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European Climate Pact

Overview

Location

Finland

Sector

Oil & gas

Organisation type
Business

Company Information

Neste (NESTE, Nasdaq Helsinki) is a producer of sustainable aviation fuel, renewable diesel, and renewable feedstock solutions for various polymers and chemicals industry uses. It is publicly listed and headquartered in Espoo, Finland. In 2021, the company reported a total of 4,872 employees and a revenue of 15.1 billion Euro.*

*Source

Our progress towards decarbonization

 

GHG Emissions

Our actions – the Pathway

  • Neste Oyj has a target to reduce absolute scopes 1 and 2 CO2e emissions 50% by 2030 from a base year of 2019. This is a year-on-year reduction rate of 4.5% over the next 9 years

Pledge: Have a short-medium term GHG emissions reduction target (scope 1+2) with a 2.1% year-on-year reduction at a minimum

MRV: Pact MRV in place

Status date: Submitted (01/08/2022)

Data source: CDP Climate Change 2022

How we want to achieve this – our roadmap

  • Have an internal price on carbon 
  • Have an initiative in place to drive GHG emissions reduction through energy efficiency in production processes
  • Have an initiative in place to drive GHG emissions reduction through low-carbon energy consumption
  • Have scope 1+2+3 GHG emissions verified through a third party verification or assurance process 

MRV: Pact MRV in place

Status date: Submitted (01/08/2022)

Data source: CDP Climate Change 2022

 

Energy

Our actions – the Pathway

  • Neste Oyj has a target to consume 100% of electricity from renewable sources by 2023 from a baseline of 4% renewable electricity consumption in 2020

MRV: Pact MRV in place

Status date: Submitted (01/08/2022)

Data source: CDP Climate Change 2022

 

Forests

North Star

  • Neste Oyj have a public no deforestation (forests-related) commitment that is set to be completed within the timeframe 2021-25 with a cut-off date of 2007. The commitment covers 100% of Palm oil production and consumption and applies to their direct operations and supply chain. It is FPIC-based (Free, Prior and Informed Consent of indigenous people)
  • Neste Oyj have a public no deforestation (forests-related) commitment that is set to be completed within the timeframe 2021-25 with a cut-off date of 2007. The commitment covers 100% of Cattle products production and consumption and applies to their direct operations and supply chain. It is FPIC-based (Free, Prior and Informed Consent of indigenous people)

MRV: Pact MRV in place

Status date: Submitted (01/08/2022)

Data source: CDP Forests 2022

How we want to achieve this – our roadmap

  • Commit to zero gross deforestation
  • Participate in jurisdictional approaches to promote the implementation of forests-related policies and commitments
  • Support or implement projects focused on ecosystem restoration and protection beyond no deforestation
  • Work with direct suppliers to support and improve their capacity to comply with our forests-related commitments, policies, and other requirements
  • Work with smallholders along the company's value chain to support good agricultural practices and reduce deforestation or conversion of natural ecosystems through financial or technical assistance
  • Publicly disclose data on forest-related impact to investors through a public platform
  • Have a publicly available forest policy, with well-defined goals and targets, that is used to inform internal decision-making
  • Have board-level oversight of forests-related issues
  • Have forests issues be fully integrated in all parts of long-term strategic business plans
  • Make a comprehensive forests-related risk assessment, that checks the following criteria: full coverage of relevant operations, considers risks beyond six years and availability of forest risk commodities, quality of forest risk commodities, impact of activity on the status of ecosystems and habitats, social impacts, and includes local communities; Stakeholders considered is local communities
  • Assess company and suppliers' compliance with forests regulations and/or mandatory standards when sourcing commodities from regions with high deforestation risk 
  • Have a no-deforestation policy that checks the following criteria: general or commodity-specific, publicly available, and company-wide
  • Have a system to control, monitor, and verify compliance with no-deforestation policies/commitments that covers all relevant operations and supply chains and shows more than 90% of total volume in compliance

MRV: Pact MRV in place

Status date: Submitted (01/08/2022)

Data source: CDP Forests 2022

 

Water

Our actions – the Pathway

  • Publicly disclose data on water-related impact to investors through a public platform
  • Have board-level oversight of water issues
  • Integrate water-related issues into the company's financial planning
  • Integrate water-related issues into the company's long-term business objectives
  • Integrate water-related issues into the company's strategy to achieve long-term business objectives
  • Regularly monitor and measure key water security metrics at least for 75% of the company's facilities

MRV: Pact MRV in place

Status date: Submitted (01/08/2022)

Data source: CDP Water 2022

 

Governance & Strategy

Our actions – the Pathway

  • Publicly disclose climate and environmental data to investors and customers through a public platform
  • Have board-level oversight of climate-related issues
  • Have a process for identifying, assessing, and responding to climate-related risks and opportunities
  • Have an employee engagement strategy to support and contribute to achieving the company's climate and environmental goals

MRV: Pact MRV in place

Status date: Submitted (01/08/2022)

Data source: CDP Climate Change 2022

 

Value chain engagement

Our actions – the Pathway

  • Have an ongoing and transparent dialogue with our value chain around climate-related issues
  • Have a supplier/customer engagement strategy to drive best practices in tackling environmental and climate-related issues

MRV: Pact MRV in place

Status date: Submitted (01/08/2022)

Data source: CDP Climate Change 2022