《中国的可持续航空燃料-航空业碳中和之路》英文版

OURPOINTOFVIEW

SustainableAviationFuels(SAF)inChina

CheckingforTake-off

September2023

Aviation’spathwaytocarbonneutrality

Fortheaviationindustrytokeepgrowing,itiscriticalthatitreachnetzeroemissions,buttherearekeychallengesthatmustbe

overcome.Aviationisrecognizedasa“hard-to-abate”sectorandSAFistheonlycommerciallyviable,near-termmechanismabletoreducethecarbonintensityofairtravel.

ATAGLANCE

AviationandSAF

Aviationsupports$3.5trillion(4.1%)oftheworld’sGDPand

accountsfor3%ofallglobalCO2emissions,butasothersectorsdecarbonizeitscontributioncouldreach22%ofglobalemissionsby2050.

IATAforecaststhebiggestgrowthinpassengernumberswillbeinAsiaPacific.In2021,theChinesedomesticpassengermarket

madeup18.9%ofglobalpassengers

SAFwillbeaviation’sprimarymeansofdecarbonization–asadrop-infuelthereisnoneedtoredesignaircraftorairport

infrastructure–butactionmustfocusonscalingproductionandloweringcost.

©2023.Forinformation,contactDeloitteChina.

2050NetZeroPathwayforAviation

SectoralscenariosanticipatethatSAFwillbringbetween50and75%ofcarbonreductionsrequiredbyaviationin2050.1

1.ATAGWaypoint2050(

Link)

SAFinChina|CheckforTake-off2

Relyingonbusinessasusualandwaitingfornewcleantechnologiestoemergeisaninadequatestrategy

Theaviationsectorneedstoexploreandleveragemultiplestrategiestoensureatimelyandsuccessfultransition

Aviation’sdecarbonizationgoals

Theindustry,throughtheInternationalAir

TransportAssociation(IATA)1andtheAir

TransportActionGroup(ATAG),hascommittedtoNetZeroby2050.2

TheInternationalCivilAviationOrganization(ICAO)formallyrecognizedthattechnologyandmarket-basedmeasureswillbeneededforindustry

decarbonization.Thiswillbeachievedthroughmultiplelevers,including:

•Efficiencygains

•Sustainableaviationfuels(SAF)

•Carbonoffsetting

•Newpropulsionsystemssuchaselectricbatteriesandhybridaircraft

•Theuseofhydrogen

However,thesuccessfuldevelopmentanddeploymentofSAFwillbecriticaltoreducingemissionsby2050.

1.IATANetZeroCommitment(

Link)

2.ATAGGlobalAviationEmissions(

Link)

Decarbonizationlevers

Decarbonizationlevers

Description

RoleandChallenge

Sustainableaviationfuel(SAF)

Fuelsfromsustainableresourcestosubstitutefossil-based

kerosene

Maindecarbonisationoptioninthenext30years;abilitytousewithexistingaircraft

Efficiency

gains

Designandoperational

improvementstoreducefuelburn

Importantoptionbutimpactdiminishesovertime

Offsets

Investmentinout-of-sector

emissionreductionsorremoval

Importantasotherlong-termoptionsarescaledup

Hydrogen

Combustionofgreenhydrogenand/orconversiontoelectricitythroughfuelcells

Requiresstorageandnew

airframedesigns.Longtimetodevelop,ensuresafety,certifyanddeployatscale

Battery

Electricpropulsionwithzero

emissionsifchargedwithgreenelectricity

Batteryweightandsizelimitsapplicabilitytoshort-haul

routes

Behavioral

change

Reductionofdemandresultingfrommodalshift

Behaviouralchangemaybeoutpacedbypopulationandeconomicgrowth

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WhatisSustainableAviationFuel(SAF)?

SAFisanalternativejetfuelthatrepresentsthemostviablenear-termsolutiontodecarbonizetheaviationindustry

Sustainable

Aviation

Fuel

SAFisabiofuelusedtopower

aircraftsthathassimilarpropertiestoconventionaljetfuel,butwitha

smallercarbonfootprint

Whenusedtopoweraircraft,SAFcanreducethecarbonintensityofflyingbyupto85%,dependingfeedstock

selectionandtechnologicalpathway

WhatisSAF?

