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illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:
🗞️ Driving the news: Chinese biofuel company Zhejiang Jiaao Enprotech has partnered with BP, with the latter investing 354 million yuan ($49.56 million) for a 15% stake in Jiaao's sustainable aviation fuel (SAF) unit
• This marks the first involvement of a global oil major in China’s emerging green aviation fuel industry
🔭 The context: The investment will support the construction of a 500,000-ton-per-year SAF plant in Lianyungang, China
• Jiaao has been a significant player in converting waste cooking oil into lower-carbon aviation fuel, catering to both export markets and domestic consumption
• China is the world's second-largest market for aviation fuel, using approximately 11% of global jet fuel
🌍 Why it matters for the planet: Sustainable aviation fuel can significantly reduce carbon emissions, offering an 80% reduction compared to traditional jet fuels
• With global aviation accounting for a substantial share of carbon emissions, investments like these are crucial for meeting climate goals and transitioning to greener energy sources
⏭️ What's next: As China expands its SAF production capabilities, further investments and partnerships with international companies could accelerate the adoption of green aviation fuel domestically
• Government mandates and subsidies may play a role in encouraging more widespread use within the country
💬 One quote: “Burning sustainable aviation fuel can reduce CO2 emissions by around 80% versus traditional jet fuel,” according to data cited by Airbus
📈 One stat: Jiaao's new SAF plant in Lianyungang will have a production capacity of 500,000 tons per year, making it a significant player in China's growing sustainable aviation fuel market.
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