HSBC and Cathay Pacific (00293) reached an important cooperation agreement to promote the use of sustainable aviation fuel in Hong Kong.

HSBC Hong Kong, CATHAY PAC AIR (00293), and Yeslift reached an important collaboration today to promote the use of sustainable aviation fuel in Hong Kong. Through this partnership, the three parties will support the adoption of innovative solutions to significantly reduce carbon emissions from flights in the long term, and promote the development of a local sustainable aviation fuel ecosystem. Lin Shaobo, CEO of Jiangxi Guotai Group, expressed his anticipation for the early introduction of sustainable aviation fuel policies in Hong Kong, as this is crucial for enhancing Hong Kong's competitiveness as an international aviation hub and driving the low-carbon transition. HSBC Hong Kong signed a one-time purchase agreement to buy around 3400 metric tons of sustainable aviation fuel produced by Yeslift, to be used for refueling CATHAY PAC AIR flights departing from Hong Kong International Airport. Yeslift's sustainable aviation fuel is made entirely from biomass waste, and is estimated to reduce carbon emissions by up to 90% compared to traditional aviation fuels. Lin Shixiong, Director of Transport and Logistics, stated at the launch event that public-private partnerships are essential for promoting the future growth and use of sustainable aviation fuel, and for consolidating Hong Kong's position as a leading international aviation hub. This collaboration represents a significant step forward in implementing this strategic policy, and will drive further adoption of sustainable aviation fuel by the public and private sectors. Clara Chan, CEO of Gongtou Corporation, mentioned that Yeslift is a prime example of a homegrown Hong Kong company that has evolved into an internationally recognized unicorn. She expressed her pleasure in seeing the company's commitment and concrete actions in supporting the future development of Hong Kong, as well as its increasingly important role in global sustainable aviation fuel development and use. Lin Huihong, CEO of HSBC Hong Kong, stated that this is the largest sustainable aviation fuel purchase agreement that HSBC has signed to date. She expressed her hopes that this pilot project in Hong Kong will help drive broader future applications.