Neste Corporation, Press Release, 13 February 2023 at 11.00 a.m. (EET)
Neste enables its customers to reduce their greenhouse gas (GHG) emissions by offering renewable and circular solutions to replace fossil products. In 2022, Neste’s renewable solutions helped customers reduce their GHG emissions globally by 11.1 million tons* altogether. This amount equals the annual carbon footprint of 1.8 million average EU citizens (source: World Bank) or the removal of four million passenger cars from the roads for a full year.
“We are on track towards reaching our commitment of helping our customers to reduce their GHG emissions by at least 20 million tons of CO2e annually by 2030. Our ongoing strategic projects will expand our renewables production capacity in the coming years, which supports our efforts to increase our carbon handprint,” says Matti Lehmus, President and CEO of Neste.
Neste’s current global production capacity of renewable products is 3.3 million tons annually. Neste’s ongoing Singapore refinery expansion project and the joint operation with Marathon Petroleum in Martinez, California will increase the total production capacity of renewable products to 5.5 million tons by the end of 2023, and make Neste the only global provider of renewable fuels and renewable feedstock for polymers and chemicals with a production footprint on three continents. When completed, the Rotterdam refinery expansion project will further increase the company’s total production capacity of renewable products to 6.8 million tons by the end of 2026. Furthermore, Neste has started a study on transitioning its refinery in Porvoo, Finland into a globally leading renewable and circular solutions site.
“Neste calculates the carbon footprint of its products and solutions over their entire life cycle: from the production of the raw materials to the end use of the final product. Our renewable and circular solutions offer significant GHG emissions savings that help our customers reduce their carbon footprint or the carbon footprint of their products,” Lehmus continues.
Neste is committed to reducing the GHG emissions from its production by 50% by 2030 and reaching carbon neutral production by 2035. Neste is also committed to reducing the use phase emission intensity** of sold products by 50% by 2040 compared to 2020 levels and working with its suppliers and partners to reduce the indirect GHG emissions from its entire value chain.
*) The method used to calculate life cycle emissions and emission reduction complies with the EU Renewable Energy Directive II (EU)2018/2001 and the California LCFS methodology, which Neste has applied in the GHG reporting for volumes sold in the US since the beginning of 2022.
**) Use phase emission intensity is calculated by dividing the emissions from the use of products sold by Neste with the total amount of sold energy (gCO2e/MJ).
Vice President, Communications
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Neste in brief
Neste (NESTE, Nasdaq Helsinki) creates solutions for combating climate change and accelerating a shift to a circular economy. We refine waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials. We are the world’s leading producer of sustainable aviation fuel and renewable diesel and developing chemical recycling to combat the plastic waste challenge. We aim at helping customers to reduce their greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons annually by 2030. Our ambition is to make the Porvoo oil refinery in Finland the most sustainable refinery in Europe by 2030. We are introducing renewable and recycled raw materials such as liquefied waste plastic as refinery raw materials. We have committed to reaching carbon-neutral production by 2035, and we will reduce the carbon emission intensity of sold products by 50% by 2040. We also have set high standards for biodiversity, human rights and supply chain. We have consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world’s most sustainable companies. In 2022, Neste's revenue stood at EUR 25.7 billion. Read more: neste.com