London, 14 February 2024, (Oilandgaspress): – Neste has published a renewed Green Finance Framework to align future financing activities with market best practices and standards.
Neste published its first Green Finance Framework in 2021 and since then has issued four green bonds totalling EUR 2.1 billion and entered into one green term loan of EUR 500 million. The proceeds from green finance have been allocated to renewable and circular solution projects including Neste’s Singapore refinery expansion, Rotterdam refinery expansion and Martinez Renewables joint operation. Further information is outlined in Neste’s annual Green Finance Report 2022.
In addition to renewable and circular solutions, Neste’s renewed framework includes renewable energy as an investment category. Longer term actions on our climate roadmap include scaling up new technologies and innovations, with focus on renewable hydrogen. Renewable hydrogen and other new technologies are estimated to have a reduction potential of 20% or more of the 2019 scope 1 & 2 emission baseline by 2030.
“We were active in the European debt capital markets in 2023 and were pleased to see strong investor demand across the issued green bonds. Sustainability is at the core of everything we do. Our renewed framework delivers on Neste’s promise to align with recent developments in sustainable finance” says Katariina Perkkiö, Vice President and Group Treasurer at Neste.
S&P Global Ratings have provided a Second Party Opinion and shaded the overall framework “Medium Green”. The investment category of renewable and circular solutions was shaded “Dark to Medium Green” and the investment category of renewable energy was shaded “Medium Green”.
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