HSBC, Cathay Pacific and EcoCeres team up for SAF

HSBC Hong Kong, Cathay Pacific and EcoCeres launched the Hong Kong initiative to support the use of sustainable aviation fuel (SAF) in Hong Kong with HSBC signing a one-time purchase agreement for around 3,400 metric tonnes of SAF with EcoCeres to be used in Cathay Pacific flights departing from the Hong Kong International Airport.

“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,” said Luanne Lim, CEO, HSBC Hong Kong.

In a joint statement, the companies said that by bringing together Hong Kong’s largest bank, its home airline and 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.

The initiative received support from Hong Kong government.

“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,” said Lam Sai-hung, secretary for transport and logistics of the Hong Kong SAR government during the ceremony held for the launch.

“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.”

EcoCeres produces International Sustainability and Carbon Certification (ISCC)-certified SAF using 100% waste-based biomass feedstock.

The company said that the SAF sold to HSBC is made from fully traceable feedstock of used cooking oil.

Earlier this year, Hong Kong’s Business Environment Council (BEC) joined Cathay Pacific and 13 other firms in the SAF value chain to launch Hong Kong Sustainable Aviation Fuel Coalition (HKSAFC) to support the aviation sector’s decarbonisation.