Tri-Party to support Hong Kong use of innovative carbon removal techniques
HSBC Hong Kong, Cathay Pacific and Ecoces launches an important initiative to support the use of sustainable aviation fuel (SAF) in Hong Kong. By combining the largest bank in Hong Kong, home airlines, SAF product based in Hong Kong, cooperation aims to support the main innovation of the long -term carbon removal process and the enhancement of the local SAF system for Hong Kong.
HSBC Hong Kong is in a single -time purchase agreement for about 3400 metric tons of SAF produced by ECOCERES, which will be used on Cathay Pacific flights that leave from Hong Kong International Airport.
ECOCERES SAF is derived from the biological style of the 100 % vital mass -based block, which can provide an estimated reduction of up to 90 % in greenhouse gas emissions compared to traditional aircraft fuel, which is approved by international sustainability and carbon certificate (ISCC). This batch of SAF is made of raw materials that can be fully tracked from the cooking oil used. Low carbon emissions are estimated at about 11,800 metric tons, compared to the same traditional flying fuel. This is the equivalent of carbon emissions from about 10,000 Economic Class seats between Hong Kong and London on Cathay Pacific flights.
Mr. Lam Sai-Hung, Secretary of Transport and Logistics in the Hong Kong government, Ms. Clara Chan, CEO of Hong Kong Investment Ltd., Mrs. Luan Lim, CEO Hong Kong of HSBC, and Mr. Ronald Lam, CEO of the Catayi Lee Le Levone, CEO of EcOCERES.
“The announcement of this tripartite partnership is decisively. Cooperative efforts in Cathay Pacific, HSBC and Ecoceres are progressing in the match with government initiatives. It aims to reduce carbon emissions significantly in the aviation sector,” said Mr. Lam Lam Sai, Minister of Transport and Logistics Services in the Hong Kong government at the ceremony.
Hong Kong’s recent speech confirmed the city’s latest commitment to the development of SAF. For Hong Kong to grow SAF growth and application, as well as maintain its position as a major international aircraft, cooperation between the government and stakeholders in business is necessary. Cooperation today announced a meaningful progress in this direction and encourages the public and private sectors to follow more SAF initiatives.
“As the sick capital, HKIC was advancing in our investments in our strategic partnership with institutions with great vision, teams and growth capabilities, which suit our double mandate to support the future development of Hong Kong. Ecoceres. The stage.”
Today’s partnership shows the organization “TI-Synergy”-the synergy between the roles of Hong Kong as an international center of green technology and finance, as well as the International Aviation Center, and the synergy between stakeholders from various industries that include HSBC, Cathay Pacific and Ecosse, and the synergy between Hong Kong and the rest of the world. We look forward to the continuous growth of this partnership and the development of Saf in Hong Kong. “
“This is the largest SAF purchase of HSBC so far. The Hong Kong initiative will be a pilot program, which can help pave the way for the broader implementation. It reflects our support for new economy solutions and explains how business cooperates to support innovation in technology,” said Ms. Luan Lim, CEO Hong Kong, HSBC.
In October 2020, HSBC set an ambition to become a zero bank by 2050. The bank issued the first net transfer plan in January 2024, showing its approach and the ongoing procedures to help meet this ambition.
“We are grateful to HSBC for this historical partnership, the display of the joint sustainability leadership, and Ikris to lead their leading market in the market. We are greatly encouraged to do so by participating in SAF policy more and exposed, which raises more participation in SAF. The competitiveness of our city as an international aviation center and enhances its transition to energy Low carbon.
Cathai aims to achieve clear net carbon emissions by 2050 and use SAF by 10 % of the total fuel consumption in Cathay Pacific by 2030. To accelerate the move to SAF, Cathy launched the SAF program for its companies in 2022, allowing members to reduce its Indirect emissions associated with air transport. HSBC Hong Kong was a member of the Cathay Corporate SAF program. The program has a complete commitment to more than 605050 metric tons of SAF in 2024.
“We are happy to contribute to the pioneering cooperation with HSBC and Cathay Pacific in experimenting with the SAFIS System in Hong Kong. This initiative will support future progress. It will be a successful model, and inspires global efforts to remove carbon in the aviation sector and enhance the shift to renewable energy solutions,” said Mr. Matti Lelylinen, CEO of Ecoceres.
ECOCERES is one of the few companies in the world that can convert waste into different types of sustainable transport fuel, representing about 20 % of the SAF market share in the world in 2022 and 2023, according to the size of the global SAF production published by the International Air Transport Association (IATA).
