Neste Corporation, Press Release, 13 September 2023 at 3:30 p.m. (EET)
The European Parliament has today, Wednesday 13 September, adopted the ReFuel EU Aviation Regulation. This follows yesterday’s adoption of the Renewable Energy Directive (EU RED III).
Neste welcomes the enhanced ambition these two pieces of climate and energy legislation set out. Both will now enter into force in the coming weeks. The EU RED III will later be incorporated into law in the EU Member States, while the ReFuel EU Aviation Regulation will be directly applicable across the EU.
“As a leading provider of renewable diesel and sustainable aviation fuel, Neste particularly supports targets for the transport sector and the recognition of renewable liquid fuels as a way of delivering immediate emission reductions,” says Neste’s Minna Aila, Executive Vice President of Sustainability and Corporate Affairs.
As well as increasing emission reduction targets, both pieces of legislation create demand certainty, which is needed to attract investments towards the production of renewable fuels, while remaining consistent on the eligibility of raw materials permitted in sustainable biofuels.
“Demand for renewable energy is only set to grow as we strive to meet our climate goals. We are better equipped to meet this demand if we have consistency in our legislation. Consistency allows stakeholders across the value chain to invest in the creation and provision of greater volumes of renewable products over a longer term and continue research and development in this field,” continues Aila.
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. 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 by 2030. 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 2022, Neste's revenue stood at EUR 25.7 billion. Read more: neste.com