绿色液体燃料主要分为绿色甲醇（绿醇）、绿氨、可持续航空燃油（SAF）等，具备零碳或超低碳排 放、高能量密度、易于储运等特点，已成为航运、航空、化工等多行业脱碳的重要抓手。 该机构表示，绿色液体燃料作为航运、航空、化工等领域脱碳的主要抓手之一，受益于碳税等政策加码 以及持续降本，正驶入发展快车道，未来5年有望迎来近10倍增长，远期市场空间达万亿元。国内厂商 凭借丰富低廉的绿电资源，完备的设备供应和下游配套体系优势，加速完善绿色液体燃料产业布局和商 业模式，实现跨越式发展。重点关注：1）绿色氢氨醇一体化生产厂商；2）电解槽等核心设备供应商。 （文章来源：证券时报网） 中信证券认为，随着国内外清洁能源体系和脱碳政策逐步完善，在欧洲航运碳关税机制和长期净零框架 目标的指引下（尽管IMO净零框架表决延迟1年，但不改航运业绿色转向趋势），并考虑绿色化工等领 域原料替代需求，绿色液体燃料需求正逐步从"潜在"向"刚性"转化。测算2025年全球绿醇、绿氨、SAF 潜在需求或分别达300万吨、250万吨、250万吨左右，2030年有望增至3600万吨、2300万吨、1100万吨 左右，未来5年或分别增长11倍、9.2倍、3.5倍 ...

中信证券主要观点如下： 智通财经APP获悉，中信证券发布研报称，绿色液体燃料作为航运、航空、化工等领域脱碳的主要抓手 之一，受益于碳税等政策加码以及持续降本，正驶入发展快车道，未来5年有望迎来近10倍增长，远期 市场空间达万亿元。国内厂商凭借丰富低廉的绿电资源，完备的设备供应和下游配套体系优势，加速完 善绿色液体燃料产业布局和商业模式，实现跨越式发展。重点关注：1)绿色氢氨醇一体化生产厂商；2) 电解槽等核心设备供应商。 根据IRENA统计，目前绿色液体燃料制备成本较传统灰色路线普遍高70%-120%，其差异主要来自绿 电、设备、碳源等环节额外支出的"绿色溢价"。 以绿醇为例，该行测算当前主流项目生产成本达4500元/吨，其中电力/设备折旧成本占比分别达 52%/27%左右，是未来主要降本方向：电力方面，受益于风电光伏发电成本稳步下降，以及绿电直连模 式进一步优化用电成本，并保障项目绿电可靠供应，该行测算有望推动度电成本由0.25元降至0.15元左 右(风电或低至0.1-0.15元/kWh)； 电解槽设备方面，碱性电解槽性价比突出，是当前的主流技术路线，但随着技术进步和规模化降本，质 子交换膜电解槽有望凭借高 ...

30位产业链专家一致认为：政策、认证、原料是当前SAF产业化的三大核心挑战。 2025年11月27日，由 生物基运输燃料技术全国重点实验室 与 DT新材料 联合主办的 生物基可持续航空燃油 （SAF）产业交流会 在杭州成功举办。 本次会议汇聚了来自 浙江大学、中国民航大学、中国商飞、中国铁建投资集团、 中国电力工程、 中国寰球工 程、国能投、 河南天冠集团、 君恒生物、 光大绿色环保 、首钢朗泽、宁波能源集团、远景能源、 岚泽能 源、 溿米生物、康泰斯、 闻基生物、 新疆碳基、 新航源 等机构的30位顶尖专家与企业代表，围绕SAF产业 发展面临的技术路线选择、政策环境优化、认证标准统一等核心议题展开了深度交流与碰撞。 01 主题报告 11.27，杭州 UNFCON 2025 李正龙教授 系统阐述了可持续航空燃油（SAF）领域的政策、市场、技术进展，以及 浙江大学SAF技术平台 的独特优势 。 为什么说 SAF 是航空业无法绕过的减排答案，其市场确定性究竟有多高？ 在众多 SAF 技术路线中，为什么李正龙团队将 AtJ （醇制航油）作为产业化突破口？ 浙江大学的核心技术如何解决 AtJ 路线的世界性难题 —— ...

Core Insights - Cathay Pacific Group and Airbus have signed a joint investment agreement to invest up to $70 million (approximately HKD 545 million) to promote the development of Sustainable Aviation Fuel (SAF) in Asia and globally [1][3] Group 1: Investment Agreement - The agreement aims to identify, assess, and invest in commercially viable, technologically mature, and long-term supply potential SAF projects, targeting increased SAF production capacity by 2030 and beyond [1] - The collaboration reflects a commitment to scaling up the sustainable aviation fuel industry in the short term [3] Group 2: Historical Context and Commitment - The partnership between Cathay Pacific and Airbus dates back to 1989, with Cathay operating over 85 Airbus aircraft and more than 70 awaiting delivery [3] - Cathay's President of Operations and Service emphasizes that SAF is crucial for achieving carbon reduction goals in the aviation industry [3] Group 3: Policy Advocacy - Both companies advocate for the development of policies that promote the supply and demand of sustainable aviation fuel in Asia, leveraging the region's strong potential in raw material supply, production capacity, and aviation market [3] - The collaboration serves as a model for unprecedented cross-industry cooperation necessary for the global production and distribution of affordable sustainable aviation fuel [3]

