Neste Oyj: target of 100% renewable electricity to be reached in advance in Finland ⎯ new hydropower agreement with Vattenfall

Neste Corporation, Press Release, December 22, 2021 at 9:00 a.m. (EET)

Neste has signed its first renewable hydropower purchase agreement with Vattenfall, one of the largest producers and retailers of electricity and heat in Europe. Vattenfall will deliver hydropower from its Nordic hydropower plants and deliveries will begin in early January 2022.

Neste is committed to fighting climate change and reducing climate emissions both globally and locally. To support this, the company has three climate commitments, which cover the reduction of greenhouse gas emissions from its own production *, the intensity of emissions from the use of products sold by Neste ** and the reduction of customer emissions with Neste’s renewable and circular solutions .

As part of these climate commitments, Neste aims for a worldwide use of 100% renewable electricity by 2023. In order to achieve the target and in addition to the new hydropower agreement, Neste has increased the use of renewable electricity in its Porvoo refinery in Finland with wind power and has agreed to deliver wind power with its partners Statkraft, Ilmatar and Fortum.

Thanks to the new hydropower agreement, Neste will meet its renewable electricity target in Finland as early as 2022. The transition to renewable electricity has also progressed at other Neste production sites according to plan. For example, around 75% of the electricity used in the Rotterdam refinery in 2021 is certified renewable electricity with guarantees of origin.

“Our goal is to make the Porvoo refinery the most sustainable refinery in Europe by 2030 and achieve carbon neutral production by 2035. We will achieve these ambitious goals by reducing greenhouse gas emissions greenhouse from production and using renewable electricity, for example. Thanks to the hydroelectric agreement we signed, we will reach an important milestone at the beginning of 2022, as our refinery in Porvoo and our operations in Naantali will use 100% renewable electricity. We will continue to actively work to achieve carbon neutrality, ”said Markku Korvenranta, Executive Vice President, Petroleum Products at Neste.

The total annual volume of the hydroelectric agreement with Vattenfall is 800 GWh of renewable electricity purchased with guarantees of origin, which corresponds to approximately 67% of the electricity consumption at the Neste sites in Porvoo and Naantali. The transition to fully renewable electricity will reduce Neste’s indirect greenhouse gas emissions *** to zero when purchasing electricity for its Porvoo and Naantali sites.

*) Scope 1 and Scope 2 emissions defined by the Greenhouse Gas Protocol, which include emissions linked to our own production.
**) Scope 3 emissions defined by the Greenhouse Gas Protocol, which include all other significant emissions throughout our value chain. The most important Scope 3 categories for Neste are the use of products sold, goods and services purchased and the transport of raw materials and products. The emission intensity of products sold is calculated by dividing the emissions resulting from the use of products sold by Neste by the total amount of energy sold (gCO2e / MJ).
***) Scope 2 emissions defined by the Greenhouse Gas Protocol.

Neste Corporation

Susanna Sieppi
Vice-President, Communications

For more information: please contact the Neste media service, tel. +358 50 458 5076 / media@neste.com (weekdays 8:30 a.m. to 4:00 p.m. EET).

Neste in short

Neste (NESTE, Nasdaq Helsinki) creates solutions to fight climate change and accelerate the transition to a circular economy. We refine waste, residue and innovative raw materials into renewable fuels and sustainable raw materials for plastics and other materials. We are the world’s leading producer of renewable diesel and sustainable aviation fuel, developing chemical recycling to tackle the challenge of plastic waste. We aim to help our customers reduce greenhouse gas emissions through our renewable and circular solutions by at least 20 million tonnes per year by 2030. As a technologically advanced refiner of high quality petroleum products With the commitment to achieve carbon neutral production by 2035, we are also introducing renewable and recycled raw materials such as plastic waste as refinery raw materials. We have always been included in the Dow Jones Sustainability Indices and the Global 100 list of the most sustainable companies in the world. In 2020, Neste’s revenue was € 11.8 billion, with 94% of the company’s comparable operating profit coming from renewable products. Read more: neste.com