Summary of Key Points from the Conference Call on Green Methanol Industry Industry Overview - The report focuses on the **green methanol industry** and its intersection with the **shipping industry**'s decarbonization efforts, highlighting the potential for growth driven by regulatory changes and technological advancements [1][4]. Core Insights and Arguments - The shipping industry is pushing for low-carbon solutions, with the **International Maritime Organization (IMO)** potentially implementing a phosphorus emission ban by 2028, which could accelerate the global transition to low-carbon fuels and stimulate demand for green methanol [1][7]. - Green methanol is priced above **1,000 USD/ton** internationally, primarily driven by the shipping sector's need for decarbonization, while gray methanol prices range from **2,200 to 2,500 CNY/ton**, influenced by downstream chemical raw material costs [1][6]. - There are three main production routes for green methanol: 1. Biomass gasification synthesis (cost: **3,000-4,000 CNY/ton**) 2. Biomass coupled with green hydrogen production (cost: **3,000-4,000 CNY/ton**) 3. Electrolysis (cost: **over 5,000 CNY/ton**) [1][8]. - Global green methanol production capacity is expected to reach **500,000 tons** by the end of 2024 and not exceed **1 million tons** by the end of 2025, with domestic capacity also around **500,000 tons** [1][16]. Demand Drivers - The primary demand for green methanol currently comes from the **global shipping industry**, which is undergoing a low-carbon transition. Long-term demand is also anticipated from the chemical industry [2][3]. - The urgency in the shipping sector to adopt green methanol stems from the dominance of shipowners in **Northwest Europe and East Asia**, who control **85%** of global shipping capacity [3]. Regulatory and Market Dynamics - The EU is advancing green regulations in shipping, with new decarbonization laws expected to be implemented in **2024 and 2025**, aiming for an **80% reduction** in carbon emissions by **2050** [9]. - The IMO's measures will require ships to use increasingly green fuels, with penalties for non-compliance, potentially leading to significant financial implications for the shipping industry [10][12]. Investment Opportunities - Investment strategies include transitioning to green methanol production to achieve rapid performance growth and benefiting from increased government support for green methanol, which will drive demand for midstream equipment and EPC companies [17]. - Companies to watch include **Jiaze New Energy, Goldwind Technology, and Jidian Co.**, which have significant market potential due to their existing operations and planned capacity expansions [19]. Production Capacity and Future Outlook - Notable projects include **Goldwind Technology's** capacity increase to **1.45 million tons** and **Jidian Co.**'s collaboration with major green fuel demand partners [22][21]. - The domestic equipment sector is expected to see capital expenditures of **30-50 billion CNY** annually, with a focus on gasification equipment and process packages [27][28]. Challenges and Considerations - The shipping industry faces challenges in fuel system maturity, with green methanol being favored over hydrogen and ammonia due to lower technical barriers and compatibility with existing fuel systems [14][15]. - The competition among green methanol suppliers will hinge on their ability to maintain low production costs, with profitability projected at **1,500-2,000 CNY/ton** [18]. Conclusion - The green methanol industry is poised for growth driven by regulatory changes, technological advancements, and increasing demand from the shipping and chemical sectors. Investors should focus on companies with strong market positions and capacity expansion plans to capitalize on this emerging market.

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Green Methanol and Alternative Fuels in Shipping Industry [1][3] - **Regulatory Changes**: The International Maritime Organization (IMO) is tightening carbon emission standards, impacting fuel sourcing and pushing the shipping industry towards zero or low-carbon alternatives like ammonia and biomass fuels [1][3] Core Insights and Arguments - **Carbon Tax Implementation**: A carbon tax will be levied starting in 2027, with a two-year preparation period for shipping companies. Historical data indicates that IMO policies are effectively enforced, which is expected to accelerate emission reduction in the shipping sector [1][3][4] - **Economic Analysis of Alternative Fuels**: Current costs for hydrogen-ammonia and green methanol vessels are higher than traditional heavy oil and biodiesel vessels. However, the carbon reduction benefits may offset some of these costs [1][5] - **Demand for Green Methanol**: Anticipated demand for green methanol is projected to reach 38.8 million tons by around 2030, a significant increase from current usage levels. Biodiesel and heavy oil are expected to reach price parity by 2033, while green methanol is expected to achieve economic viability by 2034 [1][6][7] - **Cost Parity Factors**: Biodiesel requires a compliance surplus trading price of $150/ton and a sales price of 7,500 RMB/ton to achieve parity. Green methanol requires an electricity price of 0.14-0.16 RMB/kWh, a sales price of 4,400 RMB/ton, and a compliance surplus trading price of $150/ton [1][10] Additional Important Insights - **Production Chain and Key Players**: The green methanol production chain includes raw materials, equipment, design, and construction. Key companies involved include Aerospace Engineering, Blue Stone Heavy Industry, and Donghua Technology, among others [1][11] - **Aerospace Engineering's Role**: As a major supplier in the coal chemical sector, Aerospace Engineering is well-positioned to benefit from the increasing demand for green methanol due to new IMO policies [1][12] - **Support for Renewable Energy Policies**: The National Development and Reform Commission has set minimum consumption targets for renewable energy, which will drive the development of related industries [1][13] - **Future Directions in New Energy**: The focus is shifting towards non-electric applications of renewable energy, such as producing green hydrogen, ammonia, and methanol, which are crucial for achieving carbon neutrality goals [1][14] - **Challenges and Opportunities**: The economic viability of non-electric renewable energy applications remains a challenge, but supportive policies are emerging both domestically and internationally [1][15][16] Role of Wind Power Companies - **Wind Power Companies' Involvement**: Companies like Goldwind Technology and Mingyang Smart Energy are actively investing in green methanol projects, leveraging their capabilities in supplying renewable energy resources [1][17] - **Domestic Market Trends**: The domestic onshore wind market is experiencing growth, with stable pricing and expected profit recovery, which will benefit companies involved in green methanol production [1][18] - **International Market Expansion**: Wind power companies are expanding into international markets, with significant orders and strategic partnerships to enhance competitiveness [1][19][20]

