Neste Corporation, News, 15 February 2023
The news was updated 15 February at 12:25 p.m. (EET)*
The European Commission has published its review of the CO2 emission standards for heavy-duty vehicles calling for a 90% reduction of emissions by 2040. Neste welcomes policy actions that will reduce emissions from road transport in Europe, and continues to make significant investments in renewable transport fuels to support the European Union’s net-zero targets.
“Neste supports ambitious climate policies: our renewable solutions helped our customers reduce greenhouse gas emissions globally by 11.1 million tons last year. Yet we believe that this is only possible because of the range of options we currently have available,” says Minna Aila, Executive Vice President, Sustainability and Corporate Affairs at Neste. “We would be cautious to avoid scenarios that lock Europe into a one-technology approach or create dependence on one energy carrier. As the Commision proposal now enters the legislative process, we would like to see support for all renewable and sustainable fuels that also reduce emissions, in particular those that offer immediate solutions. Focusing too narrowly on specific technologies may unintentionally exclude some regions where it will be particularly difficult to electrify and the communities that live there.”
Full and fast decarbonization will be more easily achieved with a range of options
Transport is responsible for over a quarter of all greenhouse gas (GHG) emissions in the European Union. Advances in vehicle design and engine technology have been offset by an increase in road transport – both in terms of the number of vehicles and mileage – resulting in an increase in overall emissions over the past 30 years. Today, there are around 6.2 million trucks in circulation in the EU and their average age is 14 years. In addition, the European Commission impact assessment ahead of the CO2 Standards Regulation shows that at least 70% of newly sold trucks would be running on diesel in 2030. To decarbonize these heavy-duty vehicles (HDVs), policymakers should explore several parallel solutions, as the HDV fleet could face substantial challenges to electrify.
With the right policy mechanisms in place, for example allowing the contribution of renewable fuels and recognizing the significant greenhouse gas savings derived from their use, we avoid excluding HDVs from both immediate and future decarbonization solutions as we collectively work to deliver a fossil-free road transport sector.
Further information: Please contact Neste's media service, tel. +358 800 94025 / firstname.lastname@example.org (weekdays from 8.30 a.m. to 4.00 p.m. EET). Please subscribe to Neste’s releases at https://www.neste.com/for-media/releases-and-news/subscribe.
*) The original news release stated the average lifespan of trucks is 14 years. This has been corrected to the average age of trucks is 14 years.
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