Neste Corporation, Press Release, 17 May 2023 at 6 p.m. (EET)
Neste has today published its annual Green Finance Report for 2022. The Green Finance Report, which covers green financing activities in 2022, demonstrates our commitment to combating climate change and accelerating a shift towards a circular economy.
In June 2022, Neste increased its green debt portfolio to EUR 1 billion with a EUR 500 million 3-year green term loan, which includes optionality for two 1-year extensions. This loan further supports our strategy to grow in renewable and circular solutions – a key driver towards achieving our climate goals.
Accompanied with the unallocated portion of Neste’s EUR 500 million 7-year green bond issued in 2021, the proceeds of the green term loan have been fully allocated to investments in renewable products production capacity. The projects include:
- Singapore Expansion Project: Renewable products production capacity expansion project at the Singapore refinery.
- Rotterdam Expansion Project: Renewable products production capacity expansion project at the Rotterdam refinery.
- Martinez Renewable Fuels Project: a 50/50 joint operation with Marathon Petroleum to produce renewable diesel following a conversion project of Marathon’s refinery in Martinez, California.
“Neste has a wide portfolio of investments in renewable and circular solutions needed to reduce the global greenhouse gas emissions. Green funding in 2022 demonstrates the investor interest to support this transition by providing a strong financing platform for these projects,” says Katariina Perkkiö, Vice President and Group Treasurer, Neste.
Neste’s Green Finance Report 2022 and the Green Finance Framework are available on our website.
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 the Third Party Audit, please visit: https://www.neste.com/investors/credit/green-finance
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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