Neste welcomes the Swedish government's draft law proposals for the emission reduction mandate for traffic fuels and the continued tax exemption for high-blend biofuels. Long-term perspective and ambitious targets provide a much-needed basis for innovation and investments in the biofuels sector while ensuring the necessary carbon emission reductions in transportation.
– Sweden is showing worldwide leadership with its ambitious goal to reduce carbon emissions from its transport sector by 70 percent by 2030. A growing Nordic market for biofuels is emerging, as also Norway and Finland have recently set very high biofuel targets. The large resources of forest-based raw materials in these countries are expected to play a big role in reaching these targets, said Kaisa Hietala, Executive Vice President of Neste’s Renewable Products business area in a statement
Finland-headed Neste is the world’s largest producer of drop-in renewable diesel with production facilities in Finland, the Netherlands, and Singapore. According to the company, a variety of wastes and residues accounted for almost 80 percent of its feedstock globally.
– We are very proud to have been able to contribute to the positive development in the Swedish fuels markets over the past years by supplying renewable diesel to several fuel companies and our distribution customers through our coastal terminals in Södertälje, Kalmar, Malmö, and Göteborg, remarked Hietala.
The company spends some EUR 41 million in R&D annually on developing and pilot-testing new raw materials for biofuels with a strong focus on developing cost-efficient technologies to convert forest residues into biofuels, and develop new raw materials such as algae.