonnes, when compared with spend of the identical quantity of aged jet gasoline. It’s an comparable to the carbon emissions constructing from around 10,000 roundtrip Economic 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 Investment Company Restricted, Ms Luanne Lim, Chief Executive Officer Hong Kong of HSBC, Mr Ronald Lam, Chief Executive Officer of the Cathay Neighborhood and Mr Matti Lievonen, Executive Chairman of EcoCeres officiated a ceremony to set up 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 important time. The collaborative efforts of Cathay Pacific, HSBC and EcoCeres in advancing sustainability resonate with the Authorities’s initiatives and imaginative and prescient. As talked about within the Chief Executive’s Policy Take care of final month, our aim is to connect a usage target for SAF within subsequent year, aiming to very much decrease carbon emissions within the aviation sector.”
Potentially the most smartly-liked Hong Kong SAR Authorities’s Policy Take care of reaffirmed the city’s commitment to SAF growth. For Hong Kong to cultivate the expansion and utility of SAF, as successfully as preserve its set up of abode as a number one international aviation hub, collaboration between authorities and enterprise stakeholders is terribly important. The collaboration launched as of late signposts well-known growth on this direction and encourages the public and non-public sectors to pursue further SAF initiatives.
Ms Clara Chan, Chief Executive Officer of the Hong Kong Investment Company Restricted (“HKIC”) talked about, “As Patient Capital, the HKIC has been urgent ahead with our funding in and strategic partnership with enterprises with worthy imaginative and prescient, teams and growth likely, which fit our twin mandate to provide a steal to the future growth of Hong Kong. EcoCeres is a primary instance of a condo-grown firm, which has developed staunch into a successfully-recognised unicorn on the international stage. We’re ecstatic to peer its commitment and concrete actions to provide a steal to Hong Kong, as successfully as its continued growth as a international trailblazer in SAF growth and usage.
As of late’s partnership demonstrates the curation of “Tri-Synergy” – synergy between Hong Kong’s roles as international inexperienced technology and finance centre, as successfully as international aviation centre, synergy among stakeholders from diverse industries comprising HSBC, Cathay Pacific and EcoCeres, and synergy among Hong Kong and leisure of the sector. We look forward to the ongoing growth of this partnership and SAF’s growth in Hong Kong.”
Ms Luanne Lim, Chief Executive Officer Hong Kong,HSBC, talked about, “This is mainly the most well-known SAF aquire that HSBC has undertaken up to now. The Hong Kong initiative will encourage as a pilot programme, which would possibly furthermore help pave the means for broader implementation. It displays our give a steal to for recent financial system solutions and demonstrates how corporations can collaborate to provide a steal to innovative decarbonisation technologies.”
In October 2020, HSBC set up of abode an ambition to develop into a gain zero bank by 2050. The bank released its first Accumulate Zero Transition Concept in January 2024, outlining its means and the actions underway to help meet that ambition.
Mr Ronald Lam, Chief Executive Officer of the Cathay Neighborhood, talked about, “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 an increasing trend of corporates in SAF connected initiatives. On the identical time, we glance forward to the advance of a comprehensive SAF protection in Hong Kong as quickly as conceivable, which is terribly important to raise and future-proof our home city’s competitiveness as a international aviation hub and foster its transition to low-carbon vitality.”
Cathay targets to enact gain-zero carbon emissions by 2050 and to make spend of SAF for 10% of Cathay Pacific’s complete gasoline consumption by 2030. To mosey the transition to SAF, Cathay launched its Company SAF Programme in 2022, enabling people to diminish their indirect emissions associated with air transportation. HSBC Hong Kong used to be a start member of the Cathay Company SAF Programme. The programme has a complete commitment of over 6,050 metric tonnes of SAF in 2024.
Mr Matti Lievonen, Executive Chairman of EcoCeres talked about, “We’re thrilled to make a contribution to the groundbreaking collaboration with HSBC and Cathay Pacific in piloting Hong Kong’s first SAF ecosystem. This initiative will give a steal to HSBC in bettering the traceability of its go provide chain, and also exemplifies an initiative to provide a steal to growth in direction of a greener future. We’re assured that this tri-birthday party partnership will encourage as a worthwhile mannequin, provocative international efforts in direction of decarbonisation within the aviation sector and selling the shift to renewable vitality solutions.”
EcoCeres is considered one of many few corporations on this planet that would possibly per chance convert shatter into diverse types of sustainable transportation fuels, accounting for around 20% of SAF market portion globally in 2022 and 2023, per the international SAF production quantity published by the Global Air Transport Affiliation (IATA).
