Neste Corporation, Press Release, 11 June 2021 at 10.00 a.m. (EET)
Neste is committed to reaching carbon neutrality in its production by 2035. As part of this effort, Neste aims for 100% renewable electricity use globally by 2023. In order to proceed with this target, Neste will increase the use of renewable electricity at its Porvoo refinery and has signed a new wind power agreement with a wind power company Ilmatar. Renewable electricity produced by wind power is one of the key ways to reduce greenhouse gas emissions* related to the electricity purchases of production facilities.
In addition to the new wind power agreement, Neste entered into an agreement with Ilmatar in 2020 and committed to increasing the use of renewable energy in production with its wind power agreement with Fortum in late 2019. As a result of these agreements, approximately 40% of the electricity used at the Porvoo refinery will be renewable wind power in 2025. The first wind power deliveries from the Fortum Kalax wind farm to Neste Porvoo site began in January 2021.
In addition to the wind power agreements, Neste will increase the share of renewable electricity with so-called Guarantees of Origin, based on existing renewable electricity generation capacity. Guarantees of Origin will help increase the share of renewable electricity to 100% of Neste's electricity needs by 2023.
"Investments into renewable electricity support our target of reaching carbon neutrality in our production by 2035. Wind power is one of the approximately 80 measures we have identified to reduce greenhouse gas emissions in our operations. Our aim is to increase the use of renewable electricity at the Porvoo refinery to 100% by 2023, in line with our company's global goal for renewable energy. The goal for the share of renewable electricity of total purchased electricity is 100 % in 2023," says Marko Pekkola, Executive Vice President, Oil Products at Neste.
The newly-signed long-term wind power agreement with Ilmatar corresponds to approximately 200 GWh/a, representing some 17% of the electricity consumption at Neste's refinery in Porvoo. Ilmatar's wind power deliveries are expected to begin in early 2025.
The new wind power agreement helps Neste to reduce the indirect greenhouse gas emissions* of electricity purchases at Porvoo refinery in Finland annually by approximately 50,000 tons CO2 equivalent. With all the wind power agreements combined, Neste will reduce indirect greenhouse gas emissions* of its electricity purchases at its Finnish production sites by approximately 120,000 tons CO2 equivalent**, which equals the annual carbon footprint of more than 19,000 average EU citizens.
*) Scope 2 emissions defined by the Greenhouse Gas Protocol.
**) The emission reduction has been calculated on the basis of the 2019 residual mix published by the Finnish Energy Authority.
Vice President, Communications
Further information: Please contact Neste’s media service, tel. +358 50 458 5076 / email@example.com (weekdays from 8:30 a.m. to 4:00 p.m. EET).
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 renewable diesel and sustainable aviation fuel, developing chemical recycling to combat the plastic waste challenge. We aim at helping customers to reduce greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons annually by 2030. As a technologically advanced refiner of high-quality oil products with a commitment to reach carbon-neutral production by 2035, we are also introducing renewable and recycled raw materials such as waste plastic as refinery raw materials. We have consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world’s most sustainable companies. In 2020, Neste's revenue stood at EUR 11.8 billion, with 94% of the company’s comparable operating profit coming from renewable products. Read more: neste.com