The collaboration aims to support air travel decarbonisation and build a local SAF ecosystem, aligning with Hong Kong’s green goals. Credit: Cathay Pacific.

HSBC Hong Kong, Cathay Pacific, and EcoCeres have partnered to promote the use of sustainable aviation fuel (SAF) in Hong Kong.

This collaborative effort is set to support the decarbonisation of air travel and support a local SAF ecosystem, aligning with the city’s green objectives.

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HSBC Hong Kong has committed to a one-time purchase of approximately 3,400mt of SAF from EcoCeres. This fuel will be utilised for Cathay Pacific flights departing from Hong Kong International Airport.

HSBC’s sustainability goals include becoming a net-zero bank by 2050, as detailed in its Net Zero Transition Plan released in January 2024.

HSBC Hong Kong CEO Luanne Lim 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.”

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The partnership announced showcases a “Tri-Synergy” approach – leveraging Hong Kong’s strengths as a green technology and finance centre, and an international aviation hub.

EcoCeres’ SAF, made from waste-based biomass feedstock like used cooking oil, is expected to cut greenhouse gas emissions by up to 90% compared to traditional jet fuel.

This initiative could result in an estimated 11,800mt reduction in lifecycle carbon emissions, equivalent to the emissions from about 10,000 roundtrip Economy class seats between Hong Kong and London, according to Cathay Pacific.

The initiative also aligns with Cathay Pacific’s aim of achieving net-zero carbon emissions by 2050 and incorporating SAF for 10% of its total fuel consumption by 2030.

Cathay’s Corporate SAF Programme was launched in 2022, with HSBC Hong Kong being a founding member. The programme has secured over 6,050mt of SAF commitments for 2024.

Cathay Group CEO Ronald Lam 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 more and more corporates in SAF related initiatives.”