Julius Baer teams up with Cathay Pacific to promote sustainable aviation fuel, advancing the airline industry’s shift toward a greener future.
Julius Baer announced a new partnership with Cathay Pacific to promote the use of sustainable aviation fuel (SAF) as part of the airline’s Corporate SAF Programme. This is Julius Baer’s first SAF partnership outside Europe, following its collaboration with Swiss International Airlines (SWISS) and Lufthansa Group, launched in 2023.
The collaboration with Cathay Pacific marks another significant milestone in the aviation industry’s transition to a more sustainable future in Asia. SAF is made from biogenic waste such as used cooking oil and animal fat waste, and it emits roughly 80% less lifecycle CO2 emissions compared to conventional jet fuel. Although SAF faces certain limitations such as production volumes, it is an important lever for the aviation industry to reduce its emissions.
“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,” said David Shick, Market Head Greater China Hong Kong and Branch Manager Hong Kong at Julius Baer.
“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.
“As one of the early adopters of SAF in Asia, Cathay Pacific is excited to partner with Julius Baer, our first Swiss-headquartered partner, to accelerate the use of SAF to enable business travel in a more sustainable way. Together with like-minded partners such as Julius Baer, we are paving the way for a greener aviation industry and reinforcing the importance of collective action across various sectors to act ‘Greener Together’ to achieve long-term climate goals,” said Grace Cheung, General Manager Sustainability at Cathay Pacific.
Update on Julius Baer’s climate strategy
This partnership builds on Julius Baer’s existing decarbonisation initiatives and contributes towards achieving its climate targets. This includes its commitment to achieve net-zero emissions in its operations by 2030 and to reduce air travel by 30% by 2025 compared to 2019.
As air travel makes up a significant portion of its operational emissions, Julius Baer aims to promote more conscious travelling, and in 2022 it introduced an internal carbon price on air travel. The proceeds from this initiative go towards purchasing SAF from global airline partners, including Cathay Pacific, SWISS, and the Lufthansa Group, as well as funding two projects in Indonesia and Panama to restore mangroves and tropical forests respectively. By working together with Cathay Pacific, Julius Baer is demonstrating its leadership and further commitment in promoting sustainable practices in the aviation industry.
In 2023, Julius Baer continued to make progress across its sustainability strategy and act on its climate targets. Julius Baer became one of the first Swiss financial institutions to have its near-term climate targets validated by the Science Based Targets initiative (SBTi). SBTi validation confirms that Julius Baer’s targets are aligned with what the latest climate science deems necessary to meet the goals of the Paris Agreement – limiting global warming to 1.5°C above pre-industrial levels.
George is the News Feed Manager, Content Creator, and Social Media Manager at the TravelDailyNews network of online newspapers. At the same time, he is completing his studies in the Department of Business Administration at the Athens University of Economics and Business.
