Core Insights - The aviation industry is responsible for approximately 99% of its carbon emissions from fuel consumption during flights, and the adoption of Sustainable Aviation Fuel (SAF) is seen as a key pathway to decarbonization, potentially reducing carbon emissions by 80% over its lifecycle [1][4][11] - The Chinese Civil Aviation Administration has initiated a pilot program for SAF, mandating a 1% blend of SAF in domestic flights from specific airports starting March 19, 2025 [1][8] - The global aviation industry aims for net-zero carbon emissions by 2050, with SAF expected to contribute significantly to this goal, accounting for 65% of the necessary reductions [2][4] Industry Developments - SAF is currently priced at about five times that of conventional aviation fuel, which poses a challenge for airlines in its adoption [4][6] - Airbus has been proactive in using SAF, consuming over 14 million liters in 2024, which accounted for 16% of its total fuel usage, thereby avoiding nearly 35 million tons of CO2 emissions [5] - The International Air Transport Association (IATA) projects that SAF will only represent 0.3% of commercial aviation fuel consumption in 2024, significantly lower than earlier estimates [4][6] Policy and Regulation - The European Union has set mandatory SAF blending targets, requiring 2% by 2025, 6% by 2030, and 70% by 2050, which has stimulated demand [6][7] - China's "14th Five-Year" green development plan aims for a SAF consumption of over 20,000 tons in 2025, which would represent about 0.2% of the annual aviation kerosene consumption [7][8] Market Potential in China - China has a diverse range of raw materials for SAF production, including waste oils and agricultural residues, with potential annual production capacity reaching 12 million tons by 2030 [11][12] - The country is the largest market for renewable energy, which can significantly reduce the energy costs associated with SAF production [11][12] - The strong manufacturing capabilities and engineering execution in China are expected to facilitate the rapid development of the SAF industry [12][13]
吃完火锅的废油，也能变成下次航班的燃料？