Neste Corporation, Press Release, 14 December 2022 at 8.00 a.m. (EET)
Neste has again reached the Leadership level and A- rating for its climate actions in the annual listing of companies excelling in their sustainability work by the global non-profit organization CDP. For the sixth consecutive year, Neste has been included in the Leadership level (A or A-) in the Climate Change assessment.
Moreover, Neste has received good results in CDP's Forests and Water Security assessments. From the Forests category, Neste achieved an A- rating from palm oil and an A- rating from cattle products. As for Water Security, Neste received a B rating. The 2022 results are based on Neste's sustainability performance in 2021.
“Being acknowledged among the most sustainable companies in the CDP's prestigious lists for Climate Change and Forests, showcases our long-term commitment to climate and the environment. While we constantly strive for improvement, we are pleased with our results in CDP's 2022 assessments. We will continue to help our customers in the road transportation, aviation as well as in polymers and chemicals sectors to make their business more sustainable,” says Minna Aila, Senior Vice President, Sustainability and Corporate Affairs, Neste.
Neste has disclosed its climate change prevention measures for the past 16 years in CDP, which assesses corporate measures to combat climate risks and how companies take advantage of the business opportunities offered by low-emission products and services. Neste has ambitious climate commitments: reaching carbon neutral production (Scope 1 & 2) by 2035; helping its customers reduce their greenhouse gas emissions by at least 20 million tons of CO2e annually by 2030; and a concrete target for Scope 3 emissions to reduce the use phase emission intensity of sold products by 50% by 2040 compared to 2020 levels. This target will be achieved through increasing the share of renewable and circular solutions as well as working with suppliers and partners to reduce emissions across the value chain.
CDP’s Forests assessment analyzes companies’ ability to manage and measure forest-related risks and opportunities, transparency and their commitment to actively restore forests and ecosystems. Neste transparently discloses its forest footprint as part of the CDP program. All the palm oil Neste uses has been fully traceable to the plantation level since 2007 and 100% certified since 2013. Over the past decade, palm oil's share in Neste’s annual renewable raw material inputs has decreased significantly. In 2021, palm oil represented approximately 7% of renewable raw material inputs globally. Neste plans to reduce the share of palm oil to 0% of its global renewable raw material inputs by the end of 2023.
CDP’s Water Security category not only measures companies’ water management but also their strategic response to water risks. Neste invests in water security by efficient and constantly monitored water usage. Almost all Neste’s water consumption takes place in connection with refining. In addition to refining, water is used at terminals, in shipping, and by the station network.
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 2021, Neste's revenue stood at EUR 15.1 billion. Read more: neste.com