SAFisadrop-inliquidfuelalternativethatcanreducecarbonemissionsbyupto85%whencomparedtotraditionaljetfuel,dependingonthefeedstockselectionandproductionpathway.SAFiscurrentlyproducedfromseveralsources

(feedstocks)includingforestryresidue,agriculturalwaste,usedcookingoils,andmunicipalsolidwaste.SAFproducersarealsoexploringsyntheticproductionpathwaysviaaprocessthatcapturescarbondirectlyfromtheair.

Inaddition,SAFisconsidered‘sustainable’when:

•Feedstockdoesnotcompetewithfoodcropsorwatersupplies

•SAFdoesnotcontributetoforestdegradationorsoildepletion

•SAFrecyclescarbonstoredinthebiomassoffeedstock

ImmediateAction:

SAFisa‘drop-in’fuelcompatible

withexistingaircraftandairport

infrastructure,whichdoesnot

requiresignificantchangestoaircraftandairportsanddelaydeployment.

CommercialViability:

Atthistime,SAFistheonlynear-

termclimatesolution,ashydrogenandelectricpropulsionwilldevelopoverthenextdecadeandmaynotbeviableforlonghaulairtravel

(whichisthelargestcontributortosectoremissions).

Scalability:

GlobalSAFproductionisestimatedtogrowtocover10%oftotaljetfuelsalesby2030,basedonsustainablefeedstockavailabilityandcapital

investment.

Co-Benefits:

SAFhasseveralco-benefitsbeyondreducingcarbonemissions,includingimprovedairquality,jobcreation

andinvestmentrenewableenergy,andincreasedenergysecurity.

Accounting:

SAFisnotrecognized(officially)bytheGHGProtocolforScope3

emissionsreductions.Inlieuof

officialguidance,themarketis

workingtodevelopguidanceanddemandsignalsinsupportofSAFcertificateinclusioninGHG

inventories.

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Algae

Hydroprocessing

Esters&Fatty

acids

(HEFA)

Oilextraction

Cookingoil

Lipids

Plantoils

Tallow

Rendering

Alcohol-to-Jet

(ATJ)

Fermentation

Sugarcane

Fermentation

GasificationIsobutanol

Molasses

Corn

Fermentation

Agriculturalresidues

Pre-treatment

Fischer-Tropsch

(FT)

SAF

Forestryresidues

treatment

Syngas

Energycrops

Oil

Waste

Separation

DirectAirCapture(DAC)CO2fromDAC

FourkeytechnicalpathwaystoSAF

AsofApril2023,ASTMInternationalhasapprovedninetechnicalroutesbasedonHEFA,ATJ,andFT.ThePtLpathwayisstillawaitingapproval.

Pathway

FeedstockInitialprocessingKeyintermediate

Neutralisation

Neutralisation

Pre-

extraction

Powertoliquid

(PtL)

Synthesis

CO2fromotherindustries

electricity

Renewable+WaterElectrolysisGreenHydrogen

Sources:ICAO,EASA,WorldEconomicForum,Airbus

©2023.Forinformation,contactDeloitteChina.

Potential

•Technologymaturity:matureHEFA

•LCAGHGreductioncomparedtofossiljet:73%~84%

•HEFAiscurrentlythemostcommerciallyviableprocessandisexpectedtodominateChina’sSAFmarketbefore2030.

•Technologymaturity:Commercialpiloting

•LCAGHGreductioncomparedtofossiljet:85%~94%

•ATJhasahighavailabilityofcheapfeedstockintheUS,whilstthecostoffeedstocksinChinaisrelativehigher.

ATJ

•Technologymaturity:Commercialpiloting

•LCAGHGreductioncomparedtofossiljet:85%~94%

•Therearemanypotentialfeedstocksources,thechallengeliesinhowtoefficientlyobtainandprocessthem

FT

•Technologymaturity:IndevelopmentPtL

•LCAGHGreductioncomparedtofossiljet:99%

•PtLprocessingoffersgreatpotentialforemissionsreductionwithunlimitedproductionpotentialviadirectaircapture.

