2025.06. 08 本文字数：2201，阅读时长大约4分钟 作者 | 第一财经 陈姗姗 "SAF（可持续航空燃料）2025年产量预计将增长到200万吨，但仅占航空燃料使用量的0.7%。SAF产量 虽比2024年的100万吨翻了一番，但要满足行业在2050年实现净零碳排放的承诺，SAF产量需呈指数级 增长。" 在刚刚结束的国际航空运输协会（IATA，下称"国际航协"）年会上，国际航协理事长威利·沃尔什 （Willie Walsh）对2025年的SAF产量进行了预测。 在各国设定的碳达峰和碳减排目标中，高耗能的航空业碳减排是重中之重，而使用SAF替代目前的航空煤 油，是航空脱碳的关键。 虽然SAF的产量在近年来有显著增长，但其生产成本仍高于航空煤油数倍，在近几年的国际航协年会上， 如何降低SAF的采购成本，建立各方共担的机制，是参会的各国航空公司讨论的重点。 SAF使用大势所趋 SAF是指满足可持续性标准，来源于生物质、餐饮废油等含合成烃原料加工后，达到民用航空喷气燃料标 准的燃料。相较于传统化石燃料，SAF全生命周期碳排放量最高可减少85%。 据记者了解，目前各国对航空业碳减排的要求差异巨大，欧洲相对更加严 ...

如何降低SAF的采购成本，建立各方共担的机制，是参会的各国航空公司讨论的重点。 "SAF（可持续航空燃料）2025年产量预计将增长到200万吨，但仅占航空燃料使用量的0.7%。SAF产量 虽比2024年的100万吨翻了一番，但要满足行业在2050年实现净零碳排放的承诺，SAF产量需呈指数级 增长。" 在刚刚结束的国际航空运输协会（IATA，下称"国际航协"）年会上，国际航协理事长威利·沃尔什 （Willie Walsh）对2025年的SAF产量进行了预测。 在各国设定的碳达峰和碳减排目标中，高耗能的航空业碳减排是重中之重，而使用SAF替代目前的航空 煤油，是航空脱碳的关键。 虽然SAF的产量在近年来有显著增长，但其生产成本仍高于航空煤油数倍，在近几年的国际航协年会 上，如何降低SAF的采购成本，建立各方共担的机制，是参会的各国航空公司讨论的重点。 SAF使用大势所趋 SAF是指满足可持续性标准，来源于生物质、餐饮废油等含合成烃原料加工后，达到民用航空喷气燃料 标准的燃料。相较于传统化石燃料，SAF全生命周期碳排放量最高可减少85%。 据记者了解，目前各国对航空业碳减排的要求差异巨大，欧洲相对更加严格。欧盟委员 ...

Core Insights - The article highlights a significant multi-billion-dollar engine and services agreement between GE Aerospace and Qatar Airways, marking one of the largest commitments for widebody aircraft by GE Aerospace [1][2] - This agreement is expected to provide a substantial tailwind to GE Aerospace's operations, financial trajectory, and long-term value proposition for shareholders [2] Agreement Details - The deal includes an order for over 400 advanced jet engines, specifically 60 GE9X engines and 260 GEnx engines, along with options for additional units and a comprehensive inventory of spares [3] - The GE9X engine offers 10% better fuel efficiency than its predecessor, while the GEnx engine family has powered about two-thirds of all Boeing 787s in operation [4] Sustainability and Services - Both engine platforms are certified to run on 100% Sustainable Aviation Fuel (SAF) blends, aligning with aviation decarbonization goals [5] - The extensive Maintenance, Repair, and Overhaul (MRO) contracts associated with the agreement are expected to generate higher profit margins and provide recurring revenue for decades, enhancing earnings predictability for shareholders [6] Strategic Positioning - The success of this deal is attributed to GE Aerospace's strategic focus following the spin-offs of GE HealthCare and GE Vernova, allowing for more deliberate capital allocation [7] - In Q1 2025, GE Aerospace reported $12.3 billion in total orders (up 12% YoY) and a 60% increase in adjusted EPS to $1.49, indicating strong financial performance [8] Future Revenue and Growth - The Qatar Airways agreement adds significantly to GE's commercial engine backlog, with a Remaining Performance Obligation (RPO) of $153.8 billion in the Commercial Engines & Services segment [9] - The deal supports GE's 2025 outlook, which includes low-double-digit adjusted revenue growth and operating profit guidance between $7.8 billion and $8.2 billion [10] Competitive Advantage - Qatar Airways' choice of GE engines is seen as a strong endorsement of GE Aerospace's technological innovation and operational reliability, marking a competitive victory in the global market [11] - The fulfillment of this large order will require increased production rates, aligning with GE Aerospace's plans to invest nearly $1 billion in U.S. manufacturing facilities [12][13] Shareholder Value - The cash flow from the agreement supports GE's capital return program, including a $0.28 quarterly dividend and a $15 billion share repurchase program [16] - Mega-deals like this one tend to enhance analyst sentiment and market confidence, reducing uncertainty and highlighting the company's competitive edge [17]