Waste and residue raw materials account for approximately 80% of Neste's annual usage of renewable raw material, which maximizes the average emission reduction that Neste's renewable fuels provide as a whole. Switching from fossil diesel to 100% Neste MY Renewable Diesel produced entirely from waste and residue raw materials results in 80% smaller greenhouse gas emissions (GHG, gCO2eq/MJ) on the average when life cycle emissions of both fuels are compared.
For more than ten years, Neste has steadily increased the volume of renewable products that it brings to the market. Nowadays, Neste produces some 2.7 million tons of renewable products at its refineries in Finland, the Netherlands and Singapore.
In December 2018, the company announced its decision to invest approximately EUR 1.4 billion to expand its renewable products production capacity in Singapore, bringing the total renewable product capacity close to 4.5 million tons annually in 2022.
With the production capacity increasing, so will the positive impact that Neste's renewable products can make in various sectors of the society. Neste's target is to reduce GHG emissions by 9 million tons annually with its renewable products in 2022.
"As our economy grows, it is vital we find a way to accommodate that growth while reducing our impact on the environment," said Jeremy Baines, vice president of sales, Neste US, Inc. "It is encouraging to see our emissions reduction numbers for 2018, and helps us set even more ambitious goals going forward."
"Neste is in the business of helping transport and cities, aviation, polymers and chemicals customers make their business more sustainable. As we continue to focus on efficient utilization of various waste and residue raw materials in our production, we can maximize the positive impact we can make in several areas of life," Hietala concludes.
*The method used to calculate life cycle emissions and emission reduction complies with the EU Renewable Energy Directive (2009/28/EC).
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Neste (NESTE, Nasdaq Helsinki) creates sustainable solutions for transport, business, and consumer needs. Our wide range of renewable products enable our customers to reduce climate emissions. We are the world's largest producer of renewable diesel refined from waste and residues, introducing renewable solutions also to the aviation and plastics industries. We are also a technologically advanced refiner of high-quality oil products. We want to be a reliable partner with widely valued expertise, research, and sustainable operations. In 2017, Neste's revenue stood at EUR 13.2 billion. In 2019, Neste placed 3rd on the Global 100 list of the most sustainable companies in the world. Read more: neste.com