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The Iran conflict has highlighted the need for a domestic sustainable aviation fuel (SAF) industry, the CEO of Sydney Airport has said.
Speaking at the Renewable Fuels Summit in Sydney on Thursday, Scott Charlton said NSW has “no refining capability” for jet fuel despite Sydney Airport alone accounting for around 40 per cent of Australia’s aviation fuel use, or around nine million litres per day.
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It comes as Qantas hikes international ticket prices in response to rising fuel costs, while Air New Zealand is set to cut more than 1,000 flights across the next couple of months.
“At any given time, we’re typically sitting on around 25 days of fuel supply across our ecosystem at the airport, our pipelines and local storage. That gives you a sense of the scale required to keep aircraft moving every day,” said Charlton.
“The reliability of that 25-day supply depends on international shipping lanes, global refining capacity and geopolitical stability.
“And when you look at the world today – with conflict in the Middle East and growing tension across global energy markets – you start to see why fuel security matters just as much as emissions.
“Last week in Parliament, the Minister for Climate Change and Energy confirmed that Australia holds just over a month of liquid fuel stocks across petrol, diesel and jet fuel. And this is why Sustainable Aviation Fuel is so important on multiple fronts.”
To support its case, the airport has released a survey showing nearly 70 per cent of Australians would support the use of SAF, with the majority “willing to contribute small amounts through airline tickets to help accelerate its development”.
“Locally producing SAF would reduce aviation emissions while creating jobs, supporting farmers, and strengthening Australia’s fuel security, and we continue to advocate for demand measures as part of the Australian Government’s $1.1 billion investment in low-carbon liquid fuels,” said Charlton in a press release.
“The current conflict in the Middle East highlights the importance of mandates that attract global investment and secure a domestic fuel supply.
“Globally, SAF mandates are accelerating, and Australia must implement measures to boost domestic SAF production, using feedstock that would otherwise be exported.
“With global aviation demand continuing to grow, the window to establish a domestic Sustainable Aviation Fuel industry is now. Building fuel infrastructure takes time – often close to a decade from investment decision to production – so the opportunity is to start building that capability now and supporting regional economies.”
Jet fuel prices have risen as much as 150 per cent since the Middle East conflict began two weeks ago.
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