HSBC, Cathay Pacific and EcoCeres launch SAF collaboration

HSBC Hong Kong, Cathay Pacific and EcoCeres are launching a significant initiative to support the use of sustainable aviation fuel (SAF) in Hong Kong.
By bringing together Hong Kong’s largest bank, its home airline, and a leading Hong Kong-based SAF producer, the collaboration aims to support a key innovation for the long-term decarbonisation of air travel and foster a local SAF ecosystem for Hong Kong.
HSBC Hong Kong is entering into a one-time purchase agreement for around 3,400 metric tonnes of SAF produced by EcoCeres, which will be used in Cathay Pacific flights departing from the Hong Kong International Airport.
EcoCeres’ SAF is derived from 100% waste-based biomass feedstock, which can deliver an estimated reduction of up to 90% in greenhouse gas emissions compared to conventional jet fuel, certified by International Sustainability and Carbon Certification (ISCC).
Lam Sai-hung, Secretary for Transport and Logistics of the Hong Kong SAR Government said: “The announcement of this tripartite partnership arrives at a crucial time. The collaborative efforts of Cathay Pacific, HSBC and EcoCeres in advancing sustainability resonate with the Government’s initiatives and vision. As mentioned in the Chief Executive’s Policy Address last month, our goal is to establish a usage target for SAF within next year, aiming to significantly reduce carbon emissions in the aviation sector.”
Luanne Lim, Chief Executive Officer Hong Kong,HSBC, said: “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. It reflects our support for new economy solutions and demonstrates how businesses can collaborate to support innovative decarbonisation technologies.”
Ronald Lam, chief executive officer of the Cathay Group, added: “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 more and more corporates in SAF related initiatives. At the same time, we look forward to the development of a comprehensive SAF policy in Hong Kong as soon as possible, which is essential to raise and future-proof our home city’s competitiveness as an international aviation hub and foster its transition to low-carbon energy.”