Neste publishes inaugural Green Finance Report
Neste has published its first Green Finance Report following the establishment of its Green Finance Framework in 2021 to further integrate the company's sustainability ambitions into its financing.
The Green Finance Report, which covers financing activities in 2021, confirms that sustainability is deeply embedded in Neste’s everyday business and reiterates our ambitious climate commitments.
In March 2021, Neste issued a EUR 500 MM 7-year green bond, the first of its kind for Neste, to provide investors the opportunity to support our objective of mitigating climate change globally by reducing greenhouse gas emissions through our renewable and circular solutions. This has been followed in 2022 by a EUR 500 MM green term loan agreement.
Part of the proceeds of the inaugural green bond have been allocated to the ongoing investment projects:
- Renewable products capacity expansion project at the Singapore refinery, namely Singapore Expansion Project; and
- Sustainable aviation fuel (SAF) optionality project at the Rotterdam refinery
“The extension of our Singapore refinery is planned to come on stream at the end of the first quarter in 2023 and together with our Rotterdam sustainable aviation fuel optionality project we expect to achieve a SAF production capability of 1.5 MMtpy by the end of 2023. The financing under the Green Finance Framework supports our objective to mitigate climate change, and thanks to an allocation of proceeds from the first green bond to these investment projects we are well on track to reach our climate commitments,” says Mika Rydman, Vice President and Group Treasurer, Neste.