HSBC, Cathay Pacific and EcoCeres associate for main sustainable aviation gas initiative in Hong Kong
Tri-party pilot will help Hong Kong’s use of revolutionary decarbonisation applied sciences and Hong Kong’s aspiration as a regional SAF hub
HSBC Hong Kong, Cathay Pacific and EcoCeres are launching a big initiative to help the usage of sustainable aviation gas (SAF) in Hong Kong. By bringing collectively Hong Kong’s largest financial institution, its house airline, and a number one Hong Kong-based SAF producer, the collaboration goals to help a key innovation for the long-term decarbonisation of air journey and foster a neighborhood SAF ecosystem for Hong Kong.
HSBC Hong Kong is getting into right into a one-time buy settlement for round 3,400 metric tonnes of SAF produced by EcoCeres, which might be utilized in Cathay Pacific flights departing from the Hong Kong Worldwide Airport.
EcoCeres’ SAF is derived from 100% waste-based biomass feedstock, which might ship an estimated discount of as much as 90% in greenhouse fuel emissions in comparison with typical jet gas, licensed by Worldwide Sustainability and Carbon Certification (ISCC). This batch of SAF is made out of totally traceable feedstock of used cooking oil. The discount in lifecycle carbon emissions is estimated to be 11,800 metric tonnes, in contrast with use of the identical quantity of typical jet gas. It’s equal to the carbon emissions arising from round 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 Government Officer of the Hong Kong Funding Company Restricted, Ms Luanne Lim, Chief Government Officer Hong Kong of HSBC, Mr Ronald Lam, Chief Government Officer of the Cathay Group and Mr Matti Lievonen, Government Chairman of EcoCeres officiated a ceremony to mark the collaboration.
Mr Lam Sai-hung, Secretary for Transport and Logistics of the Hong Kong SAR Authorities stated on the ceremony,
The announcement of this tripartite partnership arrives at a vital 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 Government’s Coverage Handle final month, our purpose is to ascertain a utilization goal for SAF inside subsequent 12 months, aiming to considerably scale back carbon emissions within the aviation sector.”
The latest Hong Kong SAR Authorities’s Coverage Handle reaffirmed the town’s dedication to SAF growth. For Hong Kong to domesticate the expansion and software of SAF, in addition to preserve its standing as a number one worldwide aviation hub, collaboration between authorities and enterprise stakeholders is crucial. The collaboration introduced right now signposts significant progress on this course and encourages the private and non-private sectors to pursue additional SAF initiatives.
Ms Clara Chan, Chief Government Officer of the Hong Kong Funding Company Restricted (“HKIC”) stated,
As Affected person Capital, the HKIC has been urgent forward with our funding in and strategic partnership with enterprises with nice imaginative and prescient, groups and development potential, which match our twin mandate to help the longer term growth of Hong Kong.
“EcoCeres is a basic instance of a home-grown firm, which has developed right into a well-recognised unicorn on the worldwide stage. We’re happy to see its dedication and concrete actions to help Hong Kong, in addition to its continued growth as a world trailblazer in SAF growth and utilization.
At this time’s partnership demonstrates the curation of “Tri-Synergy” – synergy between Hong Kong’s roles as worldwide inexperienced know-how and finance centre, in addition to worldwide aviation centre, synergy amongst stakeholders from totally different industries comprising HSBC, Cathay Pacific and EcoCeres, and synergy amongst Hong Kong and remainder of the world. We stay up for the continued development of this partnership and SAF’s growth in Hong Kong.
Ms Luanne Lim, Chief Government Officer Hong Kong,HSBC, stated,
That is the most important SAF buy that HSBC has undertaken to this point. The Hong Kong initiative will function a pilot programme, which may assist pave the best way for broader implementation.
“It displays our help for brand spanking new economic system options and demonstrates how companies can collaborate to help revolutionary decarbonisation applied sciences.”
In October 2020, HSBC set an ambition to turn out to be a web zero financial institution by 2050. The financial institution launched its first Internet Zero Transition Plan in January 2024, outlining its strategy and the actions underway to assist meet that ambition.
Mr Ronald Lam, Chief Government Officer of the Cathay Group, stated,
We’re grateful to HSBC for this landmark partnership, showcasing shared sustainability management, and to EcoCeres for his or her market main SAF manufacturing.
“We’re very inspired by the participation by increasingly more corporates in SAF associated initiatives. On the similar time, we stay up for the event of a complete SAF coverage in Hong Kong as quickly as attainable, which is crucial to boost and future-proof our house metropolis’s competitiveness as a world aviation hub and foster its transition to low-carbon power.”
Cathay goals to realize net-zero carbon emissions by 2050 and to make use of SAF for 10% of Cathay Pacific’s whole gas consumption by 2030. To speed up the transition to SAF, Cathay launched its Company SAF Programme in 2022, enabling members to cut back their oblique emissions related to air transportation. HSBC Hong Kong was a launch member of the Cathay Company SAF Programme. The programme has a complete dedication of over 6,050 metric tonnes of SAF in 2024.
Mr Matti Lievonen, Government Chairman of EcoCeres stated,
We’re thrilled to contribute to the groundbreaking collaboration with HSBC and Cathay Pacific in piloting Hong Kong’s first SAF ecosystem.
“This initiative will help HSBC in bettering the traceability of its journey provide chain, and likewise exemplifies an initiative to help progress in direction of a greener future. We’re assured that this tri-party partnership will function a profitable mannequin, inspiring international efforts in direction of decarbonisation within the aviation sector and selling the shift to renewable power options.”
EcoCeres is likely one of the few firms on the earth that may convert waste into numerous varieties of sustainable transportation fuels, accounting for round 20% of SAF market share globally in 2022 and 2023, in keeping with the worldwide SAF manufacturing quantity revealed by the Worldwide Air Transport Affiliation (IATA).
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HSBC, Cathay Pacific and EcoCeres associate for main sustainable aviation gas initiative in Hong Kong, supply
