HSBC Hong Kong has collaborated with Cathay Pacific and EcoCeres in a major milestone for Hong Kong’s sustainability vision, launching the largest-scale sustainable aviation fuel (SAF) program in the city so far. This is a big step toward the decarbonization of the aviation sector while pushing Hong Kong as a hub for the innovation of SAF in the region.
Purchase of First SAF
Under the partnership, HSBC Hong Kong promised to use 3,400 metric tonnes of SAF made available by EcoCeres on flights leaving from Hong Kong International Airport aboard Cathay Pacific. Entirely derived from waste-based biomass feedstocks such as used cooking oil, this can potentially decrease greenhouse gas emissions by up to 90 percent relative to traditional jet fuel.
This one purchase will save 11,800 metric tonnes of carbon emissions across its lifecycle, equivalent to taking nearly 2,500 cars off the road for a year.
EcoCeres: Powering Green Innovation
EcoCeres is one of the flagships for sustainable fuel production in Hong Kong. A leader in the production of SAF, the company reportedly comprises around 20% of the global SAF market share in both 2022 and 2023 based on IATA data.
“We are proud to be part of this ground-breaking collaboration with HSBC and Cathay Pacific in piloting Hong Kong’s first SAF ecosystem,” said EcoCeres Executive Chairman Matti Lievonen. “This initiative epitomizes the way to a better, greener future and how SAF can enhance the traceability and sustainability of travel supply chains.”
Aimed at Achieving Alliance Objectives
The partnership is well aligned with the recent Policy Address issued by the Hong Kong SAR Government, which urged the establishment of a strong SAF framework to serve the aviation hub function for the city. The government would introduce a target for the usage of SAF next year to reduce carbon emissions significantly from the aviation sector.
Secretary for Transport and Logistics Lam Sai-hung lauded the partnership:
“The efforts of Cathay Pacific, HSBC, and EcoCeres in advancing sustainability resonate with the Government’s initiatives and vision. We are committed to developing policies that enhance SAF adoption and support Hong Kong’s transformation into a leader in green aviation.”
Corporate Commitment to Sustainability
Both Cathay Pacific and HSBC have shown strong commitments to speeding up the transition to sustainable aviation. Cathay Pacific continues efforts to reach net-zero carbon emissions by 2050, with its commitment to SAF making up 10% of the total fuel intake by 2030. For HSBC, which was one of the first companies to join Cathay’s Corporate SAF Programme, this partnership is an example that can be scaled up and implemented much more broadly.
Luanne Lim, Chief Executive Officer of HSBC Hong Kong, highlighted the significance of the initiative:
“This is the largest SAF purchase HSBC has undertaken to date. The Hong Kong initiative will serve as a pilot program, setting the stage for scaling up SAF adoption globally. It reflects our commitment to promoting sustainable practices and supporting industries in their decarbonization journeys.”
Catalyzing Global SAF Leadership
EcoCeres’ innovations and commitment to the development of Sustainable Aviation Fuels have positioned Hong Kong as a key player in the global green energy landscape. Clara Chan, Chief Executive of Hong Kong Investment Corporation Limited, expressed her admiration on this note:
“EcoCeres is a classic example of a home-grown company evolving into a globally recognized leader. Its contributions to SAF innovation reinforce Hong Kong’s potential to lead in sustainable aviation and clean energy solutions.
Setting the Way Forward for Sustainability
This tri-party partnership marks a new milestone in collaboration worldwide on sustainability. Focusing on EcoCeres’ leading-edge SAF technology, HSBC’s financial support, and Cathay Pacific’s strong commitment to decarbonizing aviation, this partnership can pave the way forward for the integration of SAF into mainstream operations of aviation.
Such success for this program will inspire a more attractive investment into SAF infrastructure and innovation, further deepening the reputation of Hong Kong as a global green aviation hub.
A Call to Action
This is clearly an exemplary example of how the public and private sectors can combine to bring about change to combat climate change. With results made tangibly tangible and long-term vision, the partnership between HSBC, Cathay Pacific, and EcoCeres underscores innovation and cooperation as routes toward sustainability goals.
More on this initiative and its results can be accessed at www.ecoceres.com and www.hsbc.com.hk.