Groundbreaking SAF Partnership: HSBC Hong Kong secures 3,400 metric tonnes of Sustainable Aviation Fuel (SAF) from EcoCeres, contributing to a reduction of 11,800 metric tonnes of carbon emissions.
Decarbonization and Innovation: The partnership supports Hong Kong’s ambitions as a regional SAF hub and aligns with global decarbonization goals. EcoCeres’ SAF, made from waste-based biomass feedstock, offers up to a 90% reduction in greenhouse gas emissions compared to traditional jet fuel.
HSBC Hong Kong, Cathay Pacific, and EcoCeres have joined forces to propel Hong Kong into the forefront of Sustainable Aviation Fuel (SAF) innovation. The landmark partnership will see HSBC purchase 3,400 metric tonnes of SAF from EcoCeres, with the fuel to be used in Cathay Pacific flights departing from Hong Kong International Airport. This significant commitment represents Hong Kong’s largest SAF initiative, aligning with the city’s goal to lead in sustainable aviation.
The SAF supplied by EcoCeres is derived from 100% waste-based biomass feedstock, such as used cooking oil. This fuel reduces lifecycle greenhouse gas emissions by up to 90% when compared to conventional jet fuel, making it a key player in decarbonizing aviation, one of the most carbon-intensive industries.
This collaboration fits seamlessly with Hong Kong’s broader push for sustainability. In its recent Policy Address, the Hong Kong SAR Government emphasized the need to foster a strong SAF infrastructure. Mr. Lam Sai-hung, Secretary for Transport and Logistics, reiterated that the partnership aligns with the government’s efforts to enhance Hong Kong’s status as a leading international aviation hub while reducing the carbon footprint of the aviation sector.
Private Sector Leading the Way
Cathay Pacific and HSBC are at the forefront of this green initiative. Cathay aims to have SAF account for 10% of its total fuel consumption by 2030 as part of its net-zero by 2050 commitment. HSBC, which joined Cathay’s Corporate SAF Programme in 2022, sees this SAF purchase as an important step in building a scalable model for broader implementation. According to Ms. Luanne Lim, CEO of HSBC Hong Kong, the initiative is the largest SAF purchase by the bank to date and serves as a pilot for potential future expansion.
EcoCeres’ Role in Global SAF Development
EcoCeres, a Hong Kong-based company, is positioning itself as a global leader in SAF innovation. The company accounted for about 20% of the global SAF market share in 2022 and 2023, as reported by the International Air Transport Association (IATA). As part of the partnership, EcoCeres will support the development of SAF infrastructure in Hong Kong, contributing to the city’s green transition.
Ms. Clara Chan, CEO of the Hong Kong Investment Corporation Limited, praised EcoCeres as a homegrown leader in the green energy space, demonstrating significant global impact. She emphasized the company’s commitment to supporting both Hong Kong and international SAF development.
Moving Towards a Sustainable Aviation Future
The collaboration between HSBC, Cathay Pacific, and EcoCeres is not just about one-time fuel purchases; it represents a strategic and sustainable investment in the future of aviation. The initiative exemplifies how the public and private sectors can work together to drive the decarbonization of industries while positioning Hong Kong as a key player in the global SAF ecosystem.