Core Insights - Cathay Pacific Group and Airbus have announced a joint investment agreement to support sustainable aviation fuel (SAF) projects, committing up to $70 million (approximately HKD 545 million) for development in Asia and globally [1][7]. Industry Trends - Major airlines are increasingly investing in the upstream SAF industry to address the financial challenges of achieving net-zero emissions, with initiatives like "green ticket pricing" being introduced [2][4]. - The International Air Transport Association (IATA) predicts that SAF will contribute over 65% of the aviation industry's emissions reductions by 2050, with a demand forecast of 35.8 million tons [4]. Financial Challenges - The aviation industry faces a significant gap between current profit margins and the costs associated with transitioning to net-zero emissions, with estimated annual costs of $174 billion compared to projected net profits of $36 billion [4][6]. - The supply of SAF is expected to fall short of demand, with a projected supply gap of 45% by 2030 due to economic uncertainties and capital-intensive production processes [4][8]. Consumer Engagement - Airlines are launching sustainable flight programs to encourage passengers and corporate clients to pay for SAF or carbon offset credits, with Cathay Pacific's additional charge for 100% SAF contribution on a round trip from Hong Kong to Beijing estimated at HKD 1,578.78 [5][6]. - The willingness of corporate clients with ESG commitments to pay for "green flights" is stronger compared to individual travelers, indicating a potential market for SAF initiatives [6][8]. Government Initiatives - Local governments in regions like Hong Kong, Sichuan, and Shanghai are actively working to establish SAF supply chains, with Hong Kong aiming to develop a local SAF industry and enhance its competitive edge [9][10]. - The Singapore government is exploring a sustainable aviation fuel tax to fund SAF procurement, which could serve as a model for other regions [6][7]. Market Opportunities - The strong raw material advantages in the Chinese mainland market are creating more opportunities for SAF development, with various projects underway to establish a comprehensive SAF industry chain [11].

Core Insights - Cathay Pacific Group and Airbus have signed a joint investment agreement to invest up to $70 million (approximately HKD 545 million) to promote the development of Sustainable Aviation Fuel (SAF) in Asia and globally [1][3] - The collaboration aims to identify, assess, and invest in commercially viable SAF projects with technological maturity and long-term supply potential, targeting increased SAF production capacity by 2030 and beyond [1][3] Group 1: Investment and Collaboration - The partnership reflects a commitment to enhancing SAF production capacity and achieving carbon reduction goals in the aviation industry [3] - Cathay Pacific's President of Operations and Service, Ronald Lam, emphasized that SAF is crucial for the airline's and the industry's decarbonization efforts, aligning with their strategy to scale up SAF production in the short term [3][5] - Airbus's Asia-Pacific President, Anand Stanley, highlighted the need for unprecedented cross-sector collaboration to produce and distribute affordable SAF globally [3] Group 2: Sustainable Development Initiatives - Cathay Pacific has been a pioneer in sustainability, voluntarily reporting carbon emissions since 1996 and being the first major airline in Asia to allow passengers to offset carbon emissions in 2007 [4] - The airline has engaged in various initiatives, including investing in SAF production facilities and being the first to use SAF on new aircraft deliveries in France [4] - In 2023, Cathay Pacific became one of the founding investors in the "OneWorld - Breakthrough Energy Ventures Sustainable Aviation Fuel Fund," focusing on next-generation SAF technologies with large-scale potential [5] Group 3: Future Goals and Strategies - Cathay Pacific aims to increase SAF usage to 10% of total fuel consumption by 2030, recognizing the challenges of transitioning to more sustainable energy sources [5] - The airline promotes a "co-create a sustainable future" philosophy, urging stakeholders to unite towards this important goal [5] - The collaboration with Airbus will focus on mature SAF technologies to accelerate supply in the medium to short term [5]

Core Viewpoint - The third International Air Transport Association (IATA) World Sustainability Conference is being held in Hong Kong, focusing on achieving net-zero carbon emissions in the aviation industry by 2050 [1] Group 1: Government Initiatives - The Hong Kong Special Administrative Region (SAR) government is committed to actively promoting the green and low-carbon transformation of the aviation industry [1] - The government aims to collaborate with IATA to contribute to the global aviation industry's transition towards low-carbon and zero-carbon development [1] Group 2: Corporate Efforts - Cathay Group is implementing various measures to reduce carbon emissions, including introducing more fuel-efficient aircraft and expanding its fleet [1] - The company is utilizing Sustainable Aviation Fuel (SAF) and reducing the use of single-use plastics in operations to lower overall carbon emissions [1] Group 3: Conference Participation - Nearly 500 representatives from the aviation, energy, and finance sectors are attending the conference, which will continue until October 22 [1]