关于举办绿电直连及新能源非电利用培训的通知 各企事业单位： 发展新能源，是改善能源结构、保障能源安全、推进生态文明建设的重要任务。近日，我 国在 联合国气候变化峰会 宣布：到 2035年，中国风电和太阳能发电总装机容量力争达 到36亿千瓦。 国家部委明确加快提升重点用能单位和行业的绿色电力消费比例，在有条件的地区分类分 档打造一批高比例消费绿色电力的绿电工厂、绿电园区等，鼓励其实现 100%绿色电力 消费。《 关于有序推动绿电直连发展有关事项的通知 》鼓励出口外向型企业利用周边新 能源资源探索开展存量负荷绿电直连，云南、河北、陕西陆续出台绿电直连实施方案。 在新能源发展路径上，坚持电与非电并重，推动新能源从单一电力消纳向多能综合利用转 变。目前，新能源非电利用规模占全国能源消费总量比重不足 1%，亟待实现规模突破， 打开新能源开发利用更广阔空间。 为了帮助各企事业单位了解绿电直供最新政策及新能源非电利用途径，《中国能源报》社 特举办绿电直连及新能源非电利用培训。培训完后发放《中国能源报》社有限公司中国能 源经济研究院 "绿电直连及新能源非电利用"培训结业证书。 一、时间地点 培训时间： 10月30日—31日 ...

关于举办绿电直连及新能源非电利用培训的通知 各企事业单位： 发展新能源，是改善能源结构、保障能源安全、推进生态文明建设的重要任务。近日，我 国在 联合国气候变化峰会 宣布：到 2035年，中国风电和太阳能发电总装机容量力争达 到36亿千瓦。 国家部委明确加快提升重点用能单位和行业的绿色电力消费比例，在有条件的地区分类分 档打造一批高比例消费绿色电力的绿电工厂、绿电园区等，鼓励其实现 100%绿色电力 消费。《 关于有序推动绿电直连发展有关事项的通知 》鼓励出口外向型企业利用周边新 能源资源探索开展存量负荷绿电直连，云南、河北、陕西陆续出台绿电直连实施方案。 在新能源发展路径上，坚持电与非电并重，推动新能源从单一电力消纳向多能综合利用转 变。目前，新能源非电利用规模占全国能源消费总量比重不足 1%，亟待实现规模突破， 打开新能源开发利用更广阔空间。 为了帮助各企事业单位了解绿电直供最新政策及新能源非电利用途径，《中国能源报》社 特举办绿电直连及新能源非电利用培训。培训完后发放《中国能源报》社有限公司中国能 源经济研究院 "绿电直连及新能源非电利用"培训结业证书。 2.新能源企业（风电、光伏、储能等）、电力设计院 ...

Core Viewpoint - The article emphasizes the importance of developing renewable energy to improve energy structure, ensure energy security, and promote ecological civilization, with a target of reaching 3.6 billion kilowatts of installed wind and solar power capacity by 2035 in China [2]. Group 1: Training Announcement - A training session on green electricity direct connection and non-electric utilization of renewable energy is organized to help enterprises understand the latest policies and pathways [2]. - The training will take place from October 30 to 31 in Beijing [3]. Group 2: Target Audience - The training is aimed at various stakeholders including provincial power companies, renewable energy enterprises (wind, solar, storage), energy service companies, and research institutions [4]. Group 3: Course Modules - The training will cover multiple modules including: - Outlook on the 14th Five-Year Plan for electricity and renewable energy development - Discussion on green electricity direct connection policies - Differences in provincial green electricity direct connection policies - Application scenarios for green electricity direct connection - Investment and construction models for green electricity direct connection projects - Planning paths for green electricity parks - Approval processes for green electricity direct connection projects - Development status and prospects of non-electric utilization of renewable energy [4]. Group 4: Training Fees - The training fee is set at 3,900 yuan per person, which includes the training cost, while transportation and accommodation are self-managed [5].

