Neste Joins Exclusive Group to Pioneer Science-Based Targets for Nature

Neste Joins Exclusive Group to Pioneer Science-Based Targets for Nature

(IN BRIEF) Neste, a global renewable fuels and sustainable solutions company, has been selected as one of the initial companies in the target validation group for science-based targets (SBTs) for nature by The Science Based Targets Network (SBTN). The group, consisting of 17 companies, will pilot a global framework for setting ambitious and measurable targets related to nature. Neste is committed to achieving a nature positive value chain by 2040, aiming for net positive impacts (NPI) for biodiversity from new activities by 2025 and no net loss (NNL) of biodiversity from ongoing activities by 2035. By joining the Science Based Target Network’s Corporate Engagement Programme, Neste contributes to the development of science-based targets for nature, aligning with Earth’s limits and sustainability goals.

(PRESS RELEASE) ESPOO, 17-May-2023 — /EuropaWire/ — Neste (HEL: NESTE), the world’s leading producer of sustainable aviation fuel and renewable diesel, and renewable feedstock solutions for various polymers and chemicals industry uses, has been chosen as one of the initial companies in the target validation group for science-based targets (SBTs) for nature by The Science Based Targets Network (SBTN). This exclusive group of 17 companies will pilot a global framework for setting ambitious and measurable targets, as well as measuring and validating organizations’ efforts related to nature.

“We are excited to be included in the initial target validation group. Biodiversity is an important part of our sustainability vision, which is strongly embedded into our company strategy. We at Neste are developing science-based targets and actions, and this pilot is a great opportunity to develop our own objectives in a credible way,” says Salla Ahonen, Vice President, Sustainability at Neste. 

As SBTN launches the process for companies to submit their targets for review and approval, the validation phase will initially be limited to a small group of pre-selected companies. This approach allows for valuable learnings and optimization before a broader validation process is rolled out.

Neste is dedicated to achieving a nature positive value chain by 2040, with a vision to create net positive impacts (NPI) for biodiversity from new activities starting in 2025. The company aims to ensure no net loss (NNL) of biodiversity from all ongoing activities by 2035.

A systematic approach is being developed by Neste to deliver net positivity for biodiversity in all new activities by 2025. The company also strives to align existing operations to achieve no net loss for biodiversity by 2035 and have a positive impact on biodiversity throughout the entire value chain by 2040.

In 2021, Neste joined the Science Based Target Network’s Corporate Engagement Programme to actively contribute to the development of methods and guidance for science-based targets for nature. These targets provide companies with a clear pathway to competitiveness and resilience by utilizing scientific insights to define their role in restoring nature. SBTs are measurable, actionable, and time-bound objectives based on the best available science, enabling organizations to align with Earth’s limits and societal sustainability goals.

“By understanding the impacts, evaluating the risks and opportunities, and integrating biodiversity into company strategy, businesses will ensure that they minimize the negative impact on biodiversity and maximize the opportunities related to natural capital. Business leaders therefore need to use fine metrics to form a more holistic approach to setting targets and improving biodiversity,” says Niina Niemelä, Sustainability Manager for climate and the circular economy at Neste. 

“By evaluating our own operations and supply chain from a biodiversity perspective, we can identify areas that will deliver the most significant impact on the environment. We have also begun piloting methods for measuring biodiversity and will use this information to drive our investment decisions,” Niemelä describes.

Neste’s inclusion in the target validation group demonstrates its commitment to driving positive change and sustainability within the industry. By participating in the development of science-based targets for nature, Neste aims to lead the way in creating a more biodiverse and resilient future.

*) Nature positive value chain means that the impacts to nature are minimized and the caused negative impacts are compensated either in the direct value chain or elsewhere.
**) No net loss means net zero impact on biodiversity.

Further information: Please contact Neste’s media service, tel. +358 800 94025 / media@neste.com (weekdays between 8.30 a.m. and 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. We refine waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials. We are the world’s leading producer of sustainable aviation fuel and renewable diesel and developing chemical recycling to combat the plastic waste challenge. We aim at helping customers to reduce their greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons annually by 2030. Our ambition is to make the Porvoo oil refinery in Finland the most sustainable refinery in Europe by 2030. We are introducing renewable and recycled raw materials such as liquefied waste plastic as refinery raw materials. We have committed to reaching carbon-neutral production by 2035, and we will reduce the carbon emission intensity of sold products by 50% by 2040. We also have set high standards for biodiversity, human rights and supply chain. We have consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world’s most sustainable companies. In 2022, Neste’s revenue stood at EUR 25.7 billion. Read more: neste.com

SOURCE: Neste Corporation