嘉澳环保：破局生物航煤，领航绿色发展

Core Insights - Sustainable Aviation Fuel (SAF) is becoming a key driver for the green transformation in the global aviation industry, with Jiaao Environmental (603822.SH) emerging as a leader in the domestic bio-jet fuel market after receiving approval from the Civil Aviation Administration of China [1][2] - Jiaao Environmental's success in the bio-jet fuel sector is attributed to its technological breakthroughs, particularly in utilizing waste oils as raw materials through self-developed pre-treatment technology, enabling a significant shift from waste to green aviation fuel [1] - The company's sustainable aviation fuel project, once fully operational, will be the largest bio-jet fuel production base in China, contributing significantly to the country's carbon reduction goals in the aviation sector [1] Industry Context - The International Air Transport Association (IATA) projects that by 2050, 65% of emissions reductions in aviation will rely on the use of bio-jet fuel, indicating a vast market potential [2] - China, as the world's second-largest aviation market, is set to launch SAF pilot projects in 2024, with increasing policy support to promote the use of bio-jet fuel [2] - The European Union's mandatory blending policy for SAF by 2030 and China's support for biomass energy in its 14th Five-Year Plan align with Jiaao Environmental's production capacity expansion, positioning the company to capture market share [2] - BP's strategic investment in Jiaao Environmental not only provides financial backing but also aids in overcoming international certification barriers, facilitating global expansion [2] - If global SAF penetration reaches 10%, the market size could exceed $100 billion, with Jiaao Environmental poised to benefit from its technological, raw material, and distribution advantages [2]