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Feedstocksuppliers

•Investmentinfeedstockcollectionandsegregationprocesses

SAFProducers

•TechnologiesforusingfeedstocktoproducebioSAFismature;thechallengeliesinhowto

efficientlyobtainandprocessfeedstocks

•Furthertechnologicaldevelopmentisneededtoreduceproductioncostsandexpandproduction

Logisticsservices

•LargecorporatetravelersandcargoownersareencouragedtotaketheleadandutilizeSAFtofulfilltheirclimate

commitments

•Internalcostcontrolandinvestment

Investorsandfinancialinstitutions•Providefinancingsupport

TheSAFEcosystem

Stakeholderswithintheaviationindustryareaimingfordecarbonization,butmoreactionisneededtoreachthisgoal

Fuelsuppliers

•SAFprocurement,salesandinto-planeservices

•Complyandpromotestandards,certificationandreportingtoensureSAFandoffsetquality

Airlines

•MotivatepassengerstotopayforcarbonoffsetsandSAF

•Raisethedecarbonizationambitionandencourageotherplayersintheecosystemtoact

Airports

Regulators

•Regulations,incentivesandpolicyguidanceare

neededtohelpacceleratetheproductionanduseofSAF

Aircraftmanufacturers

•InvestinR&Dtoaddresstechnologicalchallenges

•SeektoestablishpartnershipswithotherecosystemplayersthatwanttoaccelerateSAFanddecarbonization

•Improveaircraftefficiencyandacceleratefleetupdates

Source:Shell,InstituteofEnergy,PekingUniversity

©2023.Forinformation,contactDeloitteChina.

•PromoteSAFuseandfleetupgrading

•Strengtheninfrastructureandtheallocationofspecialistpersonnel

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6

2008

2011

2015

2019

2020

2021

February

1stcommercialaviationflight(Londonto

Amsterdam)usinga

sustainablebiomass-to-liquidfuelmixedwithtraditionaljetfuel.

September

Chinaannounceditsgoaltohavecarbon

emissionspeakbefore2030andachieve

carbonneutrality

before2060.

September

CleanSkiesforTomorrowCoalition

launchedtosupportSAFtoreach10%ofglobaljetfuelsupplyby2030(Deloitteisasignatory)

October

IATAmemberairlines

committedtoachievingnet-zerofromtheir

operationsby2050.ThispledgebringsaviationinlinewiththeobjectivesoftheParisAgreement.

Aviation’scarbonneutraljourneyinChina

Past

October

AirChinaandBoeingconductedChina's firstsustainablebiofuelflight.

November

DBSchenkerand

Lufthansaandflewtheworld’s1stCO2neutralcargoreturnflightfromFrankfurttoShanghai

December

ParisAgreementtolimit

October

TheStateCouncil’sAction

PlanforPeakingCarbon

Emissionsby2030,promotesadvancedliquidbiofuelsandSAF,aswellasfuelefficiency.

globaltemperaturechange

to2degreeswhilepursuing

effortstolimittheincrease

to1.5degrees

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2022

2023

Aviation’scarbonneutraljourneyinChina

Today/Future

November

ColorfulGuizhou

Airlinessuccessfullycompleteda

passengercommercialflightusingSAFin

MainlandChina(fromNingbotoGuiyang).

March

StatePowerInvestmentCorporationLtdand

CathayPacificsignedamemorandumof

cooperation,covering

foursustainableaviationfuelproductionfacilities.

June

NDRCandNEA’s14thFYPforRenewable

EnergyDevelopment

outlineseffortstodevelopnon-foodliquidbiofuelsandpromotebiodieselandaviationbiofuelproduction.

May

TheNDRC’s14thFYPfor

Bioeconomy

DevelopmentPlan

outlinesareaswithgood

conditionsare

encouragedtopromote

andpilottheuseof

biodieselandadvance

theuseofaviation

biofuels.

April

AirbusandtheChina

NationalAviationFuelGroup

(CNAF)signedaMoUto

intensifycooperationontheproduction,competitive

applicationandcommonstandardsformulationforSAF

November

Airbussigned

agreementswith

XiamenAirlines,

ZhejiangLoongAirlinesandColorfulGuizhouAirlinestopromotetheuseofSAFfor

commercialflightsinChina.

December

AirChinaCargo

January

successfullycompletedthefirstcommercial

cargoflightusingSAFintheChinese

mainland(from

HangzhoutoBelgium).

CivilAviationAdministrationof

China’s(CAAC)14thFive-Year

PlanforGreenCivilAviation

Developmentpromotestheuse

ofSAFwithagoaltoraise

consumptiontoover20,000

tonsin2025andcumulatively

to50,000tonsduringthe14th

FYPperiod.

