USDA Acknowledges Error in Biofuels Annual Report, Confirms Neste’s Compliance

USDA Acknowledges Error in Biofuels Annual Report, Confirms Neste’s Compliance

(IN BRIEF) The USDA has publicly acknowledged an error in its Biofuels Annual Report, specifically regarding allegations of fraudulent used cooking oil (UCO) volumes received by Neste at its Singapore refinery from China. Representatives from the USDA confirmed that the statement was a mistake, and the erroneous report has been removed from their website. A corrected version of the report will be published in due course. Neste appreciates the USDA’s recognition of the error and remains committed to managing its global raw material supply chains sustainably to support its renewables business in combating climate change.

(PRESS RELEASE) ESPOO, 21-Sep-2023 — /EuropaWire/ — According to a news article published by Quantum Commodity Intelligence (18 September, 2023), USDA representatives have confirmed publicly that a statement in the USDA’s Biofuels Annual Report alleging that Neste may have received fraudulent used cooking oil (UCO) volumes from China at its renewable products refinery in Singapore was a mistake. The report containing the error has been removed from USDA’s website and a corrected version will be published later.

Neste appreciates USDA’s acknowledgement of the error and will engage with the agency as the report is corrected.

As Neste underlined in its statement, it takes suspected fraud cases seriously and investigates them accordingly. Neste is committed to managing its global raw material supply chains in a manner that will continue to provide a solid, sustainable basis for its renewables business and the products it produces for the global market to fight climate change.

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 2022, Neste’s revenue stood at EUR 25.7 billion. Read more: neste.com

Media Contact:

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media@neste.com

SOURCE: Neste Corporation