Espoo, Finland, 20-1-2014 — /EuropaWire/ — The European Commission has approved the sustainability verification system developed by Neste Oil and confirmed that it complies with the standards set for reliability, transparency, and independent third-party auditing. Verifications made under the system are always carried out by an impartial, external expert. Existing certificates recognized by the Commission can be used as part of the verification process.
The new, officially approved verification system covers all diesel fuel produced from renewable feedstocks. In accordance with the EU’s Renewable Energy Directive, strict limits are imposed on where feedstocks can be cultivated and where cultivation cannot take place. Forestland must not be cleared to produce biofuels and inputs cannot be grown on peat bogs, wetlands, other high carbon stock land, or in environmentally sensitive areas. The system also establishes strict requirements covering issues such as the traceability of the supply chain.
“To date, we have primarily relied on the RSPO and ISCC verification systems,” says Pekka Tuovinen, Neste Oil’s Director, Sustainability and Supplier Compliance. “Our own system, which has now been approved by the Commission, is a useful addition for verifying the sustainability of renewable inputs, particularly waste and residues.”
Neste Oil is capable of producing premium-quality renewable fuel from more than 10 different types of vegetable oil and waste- and residue-based materials. Neste Oil knows the origin of all the renewable inputs that it uses and the greenhouse gas emissions generated across their entire life cycle. 100% of the crude palm oil used by Neste Oil to produce renewable diesel is sustainability-certified and traced back to the plantation from where it is sourced. Around half of the renewable inputs currently used by Neste Oil comprise waste and residues, and around half consists of sustainably produced, certified crude palm oil.
Neste Oil Corporation
Director, Corporate Communications
Further information: Pekka Tuovinen, Director, Sustainability and Supplier Compliance, tel. +358 (0)10 458 4516
Read more about sustainability at Neste Oil in the sustainability section of the Annual Report.
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Neste Oil in brief
Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company produces a comprehensive range of major petroleum products and is the world’s leading supplier of renewable diesel. Neste Oil had net sales of EUR 17.9 billion in 2012 and employs around 5,000 people, and is listed on NASDAQ OMX Helsinki.
Neste Oil is included in the Dow Jones Sustainability World Index and the Ethibel Pioneer Investment Register, and has featured in The Global 100 list of the world’s most sustainable corporations for many years. CDP Forest has ranked Neste Oil as one of the best performers in the oil & gas sector. Further information: www.nesteoil.com