- Major SAF Purchase: HSBC Hong Kong commits to a one-time purchase of 3,400 metric tonnes of SAF from EcoCeres, reducing lifecycle carbon emissions by 11,800 metric tonnes.
- Decarbonization Leadership: The partnership supports Hong Kong’s aspiration as a regional SAF hub, aligning with government policies and corporate net-zero ambitions.
- EcoCeres Innovation: SAF derived from waste-based biomass feedstock reduces greenhouse gas emissions by up to 90% compared to conventional jet fuel.
A Major Step Toward Sustainability
HSBC Hong Kong, Cathay Pacific, and EcoCeres have joined forces to launch Hong Kong’s most significant initiative to date in promoting sustainable aviation fuel (SAF). This collaboration underscores Hong Kong’s ambition to lead in SAF innovation and support the aviation sector’s decarbonization.
The tri-party partnership will see HSBC Hong Kong purchasing 3,400 metric tonnes of SAF from EcoCeres for use on Cathay Pacific flights departing from Hong Kong International Airport. This SAF is made from 100% waste-based biomass feedstock, such as used cooking oil, which can cut greenhouse gas emissions by up to 90% compared to conventional jet fuel.
Mr. Matti Lievonen, Executive Chairman of EcoCeres, highlighted:
“We are thrilled to contribute to the groundbreaking collaboration with HSBC and Cathay Pacific in piloting Hong Kong’s first SAF ecosystem. This initiative will support HSBC in improving the traceability of its travel supply chain and exemplifies progress toward a greener future.”
Government and Corporate Backing
The partnership aligns with Hong Kong SAR Government’s recent Policy Address, which emphasized the need for a robust SAF framework to maintain Hong Kong’s status as an international aviation hub.
Mr. Lam Sai-hung, Secretary for Transport and Logistics, remarked:
“The collaborative efforts of Cathay Pacific, HSBC, and EcoCeres in advancing sustainability resonate with the Government’s initiatives and vision. Our goal is to establish a usage target for SAF within next year, aiming to significantly reduce carbon emissions in the aviation sector.”
Private Sector Leadership
Cathay Pacific and HSBC are taking bold steps to accelerate the transition to SAF. Cathay Pacific aims to have SAF account for 10% of its total fuel consumption by 2030 as part of its net-zero commitment by 2050. HSBC, which joined Cathay’s Corporate SAF Programme in 2022, sees this pilot as a scalable model for broader implementation.
Ms. Luanne Lim, Chief Executive Officer of HSBC Hong Kong, noted:
“This is the largest SAF purchase that HSBC has undertaken to date. The Hong Kong initiative will serve as a pilot programme, which could help pave the way for broader implementation.”
Pioneering Green Innovation
EcoCeres, a Hong Kong-based SAF leader, is setting benchmarks globally. The company accounted for approximately 20% of the global SAF market share in 2022 and 2023, as per International Air Transport Association (IATA) data.
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Ms. Clara Chan, CEO of the Hong Kong Investment Corporation Limited, emphasized:
“EcoCeres is a classic example of a home-grown company, which has developed into a well-recognized unicorn on the global stage. We are pleased to see its commitment and concrete actions to support Hong Kong and global SAF development.”
This partnership exemplifies a collaborative approach to sustainability, setting a precedent for future SAF-focused initiatives globally.
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