Climate change is affecting every country on every continent, and the responsibility for taking action is shared by us all. Prompt actions to reduce greenhouse gas emissions (GHG) globally are needed. Our vision is to lead the transformation towards a carbon neutral value chain.
Towards carbon neutral production
We enable our customers to reduce their greenhouse gas (GHG) emissions by offering renewable and circular products to replace fossil products. Our target is to help our customers reduce their GHG emissions by at least 20 million tons of CO2e annually by 2030. Our strategic initiatives are a key driver to increasing our carbon handprint.
At the same time, we need to reduce our own carbon footprint. We are committed to reducing the GHG emissions from our production (scopes 1 & 2) and reach carbon neutral production by 2035. We are also committed to reducing the use phase emission intensity of sold products and work with our suppliers and partners to reduce the indirect GHG emissions from our entire value chain (scope 3).
Our vision is to lead transformation towards a carbon neutral value chain by 2040
We also continuously identify, analyze, and measure the financial implications including material risks and opportunities of climate change for our business. We are committed to applying the Task Force for Climate-related Financial Disclosures (TCFD) reporting framework.
Scopes 1, 2 & 3
The Scope framework established by GHG Protocol is a tool to assess GHG emissions across the value chain. The framework divides GHG emissions to three different scopes that each have several categories.
Scope 1: Direct emissions (e.g. from production)
Scope 2: Indirect emissions from purchased energy
Scope 3: Other indirect emissions from value chain
Use phase GHG emission intensity
The most relevant scope 3 emission category for Neste is the use phase emissions of the products produced and sold by Neste. Use phase emission intensity of sold products (gCO2e/MJ) is an indicator of the GHG emissions from the use of Neste’s products divided by the total amount of energy sold. These are the GHG emissions generated when the products that we sell are used – for fuels, this means combustion. Reducing the use phase emission intensity of sold products indicates how companies in this sector are transforming their product portfolio to have a larger share of renewable and circular products.