Neste, an oil refining and marketing company based in Espoo, Finland, has reached its highest-ever ranking by placing second on the Global 100 list of the world’s most sustainable companies. This is Neste’s 12th time on the list, which is longer than any other energy company in the world. Neste soared from 23rd place in 2017 to second place this year and continues being the best performing company within the energy industry.
“We are honored by this recognition. We’ve already made a significant impact in the decarbonizing of transportation and now we are entering the aviation and chemicals sectors with the aim of making a similar climate contribution and by supporting their transformation processes,” said Jeremy Baines, vice president of sales, Neste US, Inc.
Neste’s inclusion among the leading companies has been enabled by its business transformation towards renewable solutions. Neste makes its greatest sustainability contribution through refining high-quality renewable products, such as Neste MY Renewable Diesel(TM), from low-quality waste and residues. Neste MY Renewable Diesel cuts greenhouse gas emissions by up to 80% and significantly reduces engine-out emissions, all while enhancing fleet performance. It is a drop-in alternative to petroleum diesel fuel and is distributed via the same fuel infrastructure.
Now the world’s largest producer of renewable diesel fuel from waste and residues, Neste said that by producing renewable fuels, instead of fossil-based fuels, it has reduced global climate emissions by a staggering 8.3 million metric tons or 8.3 billion kilograms in 2017. The figure equals removal of three million passenger cars from the roads for a full year – more than the number of cars in the city of London.
“Sustainability is a core value that forms the basis for everything we do at Neste. We are honored that the Global 100 list recognizes the cooperation of our suppliers, stakeholders and customers to advancing a sustainable future for everyone,” said Dayne Delahoussaye, head of North American public affairs.
The approach of Global 100 is unique, as it assesses all publicly traded companies with revenues of USD 1 billion or more. In 2017, Neste’s revenue was USD 16.2 billion. The Global 100 uses indicators that can be objectively measured – it does not try to gauge companies’ exposure to qualitative sustainability risks. Thus, the evaluation is based on data, not judgment or reputation.