Introduction

In a momentous move to combat climate change, EcoCeres, Cathay Pacific, and HSBC have joined forces to kickstart a Sustainable Aviation Fuel (SAF) initiative aimed at revolutionizing air travel in Hong Kong. Announced on November 19, this ambitious project focuses on developing a robust local SAF ecosystem while paving the way for the long-term decarbonization of the aviation industry.

HSBC's Landmark Agreement

HSBC Hong Kong has entered into a landmark agreement for the purchase of approximately 3,400 metric tonnes of SAF, which will be produced by EcoCeres and utilized in Cathay Pacific flights departing from the bustling Hong Kong International Airport. This groundbreaking deal marks HSBC's largest SAF order to date, emphasizing its commitment to sustainable practices in the banking sector.

EcoCeres' Green Innovation

EcoCeres' SAF is crafted from 100% waste-based biomass feedstock, specifically derived from used cooking oil (UCO), and holds the esteemed International Sustainability and Carbon Certification (ISCC). The company announced that its SAF can achieve a remarkable reduction of up to 90% in greenhouse gas (GHG) emissions when compared to traditional jet fuel, making it a game-changer in the battle against global warming.

Statements from Leadership

Luanne Lim, CEO of HSBC Hong Kong, remarked, "The Hong Kong initiative will serve as a pilot program, which could help pave the way for broader implementation." This aligns with HSBC's ambitious goal of becoming a net-zero bank by 2050, a target solidified in their first Net Zero Transition Plan unveiled in January 2024.

Cathay Pacific's Commitment

Meanwhile, Cathay Pacific has set its sights on reaching net-zero carbon emissions by 2050 as well, with a target to incorporate SAF into 10% of its total fuel consumption by 2030. These commitments from both corporate giants highlight a crucial shift towards integrating sustainable practices within the aviation sector.

Broader Contributions to Sustainability

In addition to SAF, EcoCeres is also known for producing hydrotreated vegetable oil (HVO), renewable naphtha, and cellulosic ethanol (CE), further contributing to a sustainable future. The Hong Kong Special Administrative Region (SAR) government has also reinforced its commitment to SAF development, with plans to establish a usage target for SAF anticipated within the coming year.

Conclusion

As the world grapples with pressing environmental concerns, this collaboration among EcoCeres, Cathay Pacific, and HSBC signifies a beacon of hope, demonstrating how innovative practices in fuel production can lead to a cleaner, greener future in air travel. Keep an eye on this space as Hong Kong sets a precedent for the global aviation industry!