Neste Corporation, Press Release, 7 December 2021 at 5 p.m. (EET)
Neste has achieved a Leadership level and A- score for its climate action by the non-profit CDP, marking the fifth consecutive year that Neste has reached the Leadership level (A or A-) since the current assessment system was introduced in 2016. The 2021 result is based on Neste's climate-related sustainability performance in 2020.
Neste has also received good results in CDP's Forests and Water Security assessments. From the Forests category, Neste achieved an A- rating from palm oil and an A- rating from cattle products. As for Water Security, Neste received a B rating.
In the results released by CDP on 7 December 2021, Neste is among the selected few Nordic companies in the climate leadership level and among the best European companies achieving good results from the committed work on supply chain transparency and land-based metrics in the forest assessments. The results of CDP's assessments also highlight Neste's good performance in water management and water related business impacts.
"We are pleased with our results in CDP's assessments, which show that we are on the right track with our long-term sustainability efforts to create a healthier planet for our children. The climate crisis is one of the biggest challenges of our times and as part of solving this challenge, we will continue setting ambitious sustainability targets into the future, as seen in our broadened sustainability vision unveiled earlier this year," says Peter Vanacker, President and CEO at Neste.
Neste has disclosed its climate change prevention measures for the past 15 years in CDP, which assesses corporate measures to combat climate risks and how companies take advantage of the business opportunities offered by low-emission products and services. Neste has ambitious climate commitments: reaching carbon neutral production (Scope 1 & 2*) by 2035; helping its customers reduce their greenhouse gas emissions by at least 20 million tons of CO2e annually by 2030; and a concrete target for Scope 3 emissions* to reduce the use phase emission intensity** of sold products by 50% by 2040 compared to 2020 levels. This target will be achieved through Neste’s transformation towards increasing the share of renewable and circular solutions as well as working with suppliers and partners to reduce emissions across the value chain.
CDP’s Forests assessment analyzes companies’ ability to manage and measure forest-related risks and opportunities, transparency and their commitment to actively restore forests and ecosystems. Neste transparently discloses its forest footprint as part of the CDP program. All the palm oil Neste uses has been fully traceable to the plantation level since 2007 and 100% certified since 2013. Over the past decade, palm oil's share in Neste’s annual renewable raw material inputs has decreased significantly. In the first year-half of 2021, palm oil represented approximately 7% of renewable raw material inputs globally. Neste plans to reduce the share of palm oil to 0% of its global renewable raw material inputs by the end of 2023.
CDP’s Water Security category not only measures companies’ water management but also their strategic response to water risks. Neste invests in water security by efficient and constantly monitored water usage. Almost all Neste’s water consumption takes place in connection with refining. In addition to refining, water is used at terminals, in shipping, and by the station network.
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