Neste renews Green Finance Framework
Neste Corporation, News, 14 February 2024
Neste has published a renewed Green Finance Framework to align future financing activities with market best practices and standards.
Neste published its first Green Finance Framework in 2021 and since then has issued four green bonds totalling EUR 2.1 billion and entered into one green term loan of EUR 500 million. The proceeds from green finance have been allocated to renewable and circular solution projects including Neste’s Singapore refinery expansion, Rotterdam refinery expansion and Martinez Renewables joint operation. Further information is outlined in Neste’s annual Green Finance Report 2022.
In addition to renewable and circular solutions, Neste’s renewed framework includes renewable energy as an investment category. Longer term actions on our climate roadmap include scaling up new technologies and innovations, with focus on renewable hydrogen. Renewable hydrogen and other new technologies are estimated to have a reduction potential of 20% or more of the 2019 scope 1 & 2 emission baseline by 2030.
“We were active in the European debt capital markets in 2023 and were pleased to see strong investor demand across the issued green bonds. Sustainability is at the core of everything we do. Our renewed framework delivers on Neste’s promise to align with recent developments in sustainable finance” says Katariina Perkkiö, Vice President and Group Treasurer at Neste.
S&P Global Ratings have provided a Second Party Opinion and shaded the overall framework “Medium Green”. The investment category of renewable and circular solutions was shaded “Dark to Medium Green” and the investment category of renewable energy was shaded “Medium Green”.
SEB acted as the sole advisor on the framework.
Neste’s Annual Report with updated information and data about Neste’s sustainability performance in 2023 will be published in the week beginning on 26 February 2024.
Further information: Please contact Neste's media service, tel. +358 800 94025 / media@neste.com (weekdays from 8.30 a.m. to 4.00 p.m. EET). Please subscribe to Neste’s releases at https://www.neste.com/for-media/releases-and-news/subscribe.
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