Neste Oyj : partners with the Exponential Roadmap Initiative

Neste Corporation, News, 2 May 2024

Neste and the Exponential Roadmap Initiative (ERI) have started collaboration aiming to align with the criteria of the UN Climate Change High-Level Champion's Race to Zero. The aim of the collaboration is to reach net zero greenhouse gas emissions by accelerating climate action in the business and its global value chains.

The UN Climate Change High-Level Champion's Race to Zero is the world's largest coalition of non-state actors to take action on emissions reductions, and ERI is an accredited Race to Zero partner. ERI will support Neste with advice on identifying and closing key gaps in meeting the criteria for becoming a member of ERI and the Race to Zero.

ERI works to radically shift out the fossil economy and exponentially scale climate solutions to halve emissions before 2030. It supports companies in their efforts to reduce own and value chain emissions, to shift portfolios to climate solutions and actively influence regulation. Neste's goal is to align its climate performance against the Race to Zero starting line 3.0 criteria.

Exponential Roadmap Initiative drives exponential transformation to halve emissions by 2030 by uniting innovative, transformative and disruptive companies. ERI supports leading companies in radically reducing value chain emissions, scaling climate solutions and contributing to the acceleration of climate action in society.

"Through our climate commitments aiming at reducing the GHG emissions from our production, sold products and throughout the value chain, we want to show leadership and determination and play our part in limiting global warming to 1.5°C, meeting the objectives of the Paris Agreement. Collaboration with the Exponential Roadmap Initiative supports our ambition to develop our climate targets further, and to reduce the dependency on fossil resources. ERI drives climate transformation at a global scale understanding the need to work together to drive climate action throughout global supply chains. We are looking forward to jointly develop, share and scale best practices with other ERI partners", says Päivi Makkonen, Vice President, Sustainability at Neste.

Neste recognizes the need to reduce global GHG emissions by approximately 50% every decade and reach global net zero GHG emissions by 2050 or sooner to limit global warming as close as possible to 1.5°C compared to pre-industrial levels. Neste has been closely analyzing and following the development of leading climate frameworks, including the Exponential Roadmap Initiative, to guide its climate commitments toward being in line with the latest climate science and the 1.5°C pathway.

"Neste can be a frontrunner among its industry peers, showing how an oil and gas company can radically transform to provide sustainable climate solutions while strengthening its competitive position and growing the part of the business that is in line with the 1.5°C-aligned economy - the only economy sustaining life and prosperity on this planet. We are very much looking forward to supporting Neste in reaching its ambition to ensure that its climate performance is in line with the latest climate science", says Johan Falk, CEO and co-founder of the Exponential Roadmap Initiative.

As the world's leading producer of sustainable aviation fuel and renewable diesel and a forerunner in developing renewable and circular feedstock solutions for polymers and chemicals, Neste helps its customers to reduce their greenhouse gas emissions by at least 20 million tons annually by 2030. Neste also has targets to reduce emissions in its own production by 50% by 2030 and reach carbon neutral production by 2035; and to reduce the use phase emission intensity of sold products by 50% by 2040 compared to 2020 levels (scope 3).

Besides increasing its renewable products production capacity, Neste recently completed a strategic study on transitioning its refinery in Porvoo, Finland, into a leading renewable and circular solutions refining hub in the mid-2030s. With the planned transformation in Porvoo and with other initiatives across all other Neste refineries and the entire value chain, Neste firmly believes that it is aligned with the scientific 1.5°C pathway. In addition to climate, Neste has also set high standards for biodiversity, human rights and the supply chain through our sustainability vision.

More information on the Exponential Roadmap Initiative.

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Neste in brief

Neste (NESTE, Nasdaq Helsinki) creates solutions for combating climate change and accelerating a shift to a circular economy. The company refines waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials.

As the world's leading producer of sustainable aviation fuel and renewable diesel and a forerunner in developing renewable and circular feedstock solutions for polymers and chemicals, Neste helps its customers to reduce their greenhouse gas emissions by at least 20 million tons annually by 2030.

The company's ambition is to make the Porvoo oil refinery in Finland the most sustainable refinery in Europe by 2030. Neste is committed to reaching carbon-neutral production by 2035, and will reduce the carbon emission intensity of sold products by 50% by 2040. Neste has also set high standards for biodiversity, human rights and the supply chain. The company has consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world's most sustainable companies. In 2023, Neste's revenue stood at EUR 22.9 billion. Read more: neste.com