BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Neste (NEF.F, NESTE.HE) announced its new carbon footprint target of reducing greenhouse gas emissions in its own operations - Scope 1 & 2 - by 80% by 2040, replacing the target of reaching carbon neutral production by 2035. The timeline for the related interim target of 50% emission reduction is extended from 2030 to 2035. Neste now focuses solely on absolute emission reductions in its own operations and removes the option of using emission compensation from its climate target setting.
'Neste's current financial position does not allow further major capital expenditure beyond the ongoing 2.5 billion euros investment in expansion of our renewables refinery in Rotterdam. As investment projects in our industry take years to complete, the timelines of our climate targets have to be delayed under the current circumstances,' said CEO Heikki Malinen.
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