Neste’s renewable and circular solutions helped customers reduce greenhouse gas emissions globally by 10.9 million tons in 2021
Neste Corporation, Press Release, 15 February 2022 at 12 p.m. (EET)
In 2021, Neste’s renewable and circular solutions helped customers reduce their greenhouse gas (GHG) emissions globally by 10.9 million tons* altogether. This amount equals the annual carbon footprint of 1.7 million average EU citizens (source: World Bank) or the removal of 4.2 million passenger cars from the roads for a full year.
“With the 10.9 million tons reduction in GHG emissions, we are more than halfway to our commitment of helping our customers reduce emissions with our renewable and circular solutions by at least 20 million tons of CO2e annually by 2030,” says Peter Vanacker, President and CEO of Neste.
“We recognize that we also need to reduce our own climate impact as well, and therefore in 2021 we extended our ambitious climate commitment of reaching carbon neutral production by 2035 and set a concrete target for Scope 3 emissions. We commit to lead the transformation towards a carbon neutral value chain by 2040 and reduce the use phase emission intensity** of sold products by 50% by 2040 compared to 2020 levels, and we’ll do this through increasing the share of renewable and circular solutions and working with suppliers and partners to reduce emissions across the value chain. Finally, we are well on track with our commitment of reaching carbon neutral production by 2035 and have identified over 100 measures to reduce production emissions – some have already been implemented, for example many wind power agreements have been signed with suppliers,” Vanacker says.
Neste has refineries in Finland, the Netherlands and Singapore to produce renewable products entirely from renewable raw materials, with a current annual production capacity of approximately 3.3 million tons.
“As demand for renewable products is growing substantially, driven by higher climate ambitions and supportive regulation, we are continuously expanding our capacity to produce renewable products. Our annual production capacity will increase to 4.5 million tons of renewables as the extension of our Singapore refinery comes on stream at the end of the first quarter in 2023. Together with our Rotterdam sustainable aviation fuel (SAF) optionality project, we expect to achieve a SAF production capability of 1.5 million tons annually by the end of 2023,” Vanacker continues.
Reducing GHG emissions and replacing crude oil-based products with renewable and circular solutions are at the core of Neste’s strategy and sustainability vision. Neste calculates the carbon footprint of its fuel products over their entire life cycle: from the production of the raw materials to the end use of the final product. This means that Neste’s renewable and circular products offer significant GHG emissions savings that help its customers reduce their carbon footprint or the carbon footprint of their products.
*) The method used to calculate life cycle emissions and emission reduction complies with the EU Renewable Energy Directive II (EU)2018/2001.
**) 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 2021, Neste's revenue stood at EUR 15.1 billion. Read more: neste.com