- and that does not come without collaboration and investments
Authored by Outi Ervasti, Vice President, Renewable Hydrogen and PtX, Neste
Did you know that at Neste, we have transformed ourselves from a traditional local oil refiner into a global leader in renewable and circular solutions? Along with our daily business of reducing our customers’ climate emissions with our renewable and circular solutions, we are committed to reducing the direct climate impact of our own activities to reach carbon neutral production by 2035.
Carbon capture and green hydrogen play a key role on this journey.
One big part of the transformation is our vision to develop our Porvoo refinery in Finland into a world leading renewable hydrogen giga hub and e-solutions provider. We plan to transform the H2 production at Porvoo refinery by introducing renewable H2 (110 MW) and implementing CO2 capture to the existing production units. The investments together will reduce the refinery’s emissions significantly, and at the same time open significant potential for new business development through renewable hydrogen, and further synthesis to e-fuels and e-chemicals.
Green hydrogen requires renewable electricity
Hydrogen is the most advanced step on our carbon neutrality plans, but development and actions are needed on several fronts. The supply of renewable electricity needs to be developed hand in hand with the green hydrogen value chain. At Neste, as part of our carbon neutrality actions, we are striving for 100% renewable electricity use globally by 2023.
There is a great potential for scalable supply of renewable electricity produced by wind power in Finland. This opens opportunities for large-scale renewable hydrogen production as well as for immediate greenhouse gas emission reductions related to the electricity used in the production facilities.
However, leading the hydrogen transition is also not solely a technology or energy issue. As the industry is only learning the integration, transition to clean hydrogen is a huge effort for the companies. To be able to achieve good business cases, we have to ensure the access to low-cost electricity, improved and lower-cost electrolysers and increased and optimised integration in the entire hydrogen-based production chains. And finally, we indeed need clear, transparent and uniform regulation which forms the basis for the development of a sound hydrogen-based market economy.
Leading the transition by bringing new solutions to the market
Emission reduction is a fundamental requirement and an enormous challenge in our industry - one which will require new ways of thinking, innovation and plenty of cooperation. Together with our partners, we are actively looking into new technologies and solutions to make this transformation happen.
What we need is collaboration and investments. Luckily, doing good for the environment, often means doing good business as well. Taking the climate actions forward creates value and prosperity in terms of great economic results. I am proud that at Neste we are leading the transition by bringing new solutions to the market - spot on what the world will need tomorrow.
For more information on Neste Corporation, see neste.com. Neste is supporting and participating at the World Climate Summit 2021, an official side event of COP26 and leading forum for business and investment-driven solutions to climate change.
Neste creates solutions for combating climate change and accelerating a shift to a circular economy. They are the world’s leading producer of renewable diesel and sustainable aviation fuel, developing chemical recycling to combat the plastic waste challenge. They aim at helping customers to reduce greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons annually by 2030.
Find out more about Neste and their renewable and circular solutions!