Describe the process(es) your organization has in place to ensure that your engagement activities are consistent with your overall climate change strategy[…]Neste's strategy is to be a global leader in renewable and circular solutions and Neste's climate commitments are part of corporate strategy. Demand for renewable products is growing substantially, driven by higher climate ambitions and supportive regulation. Therefore, regulation and policies that drive ambitious climate agenda support Neste's strategy. To be aligned with Neste's strategy and climate commitments, also Neste's engagement activities support the transition towards carbon neutral value chains. On an organisational level, Senior Vice President, Sustainability and Corporate Affairs at Neste is responsible for both Public Affairs and Sustainability at Neste, ensuring our activities within both functions are aligned.
To demonstrate our climate commitments and show leadership and determination to meet the objectives of the Paris Agreement, we signed the Business Ambition for 1.5°C Commitment Letter (See Commitment attached). This means that we will continue to build on our climate actions so that they are in line with the 1.5°C emission scenarios, the criteria and recommendations of the Science Based Targets initiative (SBTi). However, after the commitment SBTi decided that Oil & Gas companies cannot get an SBTi approval without the sector-specific guidance.
We are committed to transformation towards a carbon neutral value chain. Our two existing and ambitious climate commitments – reaching carbon neutral production (Scope 1 & 2*) by 2035 and helping our customers reduce their greenhouse gas emissions by at least 20 million tons of CO2e annually by 2030 – are well on track. We have also set a concrete target for Scope 3 emissions to reduce the use phase emission intensity of sold products by 50% by 2040 compared to 2020 levels. This target will be achieved through Neste's transformation towards increasing the share of renewable and circular solutions as well as working with our suppliers and partners to reduce emissions across our value chain.
In practice, in the beginning of each engagement with policy-makers, trade associations or other organization, Neste presents our position on climate change and our climate commitments as part of the company presentation.