Neste Supports Ambitious Carbon Emission Standards with Caution

Strategic Insights -

Transport is responsible for over a quarter of all greenhouse gas emissions in the European Union, with around 6.2 million trucks in circulation and an average age of 14 years. The European Commission has called for a 90% reduction of emissions by 2040, but Neste cautions against a one-technology approach, advocating for a range of options, including renewable and sustainable fuels, to achieve decarbonization. Neste's renewable solutions have helped customers reduce global greenhouse gas emissions by 11.1 million tons last year.

Key Takeaways:

  • The European Commission has published its review of the CO2 emission standards for heavy-duty vehicles, calling for a 90% reduction of emissions by 2040.
  • Today, there are around 6.2 million trucks in circulation in the EU, with an average age of 14 years.
  • The European Commission impact assessment shows that at least 70% of newly sold trucks would be running on diesel in 2030.
  • Neste supports a range of decarbonization solutions, including renewable and sustainable fuels, to avoid excluding heavy-duty vehicles from both immediate and future decarbonization solutions.
  • Neste aims to help customers reduce their greenhouse gas emissions with their renewable and circular solutions by at least 20 million tons annually by 2030.
  • Neste has committed to reaching carbon-neutral production by 2035 and reducing the carbon emission intensity of sold products by 50% by 2040.

Statistics:

  • 6.2 million: the number of trucks in circulation in the EU.
  • 14 years: the average age of trucks in circulation in the EU.
  • 90%: the reduction of emissions called for by the European Commission by 2040.
  • 11.1 million tons: the amount of global greenhouse gas emissions reduced by Neste's customers thanks to Neste's renewable solutions.
  • 20 million tons: Neste's goal to reduce greenhouse gas emissions with their renewable and circular solutions annually by 2030.
  • EUR 25.7 billion: Neste's revenue in 2022.
  • 50%: the reduction of carbon emission intensity of sold products by 2040.

Sources:

  • Neste Corporation: "Neste Supports Ambitious Climate Policies"
  • European Commission: "Impact Assessment for the Review of the CO2 emission standards for heavy-duty vehicles"