Neste Extends its Climate Commitments

Source: www.gulfoilandgas.com 10/27/2021, Location: Europe

Neste has two existing and ambitious climate commitments: reaching carbon neutral production (Scope 1 & 2*) by 2035 and helping its customers reduce their greenhouse gas emissions by at least 20 million tons of CO2e annually by 2030. This work is well on track. Neste has now decided to also set a concrete target for Scope 3 emissions* to reduce the use phase emission intensity** of sold products by 50% by 2040 compared to 2020 levels.

This target will be achieved through Neste’s transformation towards increasing the share of renewable and circular solutions as well as working with our suppliers and partners to reduce emissions across our value chain.

Neste’s broadened sustainability vision covers climate, biodiversity, human rights, supply chain and raw materials. Neste’s climate commitments show leadership and determination to meet the objectives of the Paris Agreement and Neste will sign the Business Ambition for 1.5°C Commitment Letter***. Neste will continue to build on its climate actions so that they are in line with the 1.5°C emission scenarios, the criteria and recommendations of the Science Based Targets initiative (SBTi)***. The approval process with the SBTi will begin as soon as the sectoral guidance for the Oil and Gas industry is published.

“By extending our climate commitments to cover Scope 3 emissions and committing to science-based targets, we will join the group of visionary leaders taking ambitious climate action. We will continue our transformation towards renewable and circular solutions and ensure that the entire value chain is aligned with the global ambition of limiting global warming to 1.5°C. This will require transformation beyond our company’s own operations. New ways of working, innovative new technologies and cooperation with our suppliers and partners is needed,” says Peter Vanacker, President and CEO, Neste.

As a concrete example of reducing the Scope 3 emissions, Neste is continuously looking for opportunities to optimize the logistics network and gain more visibility to emissions throughout the network together with its partners. One of the key contributors is to increase the use of renewable and other low-emission solutions. In 2020, for example, the majority of Neste’s product distribution logistics in Finland used Neste MY Renewable Diesel™ and in 2021, the Finnish product distribution logistics will run almost entirely on renewable diesel.


United States >>  6/27/2022 - Sabey Data Centers, a premier colocation data center provider, announced its commitment to reach net-zero carbon emissions by or before 2029 across it...
United States >>  6/27/2022 - The U.S. Department of Energy (DOE) recently announced $59 million to accelerate the production of biofuels and bioproducts to reduce emissions in har...

Canada >>  6/24/2022 - Hexagon Digital Wave, a business of Hexagon Composites, has received an equivalency certificate from Transport Canada (TC) authorizing the use of its ...
Japan >>  6/24/2022 - Mitsui O.S.K. Lines, Ltd. (MOL), Tsuneishi Shipbuilding Co., Ltd. and Mitsui E&S Shipbuilding Co., Ltd. announced the launch of a joint project aimed ...

Norway >>  6/24/2022 - ExxonMobil, Grieg Edge, North Ammonia, and GreenH have signed a memorandum of understanding to study potential production and distribution of green hy...
Qatar >>  6/23/2022 - ABS and Texas A&M University in Qatar will work together to conduct a significant study on carbon capture and the global supply chain (TAMUQ).

...





Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.