Neste Oil Corporation
16 February 2010 at 1.00 pm (EET)
Neste Oil rated top performer by the Forest Footprint Disclosure Project
A report published on 10 February by the investor-backed initiative, the Forest Footprint Disclosure (FFD) project, highlights the businesses that have responded to its first call to disclose details of their 'Forest Footprint'. The first disclosure request, in the form of a questionnaire, was sent to 217 high-profile international companies in July 2009 and asked companies to disclose information in 11 key areas, including risk assessment, sustainable supply chain development and support, and governance processes.
Neste Oil was ranked the best performer in the oil & gas sector on the basis of the responses to the 2009 questionnaire. While saying that "Neste Oil deserves commendation for its commitment to improve its sourcing of sustainable palm oil", the FFD described the oil & gas sector's results as disappointing overall.
"Recognizing the importance of reducing deforestation in the fight against climate change, Neste Oil has developed a third party-audited supply chain management system that provides us with information on the exact origin of the palm oil we use," says Pekka Tuovinen, Neste Oil's Director, Sustainability and Regulatory Affairs. "We believe this could be a model for other companies and industries using palm oil, and the FFD provides us with a useful forum for sharing this type of experience. We are committed to using solely third party-certified palm oil as it becomes available, and our aim is for all the palm oil we use to be certified by the end of 2015."
The number of financial institutions backing the FFD has tripled over the last six months to 34 asset managers, with a total of $3.5 trillion in funds under management.
Neste Oil Corporation
Director, Corporate Communications
More information: Pekka Tuovinen, Director, Sustainability and Regulatory Affairs, Neste Oil, tel. +358 10 458 4516
FFD in brief
The Forest Footprint Disclosure Project is the brainchild of the Global Canopy Programme, supported by the UK Department for International Development (DFID), the David and Lucille Packard Foundation, Esmée Fairbairn Foundation, the Rufford Maurice Laing Foundation and the Waterloo Foundation. It includes representatives of the Princes' Rainforests Project, UNEP Finance Initiative and the investment community on its Steering Committee. www.forestdisclosure.com
Neste Oil in brief
Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company is the world's leading supplier of renewable diesel. Neste Oil's refineries are located in Porvoo and Naantali and have a combined crude oil refining capacity of approx. 260,000 barrels a day. The company had net sales of EUR 9,6 billion in 2009 and employs around 5,100 people. Neste Oil's share is listed on the NASDAQ OMX Helsinki.
Neste Oil has been selected into the Dow Jones Sustainability World Index and awarded 'Best in Class' recognition for its social accountability by Storebrand. The company is also featured in the Ethibel Pioneer Investment Register and included in Innovest's Global 100 list of the world's most sustainable corporations. Further information: www.nesteoil.com