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PotentialSAFsupplyanddemand

Withsuchalargetheoreticalavailabilityoffeedstock,Chinacouldbecomeasignificantglobalsupplier.

China’spotentialSAFsupplyanddemand

China’aviationfueldemand(Mt)

140

120

100

80

60

40

20

0

Totaljetfueldemand:60.5milliontons

ShareofSAF(IATA):5.2%

SAFrequirement:3.1milliontons

China’stotaljetfuelconsumptionChina’sSAFdemand

China’sSAFproduction

Totaljetfueldemand:132.5milliontons

ShareofSAF(IATA):65%

SAFrequirement:86.1milliontons

86.182

Pre-CovidGAGR8.1%

During-Covid

19

3.1

20152020202520302035204020452050

Source:IATA,DeloitteResearch

©2023.Forinformation,contactDeloitteChina.

2030

•China’stotaljetfuelconsumptionisestimatedtoreach60.5milliontons(Mt)by2030,withaCAGRof8%from2023to2030

•SAFdemandinChinamayreach3Mt/yearby2030if

China’saviationsectoralignswithIATA’s5.2%SAFtarget

•IftheoreticalfeedstockisfullyconvertedtoSAF,

potentialsupplyinChinacouldexceed19Mt/yearby2030–farexceedingpotentialdomesticdemand

•Tofacilitatesuchgrowth,actionneedtobetakento

reduceproductioncostsaswellasconsolidatedomesticandinternationaldemandforSAF

2050

•China’sprojectedjetfueldemandisestimatedtoreach132.5Mtby2050,withaCAGRof4%from2031to

2050

•WithadvancementintechnologyandChina’sgoaltoreachcarbonneutrality,domesticSAFdemandis

expectedtoreach86Mt/yearby2050

•China’sSAFproductioncapacitycouldreach82Mt/yearby2050,facilitatedbyimprovedefficiencyoffeedstockprocessingandscalinggreenhydrogenproduction

SAFinChina|CheckforTake-off9

Supplyside|ChinahasthepotentialtoproduceenoughSAFtomeetdomesticdemand

ThepotentialsupplyoffeedstockforSAFinChinaispositive,butitrequiresinnovativeapproachestoestablishtechnicalroutesandproductioncapacity

PotentialavailabilityofSAFfeedstocks

Feedstock

Availability

(milliontons/year)

SAFoutputratio(%)

SAFproduction

capacityupperlimit(milliontons/year)

Usedcookingoil

3.4

40

1.36

Agriculturalwaste

207.0

10

20.70

Forestrywaste

195.0

10

19.50

Municipalorganicsolidwaste

23.5

10

2.35

Industrialwastegas-basedethanol

5.0

50

2.50

Total

46.41

2.4

2

1.6

1.2

0.8

0.4

0

Usedcookingoilpotential

2.38

China'stotalexportofUCO(milliontons)

UCOusedforbiodieselproduction(milliontons)

1.80

1.58

1.43

1.15

0.920.92

0.82

0.73

0.58

20182019202020212022

•ChinahassignificantpotentialtodevelopSAFsustainablyasfeedstocksarenotexpectedtocompletewithfoodsupplies,althoughinfrastructurewillbeneededtodevelopruralsupplychains.

•Usedcookingoil(UCO)isamajorsourceoffeedstockforbiodieselinChinaandisexpectedtobethemajorfeedstockforSAFatleastinthenextdecade.

Source:InstituteofEnergy,PekingUniversity

©2023.Forinformation,contactDeloitteChina.

•AccordingtoICCT’sestimate,ChinahasabundantUCOpotential(overfivemilliontonsperyear)

•CurrentlymostUCOinChinaisexportedorusedforbiodieselproduction,whichisalsodrivenbyoverseasdemand.

•AvailabilityofSAFfeedstocksinChinarelatedtodomesticSAFdemand.

