HSBC Hong Kong, Cathay Pacific, and EcoCeres have launched an initiative to advance sustainable aviation fuel (SAF) adoption in Hong Kong. As part of the initiative, HSBC Hong Kong has agreed to a one-time purchase of approximately 3,400 metric tonnes of SAF from EcoCeres. This SAF will power Cathay Pacific flights departing from Hong Kong International Airport, contributing to significant carbon reductions.
EcoCeres’ SAF is produced from 100% waste-based biomass feedstock, including used cooking oil, and certified by the International Sustainability and Carbon Certification (ISCC). It achieves up to a 90% reduction in greenhouse gas emissions compared to conventional jet fuel. This specific batch is estimated to cut lifecycle emissions by 11,800 metric tonnes—comparable to the carbon footprint of 10,000 round-trip Economy class seats between Hong Kong and London on Cathay Pacific flights.
A ceremony marking this collaboration was attended by prominent leaders, including Lam Sai-hung, Secretary for Transport and Logistics of the Hong Kong SAR Government; Clara Chan, CEO of the Hong Kong Investment Corporation Limited; Luanne Lim, CEO of HSBC Hong Kong; Ronald Lam, CEO of the Cathay Group; and Matti Lievonen, Executive Chairman of EcoCeres.
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.”
The recent Policy Address by the Hong Kong SAR Government reiterated its dedication to advancing sustainable aviation fuel (SAF) development. To drive SAF adoption and uphold Hong Kong’s position as a leading international aviation hub, close cooperation between government and business stakeholders is crucial. Today’s announced collaboration marks a significant step forward, setting a precedent for further SAF initiatives by both public and private sectors.
Clara Chan, Chief Executive Officer of the Hong Kong Investment Corporation Limited (“HKIC”) said, “As Patient Capital, the HKIC has been pressing ahead with our investment in and strategic partnership with enterprises with great vision, teams and growth potential, which fit our dual mandate to support the future development of Hong Kong.”
Chan added, “Today’s partnership demonstrates the curation of “Tri-Synergy” – synergy between Hong Kong’s roles as international green technology and finance centre, as well as international aviation centre, synergy among stakeholders from different industries comprising HSBC, Cathay Pacific and EcoCeres, and synergy among Hong Kong and rest of the world. We look forward to the continued growth of this partnership and SAF’s development in Hong Kong.”
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 said, “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.”
Matti Lievonen, Executive Chairman of EcoCeres said, “We are thrilled to contribute to the groundbreaking collaboration with HSBC and Cathay Pacific in piloting Hong Kong’s first SAF ecosystem. We are confident that this tri-party partnership will serve as a successful model, inspiring global efforts towards decarbonisation in the aviation sector and promoting the shift to renewable energy solutions.”