Neste Corporation, Press Release, 16 March 2021 at 9:30 a.m. (EET)
Neste has established a Green Finance Framework to further integrate the company’s sustainability ambitions into its financing.
The Green Finance Framework is designed to support financing or refinancing Eligible Assets and Projects, i.e. investments into the development, operations, maintenance and expansion of our renewable and circular solutions with the objective to mitigate climate change globally by reducing greenhouse gas emissions. The environmental objectives targeted with proceeds allocated relate to the reduction of the carbon emissions by the expansion and development of Neste’s production capacity for renewable products, which provide a sustainable and direct drop-in alternative to fossil fuels and products.
“We have made two climate commitments. We have committed to help our customers reduce greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons CO2eq annually by 2030, and to reach carbon neutral production (scope 1 and 2) by 2035. In addition to the newly established Green Finance Framework, one example of our commitment to these targets is the EUR 1.2 billion multi-currency revolving credit facility signed in December 2019 where the margin will be adjusted based on Neste’s progress to meet its greenhouse gas emission reduction target,” says Mika Rydman, Vice President and Group Treasurer, Neste.
For more than ten years, Neste has steadily increased the volume of its renewable products. Today, the company has the capacity to produce 3.2 million tons of renewable products annually at its refineries in Singapore, Rotterdam and Porvoo, Finland. To secure future growth, Neste is expanding its global feedstock and production platform for renewables. With its expansion in Singapore, Neste is bringing the total global renewable product capacity to 4.5 million ton/a in 2023.
Nordea acted as an adviser on the establishment of the Green Finance Framework and green finance evaluation expert CICERO Shades of Green had a role as an independent second opinion provider.
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 when made available, the Third Party Audit, please visit: https://www.neste.com/investors/credit/green-finance
Mika Rydman, Vice President and Group Treasurer, Neste. Please contact Neste’s media service, tel. +358 50 458 5076 / firstname.lastname@example.org (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