Neste Corporation Press Release 7 February, 2019 at 9:00 am (EET)
In 2018, Neste’s renewable fuels helped private motorists as well as professional and commercial drivers in several geographic markets to reduce their greenhouse gas (GHG) emissions by altogether 7.9 million tons*, equaling the annual carbon footprint of 1.2 million average EU citizens (source: World Bank) or the removal of 3 million passenger cars from the roads for a full year.
“While we continue discussing various future alternatives for reducing transport-related emissions, high-quality renewable fuels such as Neste MY Renewable Diesel™ continue to steadily reduce transportation-related emissions even as we speak. The fuel provides its users a concrete, cost-effective way to combat climate change while also helping various organizations, cities, municipalities, and even countries to meet their emissions reduction and carbon neutrality targets,” explains Peter Vanacker, President & CEO from Neste.
Waste and residue raw materials account for approximately 80% of Neste’s annual usage of renewable raw material, which maximizes the average emission reduction that Neste’s renewable fuels provide as a whole. Switching from fossil diesel to 100% Neste MY Renewable Diesel produced entirely from waste and residue raw materials results in 90% smaller greenhouse gas emissions (GHG, gCO2eq/MJ) on the average when life cycle emissions of both fuels are compared. Switching to Neste MY Renewable Diesel does not require investments into new vehicles or modifications to diesel engines.
Positive climate impact continues to grow
For more than ten years, Neste has steadily increased the volume of renewable products that it brings to the market. Nowadays, Neste has a capacity to produce 2.7 million tons of renewable products annually at its refineries in Finland, the Netherlands and Singapore.
In December 2018, the company announced its decision to invest approximately EUR 1.4 billion to expand its renewable products production capacity in Singapore, bringing the total renewable product capacity close to 4.5 million tons annually in 2022.
With the production capacity increasing, so will the positive impact that Neste’s renewable products can make in various sectors of the society. Neste’s target is to reduce GHG emissions by 9 million tons annually with its renewable products from 2022 onwards.
“Neste is in the business of helping transport and cities, aviation, polymers and chemicals customers make their business more sustainable. As we continue to focus on efficient utilization of various waste and residue raw materials in our production, we can maximize the positive impact we can make in several areas of life,” Vanacker concludes.
Director, Corporate Communications and Brand Marketing
Pekka Tuovinen, Senior Advisor, Sustainability, tel. +358 10 458 4516, pekka.tuovinen(at)neste.com
*The method used to calculate life cycle emissions and emission reduction complies with the EU Renewable Energy Directive (2009/28/EC). The annual emission reduction provided by Neste’s renewable fuels altogether in 2018 was slightly smaller than in previous year due to smaller production volumes resulting from scheduled maintenance at Neste’s Singapore and Rotterdam refineries in 2018. The number of passenger vehicles that the emissions reduction corresponds to remained at the previous year’s level, as the energy efficiency of passenger cars has improved.
Neste in brief
Neste (NESTE, Nasdaq Helsinki) creates sustainable solutions for transport, business, and consumer needs. Our wide range of renewable products enable our customers to reduce climate emissions. We are the world's largest producer of renewable diesel refined from waste and residues, introducing renewable solutions also to the aviation and plastics industries. We are also a technologically advanced refiner of high-quality oil products. We want to be a reliable partner with widely valued expertise, research, and sustainable operations. In 2018, Neste's revenue stood at EUR 14.9 billion. In 2019, Neste placed 3rd on the Global 100 list of the most sustainable companies in the world. Read more: neste.com