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 sustainable-fuel producer 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 €2.5 billion European Medium-Term Note (EMTN) Programme and issued an inaugural A3-rated €1 billion dual tranche 6 and 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 €1.6 billion of green debt issued in 2023 in accordance with Neste’s Green Finance Framework 2021, €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 US

The remaining unallocated proportion of EUR 640 million remains available to be allocated to eligible assets and projects in 2024

“Year 2023 was a landmark year for Neste in the debt capital markets: Neste issued three green bonds totaling EUR 1.6 billion, increasing our Green Debt Portfolio to EUR 2.6 billion. Strong and wide interest from international investors shows a strong commitment to support Neste’s investments in renewable and circular solutions needed to lead the change towards a more sustainable future,” says Martti Ala-Härkönen, CFO, Executive Vice President, Finance, Strategy and IT, Neste.Subscribe to the FINN weekly newsletter

You may also be interested in

Neste recognised for sustainability

SIA and Scoot to use first Singapore-produced Neste SAF

Neste launches SAF solution for businesses