Company Neste has abandoned plans to achieve carbon neutrality within the next decade.

The world's leading biofuel producer, Neste, has abandoned plans to achieve carbon neutrality within the next decade, citing the financial impracticality of such investments. To meet the ambitious timeline for achieving zero emissions, "significant investments that are currently unrealistic" are required, the company said in a statement on December 15, noting that the original timeline was based on plans to phase out the use of crude oil at the Porvoo plant, which have since been postponed. The Finnish oil refinery now aims to reduce greenhouse gas emissions by 80% by 2040 compared to 2019 levels, the statement said, replacing the previous goal of achieving zero emissions by 2035. The intermediate target of halving emissions by 2030 was postponed to 2035, the company reported. The targets cover emissions from categories 1 and 2, relating to both emissions produced directly during Neste's operations and emissions indirectly related to processes such as electricity production. The ...