Core Viewpoint - The article emphasizes the importance of developing renewable energy to improve energy structure, ensure energy security, and promote ecological civilization, with a target of reaching 3.6 billion kilowatts of installed wind and solar power capacity by 2035 in China [2]. Group 1: Training Announcement - A training session on green electricity direct connection and non-electric utilization of renewable energy is organized to help enterprises understand the latest policies and pathways [2]. - The training will take place from October 30 to 31 in Beijing [3]. Group 2: Target Audience - The training is aimed at various stakeholders including provincial power companies, renewable energy enterprises (wind, solar, storage), energy service companies, and research institutions [4]. Group 3: Course Modules - The training will cover multiple modules including the outlook for the 14th Five-Year Plan in electricity and renewable energy, discussions on green electricity direct connection policies, and investment models for green electricity projects [4]. Group 4: Training Fees - The training fee is set at 3,900 yuan per person, which includes the training cost, while travel and accommodation are self-managed [5].

关于举办绿电直连及新能源非电利用培训的通知 各企事业单位： 发展新能源，是改善能源结构、保障能源安全、推进生态文明建设的重要任务。近日，我 国在 联合国气候变化峰会 宣布：到 2035年，中国风电和太阳能发电总装机容量力争达 到36亿千瓦。 国家部委明确加快提升重点用能单位和行业的绿色电力消费比例，在有条件的地区分类分 档打造一批高比例消费绿色电力的绿电工厂、绿电园区等，鼓励其实现 100%绿色电力 消费。《 关于有序推动绿电直连发展有关事项的通知 》鼓励出口外向型企业利用周边新 能源资源探索开展存量负荷绿电直连，云南、河北、陕西陆续出台绿电直连实施方案。 在新能源发展路径上，坚持电与非电并重，推动新能源从单一电力消纳向多能综合利用转 变。目前，新能源非电利用规模占全国能源消费总量比重不足 1%，亟待实现规模突破， 打开新能源开发利用更广阔空间。 为了帮助各企事业单位了解绿电直供最新政策及新能源非电利用途径，《中国能源报》社 特举办绿电直连及新能源非电利用培训。培训完后发放《中国能源报》社有限公司中国能 源经济研究院 "绿电直连及新能源非电利用"培训结业证书。 一、时间地点 三、培训对象 1.各省市电力公司； ...

Core Viewpoint - The article emphasizes the importance of developing renewable energy to improve energy structure, ensure energy security, and promote ecological civilization, with a target of reaching 3.6 billion kilowatts of installed wind and solar power capacity by 2035 in China [2]. Group 1: Training Announcement - A training session on green electricity direct connection and non-electric utilization of renewable energy is organized to help enterprises understand the latest policies and pathways [2]. - The training will take place from October 30 to 31 in Beijing [3]. Group 2: Target Audience - The training is aimed at various stakeholders including provincial power companies, renewable energy enterprises (wind, solar, storage), energy service companies, and research institutions [4]. Group 3: Course Modules - The training will cover various topics such as the outlook for the 14th Five-Year Plan in electricity and renewable energy, discussions on green electricity direct connection policies, and investment models for green electricity projects [4]. Group 4: Training Fees - The training fee is set at 3,900 yuan per person, which includes the training cost, while travel and accommodation are self-managed [5].

2025 年 09 月 28 日 环保及公用事业 IMO 净零法案即将提交，绿色甲醇有望迎 来快速发展 绿色甲醇需求驱动因素之二：清洁能源非电利用缓解消纳压力。除航 运业需求之外，在当前新能源装机快速增长背景下，加快清洁能源的 非电领域利用能够缓解消纳压力。近期国家能源局局长王宏志日前在 《学习时报》发表署名文章，重点强调拓展新能源非电利用途径，以 非电利用为突破，拓宽新能源利用途径。力推以绿电制氢氨醇为代表 的多能转换技术正加速探索与示范应用。2025 年 1-7 月，全国风电 利用率为 93.8%，同比下降 2.5%，全国光伏发电利用率为 94.7%，同 比下降 2.4%。目前，新能源非电利用规模占全国能源消费总量比重 不足 1%，随着技术突破、产业成本下降，新能源非电利用路径逐渐 清晰。 电制甲醇降本空间广阔，绿电成本是关键。成本方面，当前主流技术 路径下绿色甲醇单吨成本约为 4000 元，展望后续降本空间，不同技 术路线下具有差异，生物质制甲醇由于生物质原材料能量密度低、预 处理难度大等问题，降本目的可实施性不强。电制甲醇工艺具备良好 降本空间：按照当前绿电约 0.3 元 kWh 计算，制氢成本 1. ...