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.