Neste Corporation, Press Release, 9 June 2022 at 9:30 a.m. (EET)
Neste has today published its first Green Finance Report following the establishment of its Green Finance Framework in 2021 to further integrate the company's sustainability ambitions into its financing.
The Green Finance Report, which covers financing activities in 2021, confirms that sustainability is deeply embedded in Neste’s everyday business and reiterates our ambitious climate commitments.
In March 2021, Neste issued a EUR 500 million 7-year green bond, the first of its kind for Neste, to provide investors the opportunity to support our objective of mitigating climate change globally by reducing greenhouse gas emissions through our renewable and circular solutions. This has been followed in 2022 by a EUR 500 million green term loan agreement.
Part of the proceeds of the inaugural green bond have been allocated to the ongoing investment projects:
- Renewable products capacity expansion project at the Singapore refinery, namely Singapore Expansion Project; and
- Sustainable aviation fuel (SAF) optionality project at the Rotterdam refinery
“The extension of our Singapore refinery is planned to come on stream at the end of the first quarter in 2023 and together with our Rotterdam sustainable aviation fuel optionality project we expect to achieve a SAF production capability of 1.5 million metric tons annually by the end of 2023. The financing under the Green Finance Framework supports our objective to mitigate climate change, and thanks to an allocation of proceeds from the first green bond to these investment projects we are well on track to reach our climate commitments,” says Mika Rydman, Vice President and Group Treasurer, Neste.
Vice President, Communications
To follow the work within sustainable finance and to access the Green Finance Framework, the Second Opinion, the Green Finance Framework Q&A, and the Third Party Audit, please visit: https://www.neste.com/investors/credit/green-finance
Neste’s media service, tel. +358 800 94025 / 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 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