Source:ChinaCustoms,TheUSDepartmentofAgriculture

10

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Supplyside|However,productioncapacitydevelopmentisstillinanearlystage

AsofMay2023,thecombinedoperationalandannouncedSAFproductioncapacityinChinais1.6~1.8Mt/year

CurrentSAFproductioncapacity

Developers

Technologyprovider

Pathway

Annualcapacity(tons)

Location

Announced

Planned

operational

start

Sinopec

Sinopec

HEFA

100,000

Zhenhai,

Zhejiang

June2021

June2022

Oriental

Energy

Honeywell

HEFA

1,000,000

Maoming,Guangdong

February

2022

Not

available

Jiaao

Enprotech

Honeywell

HEFA

Not

available

Lianyungang,Jiangsu

September2022

Not

available

Sichuan

Jinshang

Honeywell

HEFA

300,000

Suining,

Sichuan

May2023

Not

available

SPIC&

Cathay

Pacific

Not

available

Similarto

PtL

4*50,000-100,000

N/A

April2023

2024~2026

CompaniesthatproduceHVObiodieselcanshifttheirproductiontoSAFwithretrofitting.

AccordingtoPekingUniversity’sestimate,ifproducersrepurposetheirexistingHVOcapacityforSAF,thiscouldbringanadditional1.9milliontonsofannualcapacityonline.

Source:ChinaDaily,Honeywell,CathayPacific

©2023.Forinformation,contactDeloitteChina.

China‘sSAFsupplyisstillinitsearlystage.

SinopecZhenhaiRefineryobtainedairworthinesscertificationfor

China’sfirstlarge-scaleproductionofSAFfromtheCivilAviation

AdministrationofChina(CAAC)in2022,andmoremarketplayersareemerging.

TheHEFApathwaydominatesthecurrentandannouncedproductioncapacitiesinChina,whileSPICandCathayPacificplantousea

pathwaysimilartoPtLtogenerateSAF.

Chinahashugecapacityforrenewableelectricitygeneration-thiscouldhelpdrivethecommercializationandscalingofPtL.

China’sgreenhydrogendevelopmentisdrivenbyprovincialplans.

Overtenprovinces,includingShandong,QinghaiandSichuan,havedevelopedexplicitplansforhydrogendevelopment.Severalprojectswillbedeployedaroundthecountrytoproducesyntheticfuels.

China’soveralldecarbonizationgoalssupporttheemergenceof

incentives.Withtherightfinancialallocation,ChinacouldbecomegloballeaderinSAFproduction.

Keyissues

SAFinChina|CheckforTake-off11

Demandside|Earlymarketactions

CommercialutilizationofSAFisstillatanearly-stage,butwefoundthatChineseairlinesareengagedinSAFflighttests

Airlines

SAFTarget

FlightsusingSAF

Ecosystemcollaboration

Keyactions

ChinaSouthern

N/A

TwoflightswithSAF(February2019andOctober2022)

N/A

UsedfirstbatchofdomesticSAFfuelprovidedbySinopec

ChinaEastern

N/A

TestflightwithSAFin2013andflightwith5%SAFin2022

N/A

PlansaseriesofflightspoweredbySAFin2023

AirChina

N/A

TestflightwithSAFin2011andaflightwithSAFin2022

FirstcommercialcargoflightusingSAFin2022

JoinedSAFUG(SustainableAviationFuelUsersGroup)in2011

AirChinaCargocooperatedCNAFandCainiao,foritsfirstcommercialcargoflightusingSAF

EarlyuserofSAFontheChineseMainland

FirstcommercialcargoflightusingSAFontheChineseMainland

CathayPacific

CommittedtouseSAFfor10%ofitstotalfuel

consumptionby2030

38flightswithAirbusaircraftwithSAFsince2016

SignedaMoUwithSPICforfourSAFplants

LaunchedpilotCorporateSAFProgramme(“BookandClaim”)witheightcorporatecustomers

LaunchedAsia’sfirstmajorCorporateSAFProgramme

InvestedinFulcrumBioEnergy,aUS-basedsustainablebiofueldeveloper

HainanAirlines

N/A

Commercialpassengerflightwith50%SAFin

2015andanintercontinentalSAFpassengerflightin2017

N/A

FirstcommercialpassengerflightusingSAFontheChineseMainland

ColorfulGuizhouAirlines

N/A

Commercialpassengerflightwith10%SAFin2015

SignedagreementswithAirbustopromotetheuseofSAFincommercialflightsinChinain2022

ReceivedagrantofRMB50millionfromthe

MinistryofIndustryandInformationTechnology(MIIT)tosupportitsSAFprogramin2021

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Demandside|StimulatingcustomerinterestbybringingcorporatecustomerstoSAF

Thebook-and-claimmodelallowsairlinestobuySAFcertificates–andofferthosecertificatestotheirpassengers–withoutbeingtiedtophysicalsupply

AstheproductionofSAFisstill

limited,thereisnoguarantee

thatairlinescanaccessSAF

throughtheexistingsupplychainnetwork.

