Finland: Carbon Neutrality Role Model: Neste to Use 100 % Renewable Electricity Globally by 2023

Neste has plans to switch over to 100 % renewable electricity worldwide in the next two years. For this purpose, the company will increase the use of renewable electricity at its Porvoo refinery in Finland. The move is in line with the company’s aim of reaching carbon neutrality in its production by 2035.

Espoo/Finland – Neste is committed to reaching carbon neutrality in its production by 2035. As part of this effort, Neste aims for 100 % renewable electricity use globally by 2023. In order to proceed with this target, Neste will increase the use of renewable electricity at its Porvoo refinery and has signed a new wind power agreement with a wind power company Ilmatar. Renewable electricity produced by wind power is one of the key ways to reduce greenhouse gas emissions related to the electricity purchases of production facilities.

In addition to the new wind power agreement, Neste entered into an agreement with Ilmatar in 2020 and committed to increasing the use of renewable energy in production with its wind power agreement with Fortum in late 2019. As a result of these agreements, approximately 40 % of the electricity used at the Porvoo refinery will be renewable wind power in 2025. The first wind power deliveries from the Fortum Kalax wind farm to Neste Porvoo site began in January 2021.

In addition to the wind power agreements, Neste will increase the share of renewable electricity with so-called Guarantees of Origin, based on existing renewable electricity generation capacity. Guarantees of Origin will help increase the share of renewable electricity to 100 % of Neste's electricity needs by 2023.

The newly-signed long-term wind power agreement with Ilmatar corresponds to approximately 200 GWh/a, representing some 17 % of the electricity consumption at Neste's refinery in Porvoo. Ilmatar's wind power deliveries are expected to begin in early 2025.

The new wind power agreement helps Neste to reduce the indirect greenhouse gas emissions of electricity purchases at Porvoo refinery in Finland annually by approximately 50,000 tons CO2 equivalent. With all the wind power agreements combined, Neste will reduce indirect greenhouse gas emissions of its electricity purchases at its Finnish production sites by approximately 120,000 tons CO2 equivalent, which equals the annual carbon footprint of more than 19,000 average EU citizens.

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