Neste enables its customers to reduce their greenhouse gas (GHG) emissions by offering renewable and circular solutions to replace fossil products, said the company.
In 2022, Neste’s renewable solutions helped customers reduce their GHG emissions globally by 11.1 million tons altogether. This amount equals the annual carbon footprint of 1.8 million average EU citizens (source: World Bank) or the removal of four million passenger cars from the roads for a full year.
“We are on track towards reaching our commitment of helping our customers to reduce their GHG emissions by at least 20 million tons of CO2e annually by 2030. Our ongoing strategic projects will expand our renewables production capacity in the coming years, which supports our efforts to increase our carbon handprint,” says Matti Lehmus, President and CEO of Neste.
Neste’s current global production capacity of renewable products is 3.3 million tons annually. Neste’s ongoing Singapore refinery expansion project and the joint operation with Marathon Petroleum in Martinez, California will increase the total production capacity of renewable products to 5.5 million tons by the end of 2023, and make Neste the only global provider of renewable fuels and renewable feedstock for polymers and chemicals with a production footprint on three continents. When completed, the Rotterdam refinery expansion project will further increase the company’s total production capacity of renewable products to 6.8 million tons by the end of 2026. Furthermore, Neste has started a study on transitioning its refinery in Porvoo, Finland into a globally leading renewable and circular solutions site.
We remind, Neste posted strong revenue and profit growth in its renewable fuels business even as its Chief Executive flagged the long-term need for new raw materials amid growing European demand for sustainable jet fuel.
The company has bet heavily on renewable fuels but is competing in a crowded space as fossil fuel majors enter the green fuel market, pushing up costs for used cooking oil and discarded animal fat. Neste estimates that the maximum available global capacity for waste and residue materials would be around 40 MMtpy.
mrchub.com