1 December 2015 at 11 am (EET)
Neste welcomes US EPA's higher than expected renewable fuel volume requirements
The Environmental Protection Agency (EPA) in the US published the final ruling covering renewable fuel volume requirements retrospectively for 2014 and prospectively for 2015 and 2016 on 30 November 2015. EPA also finalized the volume requirement for biomass-based diesel for 2017.
Volume requirements are set separately for different types of biofuels. Neste's NEXBTL renewable diesel meets the requirements of an advanced biofuel in the biomass-based diesel category (D4). Volume requirements for biomass-based diesel for 2015, 2016, and 2017 are higher than the ones proposed by the EPA in May 2015. More information on the volume requirements is available at EPA's website.
"We are pleased to see EPA taking steps towards a more forward-looking rulemaking in setting renewable fuel volume requirements. This provides important predictability and stability for our business", says Kaisa Hietala, Executive Vice President of Neste's Renewable Products business area.
"The US continues to be an important market for Neste and our NEXBTL renewable diesel. The increase in requirement for advanced biofuels is in line with our expectations. We agree that growing volume requirement on the advanced biofuels is the right way to go as they provide greater greenhouse gas reductions and are a very effective way to reach carbon emission reduction targets", continues Hietala.
Neste's NEXBTL renewable diesel is an ideal low-carbon fuel for US refiners, blenders, and fuel distributors to meet their renewable fuel standard obligations, as it is fully compatible with existing fuel distribution systems. NEXBTL renewable diesel is also increasingly being used by US cities (e.g. City of Oakland and City of Walnut Creek) and corporations (e.g. UPS and Google) to reduce their carbon footprint.
Director, Corporate Communications
Further information: Kaisa Hietala, Executive Vice President, Renewable Products, Neste, tel. +358 10 458 4128
Neste in brief
Neste is a forerunner in oil refining and renewable solutions. We offer our customers cleaner traffic solutions and industrial products based on cutting-edge research. Our sustainable practices have received recognition in the Dow Jones Sustainability World Index and the Global 100 list of the world's most sustainable companies. In 2014, our revenue amounted to EUR 15 billion. Neste shares are listed on NASDAQ Helsinki. Cleaner traffic, energy and life are moved forward by 5,000 professionals. Learn more at neste.com