Neste signed its first hydropower purchase agreement with Vattenfall

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Neste’s headquarter in Espoo, Finland

Neste signed its first renewable hydropower purchase agreement with Vattenfall, one of Europe’s largest producers and retailers of electricity and heat. Vattenfall will deliver the hydropower from its Nordic hydropower plants and the deliveries will start at the beginning of January 2022.

The Finnish company is committed to combating climate change and reducing climate emissions both globally and locally. To support this, the company has three climate commitments, which cover the reduction of greenhouse gas emissions from its own production*, the emission intensity of the use of products sold by Neste** and the reduction of customers’ emissions with Neste’s renewable and circular solutions.

As part of these climate commitments, Neste aims for 100% renewable electricity use globally by 2023. In order to proceed with the target and in addition to the new hydropower agreement, Neste has increased the use of renewable electricity at its Porvoo refinery in Finland with wind power and has agreed on wind power deliveries with its partners Statkraft, Ilmatar and Fortum.

Thanks to the new hydropower agreement, Neste will achieve its renewable electricity target in Finland already in 2022. The transition to renewable electricity has also progressed in other Neste’s production sites according to plan. For example, about 75% of the electricity used in the Rotterdam refinery in 2021 has been renewable electricity certified with Guarantees of Origin.

“We aim to make the Porvoo refinery the most sustainable refinery in Europe by 2030 and reach carbon neutral production by 2035. We will achieve these ambitious targets by reducing greenhouse gas emissions from production and using renewable electricity, for instance. Thanks to the hydropower agreement we have signed, we will reach an important milestone at the beginning of 2022 as our Porvoo refinery and operations in Naantali will use 100% renewable electricity. We will continue to work actively to achieve carbon neutrality,” says Markku Korvenranta, Executive Vice President, Oil Products at Neste.

The total annual volume of the hydropower agreement with Vattenfall is 800 GWh of renewable electricity purchased with Guarantees of Origin, which corresponds to some 67% of the electricity consumption at Neste’s sites in Porvoo and Naantali. The transition to fully renewable electricity will reduce Neste’s indirect greenhouse gas emissions of its electricity purchases for its sites in Porvoo and Naantali to zero.

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