Neste Corporation, Press Release, 1 September 2021 at 10.00 a.m. (EET)

Neste has signed a renewable power purchase agreement with Statkraft, Europe’s largest producer of renewable energy. Statkraft will begin the wind power deliveries to Neste’s Porvoo refinery in Finland in mid-2022.

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Neste is committed to combat climate change and reduce climate emissions both globally and locally. To support this, the company has two climate commitments. The signed agreement supports Neste’s commitment to reduce the carbon footprint of its production and to reach carbon neutral production by 2035. Neste’s other climate commitment is to reduce customers’ greenhouse gas emissions with its renewable and circular solutions by at least 20 million tons CO2eq annually by 2030.

“Our aim is to use 100% renewable electricity globally by 2023. We are increasing the use of renewable wind power at the Porvoo refinery, as it is one of the key measures to reduce greenhouse gas emissions of our production,” says Sami Oja, acting Executive Vice President, Oil Products at Neste.

In addition to its agreement with Statkraft, Neste’s wind power partners are Ilmatar and Fortum. Neste has been using wind power at the Porvoo refinery since the beginning of 2021. Currently, about 20% of the refinery’s electricity consumption is covered by renewable wind power.

The total annual capacity of the wind power agreement with Neste and Statkraft is approximately 215 GWh, which corresponds to some 18% of the electricity consumption at Neste’s refinery in Porvoo, Finland. This will reduce the refinery’s indirect greenhouse gas emissions* of electricity purchases annually by approximately 53,000 tons CO2 eq. Including previous agreements, Neste will reduce indirect greenhouse gas emissions of its electricity purchases for its production in Finland by approximately 170,000 tons CO2 eq**, which equals the average annual carbon footprint of more than 21,000 EU citizens***.

*) Scope 2 emissions defined by the Greenhouse Gas Protocol.
**) The emission reduction has been calculated on the basis of the 2019 residual mix published by the Finnish Energy Authority.
***) Source: World Bank

Neste Corporation

Susanna Sieppi
Vice President, Communications

Further information: Please contact Neste’s media service, tel. +358 50 458 5076 / media@neste.com (weekdays from 8:30 a.m. to 4:00 p.m. EET).

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 renewable diesel and sustainable aviation fuel, developing chemical recycling to combat the plastic waste challenge. We aim at helping customers to reduce greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons annually by 2030. As a technologically advanced refiner of high-quality oil products with a commitment to reach carbon-neutral production by 2035, we are also introducing renewable and recycled raw materials such as waste plastic as refinery raw materials. We have consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world’s most sustainable companies. In 2020, Neste’s revenue stood at EUR 11.8 billion, with 94% of the company’s comparable operating profit coming from renewable products. Read more: neste.com