Julius Baer partners with Cathay Pacific for SAF
Leading Swiss global wealth management firm Julius Baer announced a partnership with Cathay Pacific to support the use of sustainable aviation fuel (SAF) through the airline’s Corporate SAF Programme.
“By supporting the use of SAF, we are taking an important step as a responsible wealth manager in reducing our carbon footprint and contributing to the aviation industry’s transition towards net-zero,” Yvonne Suter, Head of Sustainability at Julius Baer said.
This marks Julius Baer’s first SAF partnership outside of Europe, following collaborations with Swiss International Airlines (SWISS) and Lufthansa Group. The firm will use Cathay’s SAF programme to offset its carbon aviation by purchasing SAF.
Earlier in 2022, the bank launched an internal carbon levy on air travel to fund the purchase of SAF from partner airlines including Cathay Pacific, SWISS and Lufthansa Group.
The wealth management firm said the partnership aligns with its expanding sustainability efforts in Asia and underscores the importance of SAF in reducing aviation-related emissions. Cathay Pacific, an early adopter of SAF in Asia, is excited to collaborate with Julius Baer.
The partnership supports both companies’ shared goals of reducing carbon emissions and promoting sustainable business travel.
Grace Cheung, General Manager of Sustainability at Cathay Pacific, expressed the airline’s excitement: “Together with like-minded partners such as Julius Baer, we are paving the way for a greener aviation industry.”
SAF, made from biogenic waste, produces up to 80% fewer lifecycle carbon emissions compared to conventional jet fuel. The company said that by joining Cathay Pacific’s Corporate SAF Programme, it is not only supporting the use of SAF for its own travel needs but is also contributing to the industry-wide push for greater investment in SAF production.
Julius Baer has set ambitious targets to reach net-zero emissions across its operations by 2030 and aims to reduce air travel by 30% by 2025. The bank has also become one of the first Swiss financial institutions to have its near-term climate targets validated by the Science Based Targets initiative (SBTi).