HSBC Hong Kong, Cathay Pacific and EcoCeres are launching a first-rate initiative to pork up the spend of sustainable aviation gasoline (SAF) in Hong Kong. By bringing collectively Hong Kong’s greatest financial institution, its home airline, and a leading Hong Kong-basically basically based SAF producer, the collaboration objectives to pork up a key innovation for the long-term decarbonisation of air poke and foster a local SAF ecosystem for Hong Kong.
HSBC Hong Kong is coming into into a one-time purchase agreement for around 3,400 metric tonnes of SAF produced by EcoCeres, that will perhaps perhaps perhaps also be mature in Cathay Pacific flights departing from the Hong Kong Global Airport.
EcoCeres’ SAF is derived from 100% break-basically basically based biomass feedstock, which can command an estimated cut worth of as much as 90% in greenhouse gasoline emissions in comparison to mature jet gasoline, licensed by Global Sustainability and Carbon Certification (ISCC). This batch of SAF is made of fully traceable feedstock of mature cooking oil. The cut worth in lifecycle carbon emissions is estimated to be 11,800 metric tonnes, in comparison with spend of the identical volume of mature jet gasoline. It’s miles connected to the carbon emissions constructing 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 Executive Officer of the Hong Kong Investment Corporation Restricted, Ms Luanne Lim, Chief Executive Officer Hong Kong of HSBC, Mr Ronald Lam, Chief Executive Officer of the Cathay Group and Mr Matti Lievonen, Executive Chairman of EcoCeres officiated a ceremony to trace 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 really crucial 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 Coverage Address closing month, our purpose is to keep a usage purpose for SAF within subsequent year, aiming to noticeably decrease carbon emissions in the aviation sector.”
The latest Hong Kong SAR Authorities’s Coverage Address reaffirmed the city’s dedication to SAF model. For Hong Kong to cultivate the enlargement and utility of SAF, as effectively as care for its station as a leading world aviation hub, collaboration between government and change stakeholders is obligatory. The collaboration introduced this day signposts meaningful progress on this course and encourages the public and non-public sectors to pursue further SAF initiatives.
Ms Clara Chan, Chief Executive Officer of the Hong Kong Investment Corporation Restricted (“HKIC”) said, “As Affected person Capital, the HKIC has been pressing ahead with our investment in and strategic partnership with enterprises with gigantic vision, teams and insist capability, which fit our twin mandate to pork up the future model of Hong Kong. EcoCeres is a conventional example of a home-grown firm, which has developed into a effectively-recognised unicorn on the worldwide stage. We are utterly happy to head seeking its dedication and concrete actions to pork up Hong Kong, as effectively as its persevered model as a global trailblazer in SAF model and usage.
This day’s partnership demonstrates the curation of “Tri-Synergy” – synergy between Hong Kong’s roles as world green technology and finance centre, as effectively as world aviation centre, synergy among stakeholders from utterly different industries comprising HSBC, Cathay Pacific and EcoCeres, and synergy among Hong Kong and rest of the area. We scrutinize ahead to the persevered insist of this partnership and SAF’s model in Hong Kong.”
Ms Luanne Lim, Chief Executive Officer Hong Kong,HSBC, said, “Here is the best SAF purchase that HSBC has undertaken to this level. The Hong Kong initiative will back as a pilot programme, which can perhaps perhaps perhaps help pave the vogue for broader implementation. It reflects our pork up for brand original economic system alternate suggestions and demonstrates how companies can collaborate to pork up innovative decarbonisation technologies.”
In October 2020, HSBC keep an ambition to turn into a salvage zero financial institution by 2050. The financial institution released its first Catch Zero Transition Notion in January 2024, outlining its intention and the actions underway to help meet that ambition.
Mr Ronald Lam, Chief Executive Officer of the Cathay Group, said, “We are grateful to HSBC for this landmark partnership, showcasing shared sustainability leadership, and to EcoCeres for their market leading SAF production. We are very encouraged by the participation by an increasing number of corporates in SAF connected initiatives. At the identical time, we scrutinize ahead to the model of a entire SAF policy in Hong Kong as quickly as doubtless, which is obligatory to raise and future-proof our home city’s competitiveness as a global aviation hub and foster its transition to low-carbon energy.”
Cathay objectives to enact salvage-zero carbon emissions by 2050 and to spend SAF for 10% of Cathay Pacific’s total gasoline consumption by 2030. To drag the transition to SAF, Cathay launched its Corporate SAF Programme in 2022, enabling contributors to diminish their indirect emissions connected with air transportation. HSBC Hong Kong turned into a inaugurate member of the Cathay Corporate SAF Programme. The programme has a entire dedication of over 6,050 metric tonnes of SAF in 2024.
Mr Matti Lievonen, Executive Chairman of EcoCeres said, “We are 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 pork up HSBC in bettering the traceability of its poke provide chain, and furthermore exemplifies an initiative to pork up progress in opposition to a greener future. We are assured that this tri-salvage collectively partnership will back as a a hit mannequin, provocative global efforts in opposition to decarbonisation in the aviation sector and promoting the shift to renewable energy alternate suggestions.”
EcoCeres is one in every of the few companies on the planet that will perhaps perhaps convert break into various forms of sustainable transportation fuels, accounting for around 20% of SAF market portion globally in 2022 and 2023, in accordance with the worldwide SAF production volume published by the Global Air Transport Affiliation (IATA).
