Zurich-based Julius Baer has formed a partnership with Hong Kong-based airline company Cathay Pacific to boost the use of sustainable fuel in Asia.
Julius Baer and Cathay Pacific have formed a partnership to promote the use of sustainable aviation fuel (SAF) as part of the airline’s Corporate SAF Program, according to a statement.
SAF is made from biogenic waste such as used cooking oil and animal fat waste. It emits approximately 80 percent less lifecycle carbon dioxide emissions compared to conventional jet fuel.
«This partnership with Cathay Pacific underscores the importance of Asia to Julius Baer, and reinforces our commitment to sustainability and reducing the environmental impact of our air travel,» commented David Shick, market head Greater China Hong Kong and branch manager Hong Kong at Julius Baer.
Climate Strategy
The latest tie-up is part of broader efforts at Julius Baer to achieve net-zero emissions in its operations by 2030 and cut air travel by 30 percent by 2025 compared to 2019.
In 2022, the bank introduced an internal carbon price on air travel. The proceeds from this initiative go towards purchasing SAF from Cathay Pacific as well as Swiss International Airlines (SWISS) and Lufthansa Group, with which it formed SAF partnerships in 2023. Proceeds will also be used to fund two projects in Indonesia and Panama to restore mangroves and tropical forests, respectively.
«By supporting the use of SAF, we are taking an important step as a responsible wealth manager in reducing our carbon footprint and contributing to the aviation industry’s transition towards net-zero,» said Yvonne Suter, head of sustainability at Julius Baer.
