Neste sets new strategic climate targets to reduce own and customers' emissions

HOUSTON, April 24, 2019 /PRNewswire/ -- As part of Neste's renewed strategy, the company introduced two new ambitious climate targets:

1. To reduce customers' greenhouse gas emissions with its renewable and circular solutions by at least 20 million tons CO₂eq* annually by 2030
2. To reduce the carbon footprint of Neste's production ahead of EU's climate and energy targets.

Customers' greenhouse gas emissions reduction accelerated

Over the past ten years, Neste has focused on producing renewable fuels to replace fossil fuel use. In 2018, Neste's renewable products helped customers to reduce greenhouse gas emissions by 7.9 Mt CO₂eq. This amount is equal to removing over 1.6 million passenger cars from the road, and the equivalent of the amount of carbon sequestered by more than 9 million acres of forest every year (Source: EPA). Neste is now committed to help its customers reduce GHG emissions by at least 20 Mt annually by 2030, equal to over 4.2 million passenger cars and 23.5 million acres of forest.

"Our flagship product Neste MY Renewable Diesel^TM will continue to help reduce transport-related emissions, while we are starting to make a significant positive climate impact in aviation with Neste MY Renewable Jet Fuel^TM. Our renewable and circular plastics solutions will, in turn, help polymers and the plastics consuming industries reduce their crude oil dependence and climate impact. All of these will directly and significantly contribute to reducing fossil-based greenhouse gas emissions globally in the upcoming years," says Peter Vanacker, President and CEO of Neste.

"Here in the US, Neste has been a leader in bringing renewable fuel choices that help customers reduce their greenhouse gas emissions," said Jeremy Baines, vice president of sales, Neste US, Inc. "While the national debate continues about how best to address carbon emission reduction from a policy perspective, we are committed to setting the benchmark for sustainable operations."

In order to expand its renewables offering to new industries and markets, Neste announced in December 2018 that it is investing nearly $1.6 billion to increase its renewable products production capacity in Singapore. This brings the company's total renewable product capacity close to 4.5 Mt annually in 2022 from the 2.9 Mt today, and enables Neste to double its GHG reduction impact from the 2018 level. Combined with Neste's ambition to expand its production capacity even further in the long term, and its aims to introduce chemically recycled, liquefied plastic waste as a raw material for fuels, chemicals and new plastics in the upcoming decade, the company believes its ambitious emission reduction target can be reached.

Reducing the carbon footprint of Neste's production while increasing production capacity

"We are in the business of reducing emissions and accelerating circularity in society. Although we aim to be faster and bolder in developing our business, we will not push for production capacity growth without keeping a close eye on the direct climate impact of our refining. We aim to utilize the best available technology to keep our emissions in control when we deploy our new capacity," Vanacker says.

"Furthermore, we are currently evaluating our existing production facilities and identifying the most efficient ways to reduce our carbon footprint ahead of the EU's climate and energy targets. Although we are very much still in a planning phase, we know we will continue focusing on energy efficiency. The new combined heat and power plant scheduled for commissioning in 2019 in Porvoo will naturally contribute. While we are still working on a more detailed plan, our strategic direction is clear," Vanacker clarifies.

Helen Deian
Marketing Manager, Neste US, Inc.
[email protected]

Further information:
Pekka Tuovinen, Senior Advisor, Sustainability, tel. +358 10 458 4516,
pekka.tuovinen(at)neste.com

*The method used to calculate life cycle emissions and emission reduction complies with the EU Renewable Energy Directive (2009/28/EC).

Read also:
Neste strategy 
Neste chosen among the most sustainable companies in the world based on CDP Climate Change assessment 
Neste selected as the world's 3rd most sustainable company on the Global 100 list 
Neste strengthens its global leading position in renewable products with a major investment in Singapore 

For more on Neste's emissions, see the Neste's Sustainability Report, p. 63

Neste in brief

Neste (NESTE, Nasdaq Helsinki) creates sustainable solutions for transport, business, and consumer needs. Our wide range of renewable products enable our customers to reduce climate emissions. We are the world's largest producer of renewable diesel refined from waste and residues, introducing renewable solutions also to the aviation and plastics industries. We are also a technologically advanced refiner of high-quality oil products. We want to be a reliable partner with widely valued expertise, research, and sustainable operations. In 2018, Neste's revenue stood at EUR 14.9 billion. In 2019, Neste placed 3rd on the Global 100 list of the most sustainable companies in the world. Read more: neste.com

SOURCE Neste

Related Links

https://www.neste.com