In a significant move towards environmental responsibility, Cathay Group and aerospace giant Airbus have announced a substantial joint investment of up to $545 million (US$70 million). This collaboration is designed to fast-track the creation and manufacturing of Sustainable Aviation Fuel (SAF) across Asia and globally, marking a crucial step in the aviation industry's decarbonization efforts.
The formal agreement was established in Hong Kong during the IATA World Sustainability Symposium. Key representatives, Cathay's Chief Operations and Service Delivery Officer Alex McGowan and Airbus President Asia Pacific Anand Stanley, underscored the partnership's commitment. Their joint strategy involves pinpointing, evaluating, and financially supporting SAF projects that are not only economically viable but also technologically advanced and capable of long-term production, with an ambitious goal to significantly boost SAF availability by 2030 and beyond. Both entities are dedicated to championing policies that support SAF development throughout Asia, focusing on enhancing both supply and demand within the region.
This initiative builds on Cathay's previous involvement in the oneworld airline alliance's BEV SAF Fund, which was co-founded with Breakthrough Energy Ventures by Bill Gates. While the BEV SAF Fund concentrates on innovative, next-generation SAF technologies, the new Cathay-Airbus alliance aims to support more established projects to ensure an immediate increase in fuel supply. This long-standing alliance between Cathay and Airbus dates back to Cathay's initial Airbus aircraft order in 1989, and today, Cathay Group operates over 85 Airbus planes, with more than 70 additional aircraft on order, signifying a robust and enduring partnership in aviation advancement.
This strategic collaboration between Cathay Group and Airbus transcends a mere business venture; it embodies a shared vision for a more sustainable future in air travel. By channeling resources into developing and scaling sustainable aviation fuels, these industry leaders are demonstrating a profound commitment to environmental stewardship. Their proactive steps not only promise to mitigate the ecological footprint of aviation but also inspire other sectors to embrace innovation and collaboration in pursuit of global sustainability goals. This partnership stands as a testament to the idea that responsible business practices and technological progress can coalesce to forge a brighter, greener future for all.