Sustainability, Investors ·

Neste has published its Green Finance Report for 2023

Neste Corporation, Press Release, 30 May 2024 at 9 a.m. (EET)

Neste has today published its annual Green Finance Report for 2023. The Green Finance Report, which covers green financing activities in 2023, demonstrates our commitment to combating climate change and accelerating a shift towards a circular economy.

Since the establishment of Neste's first Green Finance Framework in 2021, the year 2023 marked a significant milestone in the company’s sustainable funding journey. In March 2023, Neste established a EUR 2.5 billion European Medium-Term Note (EMTN) Programme and issued an inaugural A3-rated EUR 1 billion dual tranche 6- & 10-year green bond. In November 2023, Neste returned to the debt capital markets with a EUR 600 million 7.5-year green bond, increasing its green debt portfolio to EUR 2.6 billion.

Of the EUR 1.6 billion of green debt issued in 2023 in accordance with Neste’s Green Finance Framework 2021, EUR 960 million was allocated to eligible assets and projects under the International Capital Markets Association (ICMA) Green Bond Principles 2018 (GBP) category of eco-efficient and circular economy adoption products, product technologies and processes. This includes projects that will substantially increase our nameplate capacity of renewable products including up to 2.2 million tons of sustainable aviation fuel (SAF) in 2026. The projects include:

  • Singapore Expansion Project: Renewables production capacity expansion project at the Singapore refinery
  • Rotterdam Expansion Project: Renewables production capacity expansion project at the Rotterdam refinery in the Netherlands
  • Rotterdam SAF Optionality Project: Modification of existing capacity to increase SAF production capability at the Rotterdam refinery
  • Martinez Renewable Fuels Project: A 50/50 joint operation with Marathon Petroleum to produce renewable diesel following a conversion project of Marathon’s refinery in Martinez, California, the U.S.

The remaining unallocated proportion of EUR 640 million remains available to be allocated to eligible assets and projects in 2024.

“Year 2023 was a landmark year for Neste in the debt capital markets: Neste issued three green bonds totaling EUR 1.6 billion, increasing our Green Debt Portfolio to EUR 2.6 billion. Strong and wide interest from international investors shows a strong commitment to support Neste’s investments in renewable and circular solutions needed to lead the change towards a more sustainable future,” says Martti Ala-Härkönen, CFO, Executive Vice President, Finance, Strategy and IT, Neste.

Annually Neste reports on the allocation and impact of green financing issued under the Green Finance Framework. Neste’s Green Finance Report 2023 and the Green Finance Framework are available on our website

Neste Corporation

Hanna Maula
Vice President, Communications and Brand

Further information:

To follow the work within sustainable finance and to access the Green Finance Framework, the Second Opinion, the Green Finance Reports and the Green Finance Framework Q&A, please visit:

Please contact Neste’s media service, tel. +358 800 94025 / (weekdays from 8.30 a.m. to 4.00 p.m. EET). Please subscribe to Neste’s releases at

Neste in brief

Neste (NESTE, Nasdaq Helsinki) creates solutions for combating climate change and accelerating a shift to a circular economy. The company refines waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials.

As the world’s leading producer of sustainable aviation fuel and renewable diesel and a forerunner in developing renewable and circular feedstock solutions for polymers and chemicals, Neste helps its customers to reduce their greenhouse gas emissions by at least 20 million tons annually by 2030.

The company’s ambition is to make the Porvoo oil refinery in Finland the most sustainable refinery in Europe. Neste is committed to reaching carbon-neutral production by 2035, and will reduce the carbon emission intensity of sold products by 50% by 2040. Neste has also set high standards for biodiversity, human rights and the supply chain. The company has consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world’s most sustainable companies. In 2023, Neste's revenue stood at EUR 22.9 billion. Read more: