Neste Releases its Green Finance Report for 2023
London, May 30, 2024 , (Oilandgaspress) –– Neste has today published its annual Green Finance Report for 2023. The Green Finance Report, which covers green financing activities in 2023, demonstrates our commitment to combating climate change and accelerating a shift towards a circular economy.
Since the establishment of Neste’s first Green Finance Framework in 2021, the year 2023 marked a significant milestone in the company’s sustainable funding journey. In March 2023, Neste established a EUR 2.5 billion European Medium-Term Note (EMTN) Programme and issued an inaugural A3-rated EUR 1 billion dual tranche 6- & 10-year green bond. In November 2023, Neste returned to the debt capital markets with a EUR 600 million 7.5-year green bond, increasing its green debt portfolio to EUR 2.6 billion.
Of the EUR 1.6 billion of green debt issued in 2023 in accordance with Neste’s Green Finance Framework 2021, EUR 960 million was allocated to eligible assets and projects under the International Capital Markets Association (ICMA) Green Bond Principles 2018 (GBP) category of eco-efficient and circular economy adoption products, product technologies and processes. This includes projects that will substantially increase our nameplate capacity of renewable products including up to 2.2 million tons of sustainable aviation fuel (SAF) in 2026. The projects include:
• Singapore Expansion Project: Renewables production capacity expansion project at the Singapore refinery
• Rotterdam Expansion Project: Renewables production capacity expansion project at the Rotterdam refinery in the Netherlands
• Rotterdam SAF Optionality Project: Modification of existing capacity to increase SAF production capability at the Rotterdam refinery
• Martinez Renewable Fuels Project: A 50/50 joint operation with Marathon Petroleum to produce renewable diesel following a conversion project of Marathon’s refinery in Martinez, California, the U.S.
The remaining unallocated proportion of EUR 640 million remains available to be allocated to eligible assets and projects in 2024.
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