05/25/2023 | Press release | Distributed by Public on 05/25/2023 01:08
Neste Corporation, News, 25 May 2023
Neste is selected to the initial target validation group for science-based targets (SBTs) for nature, by The Science Based Targets Network (SBTN), which is aiming to set the global standard for ambitious and measurable corporate action on nature. Globally, only 17 companies are invited to the target validation group to pilot a global framework for setting targets, and measuring and validating organizations' nature work.
"We are excited to be included in the initial target validation group. Biodiversity is an important part of our sustainability vision, which is strongly embedded into our company strategy. We at Neste are developing science-based targets and actions, and this pilot is a great opportunity to develop our own objectives in a credible way," says Salla Ahonen, Vice President, Sustainability at Neste.
As SBTN launches the underlying process for companies to submit their targets for review and approval, the validation process will initially only be available to a small group of pre-selected companies in order to gain learnings and optimize accordingly, prior to a full validation process roll out.
Towards a nature positive value chain
Neste's biodiversity vision is to achieve a nature positive value chain* by 2040. We aim at creating net positive impacts (NPI) for biodiversity from new activities from 2025 onwards, and target no net loss** (NNL) of biodiversity from all ongoing activities by 2035.
We are developing a systematic approach to delivering net positivity on biodiversity on all our new activities by 2025. We also aim to align our existing operations to achieve no net loss for biodiversity by 2035 with the aim of having a positive impact on biodiversity throughout the entire value chain by 2040.
"By understanding the impacts, evaluating the risks and opportunities, and integrating biodiversity into company strategy, businesses will ensure that they minimize the negative impact on biodiversity and maximize the opportunities related to natural capital. Business leaders therefore need to use fine metrics to form a more holistic approach to setting targets and improving biodiversity," says Niina Niemelä, Sustainability Manager for climate and the circular economy at Neste.
"By evaluating our own operations and supply chain from a biodiversity perspective, we can identify areas that will deliver the most significant impact on the environment. We have also begun piloting methods for measuring biodiversity and will use this information to drive our investment decisions," Niemelä describes.
Neste joined the Science Based Target Network's Corporate Engagement Programme in 2021, to take part in the development of methods and guidance for science-based targets for nature. The science-based targets (SBTs) give companies a clear pathway to competitiveness and resilience by using science to define their role in restoring nature. It defines SBTs as measurable, actionable, and time-bound objectives, based on the best available science, that allow actors to align with Earth's limits and societal sustainability goals.
*) Nature positive value chain means that the impacts to nature are minimized and the caused negative impacts are compensated either in the direct value chain or elsewhere.
**) No net loss means net zero impact on biodiversity.
Further information: Please contact Neste's media service, tel. +358 800 94025 / [email protected] (weekdays between 8.30 a.m. and 4.00 p.m. EET). Please subscribe to Neste's releases at https://www.neste.com/for-media/releases-and-news/subscribe.
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 sustainable aviation fuel and renewable diesel and developing chemical recycling to combat the plastic waste challenge. We aim at helping customers to reduce their greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons annually by 2030. Our ambition is to make the Porvoo oil refinery in Finland the most sustainable refinery in Europe by 2030. We are introducing renewable and recycled raw materials such as liquefied waste plastic as refinery raw materials. We have committed to reaching carbon-neutral production by 2035, and we will reduce the carbon emission intensity of sold products by 50% by 2040. We also have set high standards for biodiversity, human rights and supply chain. We have 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