Neste Corporation, News, 9th June 2021
Neste and ITOCHU Corporation have announced that they are joining forces to deliver renewable diesel to the Japanese market. In this collaboration, ITOCHU Corporation
will be the first company in Japan to sell and distribute renewable diesel from Neste. In addition, FamilyMart, which is owned by ITOCHU Corporation and is one of the largest convenience store chains in Japan, will start to use renewable diesel in some of the delivery vehicles at their distribution center in Yokohama City. This will be the first time that convenience store delivery vehicles use renewable diesel in Japan.
Significant reduction in greenhouse gas emissions by shifting to renewable diesel
The renewable diesel from Neste, is produced from 100% renewable raw materials and helps reduce greenhouse gas (GHG) emissions by up to 90% when emissions over the fuel's life cycle are compared with fossil diesel. The renewable diesel is a “drop-in” fuel, fully compatible with all diesel engines, not requiring any modifications to the existing vehicles or fuel distribution infrastructures.
ITOCHU Corporation and FamilyMart on sustainability
ITOCHU Corporation has set "Contribute to and strengthen initiatives for the sustainable development goals" as one of the basic policies in its medium-term management plan and will continue the work to introduce renewable diesel in Japan.
FamilyMart established the “FamilyMart Eco Vision 2050” in February 2020. To contribute to the realization of a sustainable society, it has set numeric goals under three themes; "Reduction of greenhouse gas”, "Plastic measures," and "Reduction of food loss" as the mid- and long-term goals for 2030 and 2050. With its message, "FamilyMart, Where You Are One of the Family," FamilyMart will advance the sustainability initiatives to achieve continuous growth with society.
In 2020, Neste’s renewable products helped customers in several geographic markets to reduce greenhouse gas emissions by 10.0 million tons* altogether. This amount equals the annual carbon footprint of 1.5 million average EU citizens (source: World Bank) or the removal of 3.7 million passenger cars from the roads for a full year. Neste is now happy to be part of the journey to reduce GHG emissions of the road transportation industry also in Japan.
“We are very excited and pleased to work together with our partner ITOCHU Corporation to develop the Japanese market for Neste renewable diesel, which will contribute to the reduction of greenhouse gas emissions”, says Carl Nyberg, Executive Vice President, Renewable Road Transportation at Neste.
*) The method used to calculate life cycle emissions and emission reduction complies with the EU Renewable Energy Directive (2009/28/EC).
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
ITOCHU Corporation in brief
The history of ITOCHU Corporation dates back to 1858 when the Company's founder Chubei Itoh commenced linen trading operations. Since then, ITOCHU Corporation has evolved and grown over 160 years. With approximately 100 bases in 62 countries, ITOCHU Corporation, one of the leading sogo shosha, is engaging in domestic trading, import/export, and overseas trading of various products such as textile, machinery, metals, minerals, energy, chemicals, food, general products, realty, information and communications technology, and finance, as well as business investment in Japan and overseas.