Neste Corporation, News, 30 May 2023
Photo: Neste Marine 0.1 Co-processed marine fuel helps reduce the dependency on fossil fuels as in its production crude oil based raw materials have been partly replaced with renewable raw materials. Source: Neste
Over 90% of the world’s trade is carried by sea, making maritime transport essential to the global economy. The International Maritime Organization has set ambitious targets for the maritime sector to reduce its emissions to combat climate change. From May 2023 onwards, two tankers transporting Neste’s renewable diesel from Finland to Sweden will be fueled with lower-emission marine fuel, namely Neste Marine™ 0.1 Co-processed.
“We are committed to working with our suppliers and partners to reduce emissions across our entire value chain. Powering two tankers transporting our renewable diesel with a marine fuel to reduce greenhouse gas emissions is yet another step towards reaching our sustainability targets,” says Markku Korvenranta, Executive Vice President for Oil Products business unit at Neste.
Neste Marine™ 0.1 Co-processed is an ISCC PLUS certified* marine fuel and a lower-emission solution for marine professionals, including cargo owners and charterers. Its use enables up to 80%** lower greenhouse gas (GHG) emissions over the fuel’s life cycle compared to fossil fuel.
“Our aim is to support shipping companies in their transition towards carbon neutrality. A year ago we introduced Neste Marine 0.1 Co-processed marine fuel to the market. The fuel is now commercially available in Finland and Denmark. As a part of Neste’s target to reduce emissions across our value chain, we have now started transporting our renewable diesel to Sweden in two tankers that run on lower emission marine fuel themselves,” tells Sveta Ukkonen, Head of Marine Fuels & Services at Neste.
The tankers Suula and Kiisla will be using the Neste Marine 0.1 Co-processed marine fuel produced at Neste’s refinery in Porvoo, Finland. At the refinery, renewable raw materials are processed together with fossil raw materials in the conventional refining process. Co-processing raw materials enables control over quality through the entire process and results in a product with a composition and performance similar to conventional marine fuels.
Neste is committed to reducing emissions across the value chain by 2040
Neste is committed to work with its suppliers and partners to reduce the indirect GHG emissions across Neste’s entire value chain (scope 3), including transportation of our products. By the end of 2022, Neste had switched four vessels to more energy-efficient ones. In March 2023, Neste announced an agreement to charter two new lower-emission tankers from Terntank to transport raw materials and products.
*) The sustainability characteristics of the co-processed marine fuel are certified with International Sustainability and Carbon Certification (ISCC PLUS) with a mass balance approach.
**) Emission reduction of the bio-based share of the product over the fuel’s life cycle compared to fossil fuel. The method used to calculate life cycle emissions and emission reduction is guided by the EU Renewable Energy Directive II (EU)2018/2001.
Further information: Please contact Neste’s media service, tel. +358 800 94025 / email@example.com (weekdays between 8.30 a.m. and 4.00 p.m. EET). Please subscribe to Neste’s releases at https://www.neste.com/for-media/releases-and-news/subscribe.
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 2022, Neste's revenue stood at EUR 25.7 billion. Read more: neste.com