Neste Oil Corporation
23 June 2011 at 10.00 a.m (EET)
Neste Oil's Climate Opportunity Fund investment will promote environmental projects in developing countries
Neste Oil has invested EUR 5 million in GreenStream's Climate Opportunity Fund, which finances projects aimed at reducing CO2 emissions in developing countries. The investment is part of Neste Oil's worldwide greenhouse gas balance management program and will give the company access to emission allowances under the EU emissions trading scheme for the trading period beginning in 2013.
"Reducing climate impact and managing our greenhouse gas balance are important goals for us," says Neste Oil's Energy Director, Jussi Hintikka. "In addition to acquiring emission allowances, the new fund investment enables us to support environmental projects in developing countries and meet our own emissions trading obligations."
The investment is a continuation of Neste Oil's cooperation with GreenStream that began during the current emissions trading period. The fund invests in projects including renewable energy initiatives in China that have the potential to reduce CO2 emissions several millions of tons by 2020. GreenStream Network Plc is the Nordic region's leading asset management company in the climate and renewable energy markets with current assets under management totaling some EUR 170 million.
Neste Oil Corporation
Director, Corporate Communications
Jussi Hintikka, Vice President, Energy, tel. +050 458 4799
Neste Oil in brief
Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company produces a comprehensive range of major petroleum products and is the world's leading supplier of renewable diesel. The company had net sales of EUR 11.9 billion in 2010 and employs around 5,000 people. Neste Oil's share is listed on the NASDAQ OMX Helsinki.
Neste Oil has been selected into the Dow Jones Sustainability World Index and is also featured in the Ethibel Excellence investment register. The company is included in The Global 100 list of the world's most sustainable corporations. Forest Footprint Disclosure (FFD) has ranked Neste Oil as the best performer in the oil & gas sector. Further information: www.nesteoil.com