Leading by example
Neste has been at the forefront of Finnish industry for more than 70 years. Established in 1948, the company started out with a focus on refining oil in a bid to secure Finland’s energy supply. Always ahead of the curve, Neste understood the impact of fossil fuels on our planet and began to look at ways to become more sustainable and agile. Several important breakthroughs followed, including the patenting of the NEXBTL refining technology in 1996 that allowed for a range of renewable raw materials, such as used cooking oil, to be turned into renewable fuels. Although the technology had been invented, there wasn’t an immediate commercial market for it. That began to change in 2001, after the European Union recognised biofuels as a valid solution for reducing emissions in transportation.

In 2005, a decision was made to invest in a renewable diesel refinery at Porvoo. Today, Neste has three key alternative products: Neste MY Renewable Diesel, Neste MY Sustainable Aviation Fuel and Neste RE, a renewables-based raw material for the plastics and chemicals industry. In 2015, Neste made the landmark decision to remove the word “oil” from its name – a bold sign of the direction in which the company was headed.

Neste’s goal is to combat the climate crisis. And that means leading by example, such as committing to reach carbon neutral production by 2035 and supporting customers to reduce their own greenhouse emissions by more than 20 million tonnes annually by 2030.

Neste has around 4,900 employees and operations in 14 countries, as well as renewables refineries in Finland, Singapore and the Netherlands. A quarter of Neste’s personnel work in innovation, research, product development and engineering.

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History of innovation

Neste has led renewable fuel innovation for decades

Neste has around 4,900 employees and operations in 14 countries, as well as renewables refineries in Finland, Singapore and the Netherlands. A quarter of Neste’s personnel work in innovation, research, product development and engineering.

View from the top

How has Neste’s heritage allowed it to become a market leader?
The company has gone through several transformations, from a regional oil refiner to a global leader in renewable and circular solutions. Our heritage includes a proven track record of innovation and a strong commitment to our purpose. We have shown our ability to see trends and invest well in advance to be a first mover in creating new solutions. This has not been an easy journey, but our commitment has remained strong.

How is Neste pioneering the alternative fuel sector?
Our Neste MY Renewable Diesel, produced from renewable raw materials, can reduce greenhouse gas emissions by as much as 75-95 per cent over the life cycle of the fuel when compared with fossil diesel. Our Sustainable Aviation Fuel (SAF) also reduces greenhouse emissions by up to 80 per cent over its life cycle compared with fossil jet fuel. We are the world’s leading producer of SAF and committed to supporting the aviation industry’s goal of net zero carbon emissions by 2050. 

How important is it to be influencing the debate?
With our global view and practical experience, we can bring our perspective into discussions on how to decrease emissions from road transportation and aviation, and how to increase circularity and the use of renewable hydrocarbons in the plastics and chemicals industries. Our solutions enable immediate emission reductions but there is no single solution. The best and most effective solutions are found when regulation and policies set the ambition level, define the criteria to be fulfilled and enable the most feasible solutions to be developed without predefining technology choices.

What do you say to people who say it is too late to make a difference to climate change?
Our purpose of creating a healthier planet for our children shows that we believe that positive change can happen – and is happening. The scale of the climate crisis is very serious and the key is accelerating development in the right direction. Partnerships are fundamental to progress. This is how we do business; there is no silver bullet and we must leverage all solutions with our partners.

What is next for Neste? 
This year has been extremely busy for our renewables growth strategy. We established a renewable diesel production joint venture with Marathon Petroleum, announced a €1.9bn investment to expand the renewable production capacity at our Rotterdam refinery and announced a strategic study on transitioning our Porvoo refinery into a renewable, circular site and the potential ending of crude oil refining by the mid-2030s. Next year, our expanded Singapore refinery will ramp up production, as will the joint venture with Marathon.

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1.
Careful testing: The quality control laboratory at Neste runs 400,000 analyses every year.

2.
Perfect partners: Logistics and construction companies work with Neste to utilise its renewable diesel.

3.
Leading the way: Neste is committed to reaching carbon neutral production by 2035.

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A refined approach

Major investments will boost renewable products capacity

Neste’s refinery in Singapore produces only renewable products

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Looking ahead

Why a renewables company must continue to explore

Growth built on sustainability

Neste’s business is built on sustainable principles. The company has identified four areas in its sustainability vision – climate, biodiversity, human rights and supply chain & raw materials – on which it will focus its efforts. As the climate crisis continues, saving lives and livelihoods requires urgent efforts from everyone.

To underline Neste’s ambition to grow in renewable and circular solutions, the company announced a strategic study to transition its Porvoo refinery to a renewable and circular site and potentially end crude oil refining in the mid-2030s. Being a change maker means constantly striving to be better.

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