Thebook-and-claimmodel

createsenvironmentalattributesthataretrackedasSAF

certificates.

ItenablesairlinestopurchaseSAFwithoutreceivingphysicaldeliveryandtotransferits

environmentalattributesto

corporatecustomers.

Bookandclaimmodel

SAFproducer

Jetfuelsupplier

SAFsupplier

AirportB

AirportA

Sustainabilityclaim

byairline/corporate

customer

Noclaim

•TheSAFproducer‘books’theirSAFintoaregistry

•Arobustchainofcustodycertificationthatguaranteesfulltransparencyandavoidstheriskoffraud

•SAFusedinAirportAisclaimedbyairlinesandtheircorporatecustomerlocatedinAirportB

Certificationsystem

ThereiscurrentlynoglobalcertificationsystemforSAF.

TheSAFcframeworkdevelopedthroughtheWorldEconomicForum’sCleanSkiesforTomorrowinitiativemarksacriticalstepindevelopingastandardized

approach.

TheSAFcframeworkisexpectedtobe

recognizedbytheScienceBasedTarget

initiativeandGHGProtocolasaviable

methodfororganizationstorealizetargetsforScope3.

Source:RSB,UNFCCC,WorldEconomicForum

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Growing

Regulations

ProductionanddistributionofSAFissubjecttoenvironmentalregulations,whichcanincreasecosts

Voluntary

demand

Despiteprojectedincreasesinproductioncapacity,corporatecommitmentsexceedprojectedsupply.Supplyanddemand

tensionswillresultinincreasedcosts

Delaysin

Reporting

Standards

Absenceofreportingstandards(orSAFisnotrecognizedasanin-valuechaincarbonreduction)willlikelystuntinvestments

Customer

WillingnesstoPay

Airlinesraisedairfaresduringthepost-

covidboomtooffsetrisingfuelpricesandlossesincurredduringthepandemic.

Thus,increasedSAFcostsmaybepassedtoendcustomers

Feedstock

Availability

Availabilityofsustainablefeedstocksis

currentlylimitedwhichcanincreasecosts

Feedstock

Volatility

Pricesofsustainablefeedstockscan

fluctuate,whichcanleadtoincreasesinSAFprices

CurrentSAFCostsandFutureTrends

Currently,globalSAFcostsareapproximately$8.67/galforunblendedfuel,whichequatesto~$1,000to$1,200/MTcarbonavoided.1

Source:WorldEconomicForum

SAFiscurrently2xto5xhigherthanfossil-basedjetfuel,costsavingsareexpectedasproductionscales.

SAFproductioncostscanvarysignificantlyby

technologicalroutes.HEFAprocessiscurrentlythemostcostcompetitiveoption,whilePTLprocesspresentssignificantcostreductionpotential

SAFProductionCosts

Possibleimpactstoprices

DRIVINGINCREASES

DRIVINGREDUCTIONS

Government

Subsidiesand

Incentives

Governmentcanprovidesupporttohelpreducethecostsofproduction

Production

Capacity

Asproductionincreases,thecostsperunitoffueltendtodecreasedueto

economiesofscale

ClearReportingStandards

ReportingstandardsthatrecognizeSAFasavaluechaincarbonreductionwilllikelyresultinincreasedinvestment

PassonCost

Savings

Fuelproducersandairlinesarefacing

increasedpressurestopasscostsavingstocustomerstoprotectaviation

accessibility

Feedstock

Availability

Greateravailabilityoffeedstocksand

theirlowercostscancontributetolowerprices

ValueChain

Development

Valuechainefficienciessuchassupplychainlogisticsandtransportation,areexpectedtohelpreducecosts

1SAFpricesaredependentontheemissionsfactorofthefuel(calculatedingCO2e/MJ)whichvarybyfuelproducer(e.g.,Neste,WorldEnergy)andareoftenspecifictoagivenbatchoffuel;emissionsfactorsof14.0and25.0gCO2e/MJwereusedtocalculatetheprovidedrange($/MT)

©2023.Forinformation,contactDeloitteChina.