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03/25/2021 | Press release | Distributed by Public on 03/25/2021 03:23

Neste joins the eFuel Alliance

Neste Corporation, Press Release, 25 March 2021, at 9 a.m. (EET)

Neste, the world's leading producer of renewable diesel and sustainable aviation fuel, has joined the eFuel Alliance, an interest group dedicated to the industrial production of synthetic fuels from renewable sources. The eFuel Alliance is based in Berlin and Brussels and brings together companies and organizations that share the goal of establishing and promoting power- and bio-based synthetic fuels to reduce greenhouse gas emissions from transport.

Throughout the world, more than 1.3 billion vehicles are currently powered by conventional internal combustion engines. In addition, there are around 22,000 aircrafts for which there are no cost-effective technical alternatives in sight. These existing fleets will continue to form the basis for mobility in the coming decades. Low-carbon fuels are the only sustainable solution to reduce the greenhouse gas emissions from existing combustion engines around the world.

"Synthetic eFuels and sustainable biofuels are needed to reduce GHG emissions from transport and to facilitate the EU in reaching its 2050 targets. With Neste as a new member, the alliance gains an innovative thought leader and a strong global partner in the field of renewable fuels. Neste joining us also shows that the eFuel Alliance is gaining momentum on European level which is a major goal in our efforts to change European regulation," says Ralf Diemer, Managing Director of the eFuel Alliance.

"We are happy to be part of the alliance, working together to promote renewable fuel solutions for both the short and long term. All solutions are needed in the fight against the climate crisis. Banning the combustion engine would close the door on sustainable drop-in solutions, such as fuels from green electricity and sustainable biomass. We cannot afford to exclude these options if we want to reach the climate targets and reduce greenhouse gas emissions from transport. Sustainably produced eFuels and biofuels have the potential to replace half of all fossil fuels used in road traffic by 2040," says Carl Nyberg, Executive Vice President for Neste's Renewable Road Transportation business unit and Board member of the eFuel Alliance as of 24 March 2021.

Already today, customers using the Neste MY Renewable Diesel made from 100% renewable raw materials can reduce their greenhouse gas emissions by up to 90%* compared to fossil diesel. The high-quality fuel is a drop-in solution, which means that it can be used without modifications to existing diesel engines or logistics. The fuel is available to customers in Finland, Sweden, the Netherlands, Estonia, Latvia, Lithuania, and in the United States in California and Oregon.

*) The method used to calculate life cycle emissions and emission reduction complies with the EU Renewable Energy Directive (2009/28/EC).

Neste Corporation

Susanna Sieppi
Vice President, Communications

Further information: Please contact Neste's media service, tel. +358 50 458 5076 / [email protected] (weekdays from 8:30 a.m. to 4:00 p.m. (EET)).

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 renewable diesel and sustainable aviation fuel, developing chemical recycling to combat the plastic waste challenge. We aim at helping customers to reduce greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons annually by 2030. As a technologically advanced refiner of high-quality oil products with a commitment to reach carbon-neutral production by 2035, we are also introducing renewable and recycled raw materials such as waste plastic as refinery raw materials. We have consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world's most sustainable companies. In 2020, Neste's revenue stood at EUR 11.8 billion, with 94% of the company's comparable operating profit coming from renewable products. Read more: neste.com

eFuel Alliance in brief

The eFuel Alliance is a stakeholder initiative, representing more than 120 companies along the value chain of the eFuel production, and committed to promoting political and social acceptance of synthetic liquid fuels from renewable energy sources. It advocates the promotion and global expansion of eFuels production capacities and their widespread application. The goals of the initiative are the recognition of eFuels as an essential component of a European climate protection policy and their equal treatment with other climate protection technologies in the sense of technological openness. The eFuel Alliance is open to all organisations and interested parties who share the goal of establishing and promoting eFuels as a contribution to climate protection and helping them to be used worldwide.