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Partnership with Cathay Pacific: Corporate Sustainable Aviation Fuel programme
“We are delighted to partner with Cathay Pacific and other like-minded corporates to make Hong Kong the sustainable aviation fuel hub of the Greater Bay Area and Asia. This is part of our climate strategy, managing our operational footprint because we recognise the impact of our consumption and procurement decisions, as well as our commitment to support our clients and Hong Kong in the transition to net zero.”
“HSBC aims to align our business activities to the Paris Agreement goal of net zero by 2050 or sooner with a three-pronged approach. We are mobilising finance to support our customers’ transitions. We are also accelerating innovation to scale up climate change solutions and building global partnerships to ensure investment is swiftly channelled towards truly sustainable projects. Finally, we are leading by example, setting ourselves a target to make our operations net zero by 2030 or sooner.”
Luanne Lim, Chief Executive, Hong Kong, HSBC
HSBC is partnering with Cathay Pacific and other corporates to support the launch of the Cathay Pacific Corporate Sustainable Aviation Fuel (SAF) Programme, one of the first major programmes of its kind in Asia. The programme provides its partners the opportunity to reduce their carbon footprint from business travel or airfreight by contributing to the use of SAF uplifted for the first time from Hong Kong International Airport (HKIA) on Cathay Pacific flights.
SAF is a non-conventional (fossil derived) aviation fuel which can be produced from a number of sources (feedstock) including waste oil and fats, green and municipal waste and non-food crops. It can also be produced synthetically via a process that captures carbon directly from the air.
SAF has been considered as a core part of aviation decarbonisation in the coming decades. Relative to fossil fuel, SAF can reduce up to 100% carbon emissions on a lifecycle basis, depending on the SAF technology used.
Estimates from International Air Transport Association (IATA) foresees SAF could contribute around 65% of the reduction in emissions needed by aviation to reach net-zero in 2050.
At HSBC, we’re committed to aligning the financed emissions from our portfolio of customers to net zero by 2050 or sooner, in line with the Paris Agreement goals, with a three-pronged approach:
We’re mobilising finance to support our customers’ transitions to net zero. Our ambition is to provide between US Dollar 750 billion and 1 trillion of financing and investment for this purpose by 2030.
We’re accelerating innovation to help scale up climate change solutions and building global partnerships to ensure investment is swiftly channelled towards truly sustainable projects.
Last but not least, we’re transforming our own operations and supply chain to net zero across HSBC by 2030.
