Hong Kong’s flagship carrier Cathay Pacific on Tuesday signed a partnership with Airbus in scaling up the production of sustainable aviation fuel (SAF).

The agreement happened on the sidelines of the International Air Transport Association’s (IATA) annual sustainability symposium which is being held in Hong Kong.

Under the agreement, the two companies committed to co-invest up to US$70 million to identify promising SAF projects worldwide, targeting production to begin by 2030.

“The partnership that we have with Airbus definitely focuses on SAF development in the Asia region, so not only limited to Hong Kong. Also, it’s not limited to Asia but also globally,” said Grace Cheung, general manager of group sustainability at Cathay.

Specific details on project timelines and specifics were not disclosed, with both parties noting investments would occur in the “near future".

Cathay aims to achieve 10 percent SAF usage in its total fuel consumption by 2030 as part of its net-zero carbon emissions goal by 2050.