Risks and opportunities
A number of sustainability-related risks are associated with Neste Oil’s operations. The most significant of these relate to environmental impact, safety, product liability and other incidents. The goal of Neste Oil’s risk management is to identify these issues and help develop preventive measures to counter them.
Neste Oil’s most significant sustainability-related risks is linked to:
- procurement of feedstocks used in production
- occupational and process safety at refineries
- the environmental impact of refining and logistics, and
- product liability
- changes in environmental legislation and legislation on biofuels
- a reputation-related risk linked to Neste Oil’s use of palm oil
A number of sustainability questions are associated with Neste Oil’s growth business: renewable fuels. Renewable raw materials, particularly palm oil, have been a topic of debate, some of which has been very critical. However, Neste Oil has played an active part in developing sustainable methods for sourcing renewable raw materials and is committed to using only sustainably produced palm oil. Various uncertainties are also associated with the development and implementation of the legislation covering renewable fuels. The work Neste Oil does to promote sustainability is very important to demonstrating that the company’s products comply with all aspects of legal and regulatory requirements.
Sustainability offers Neste Oil also a number of opportunities.The company's premium-quality, low-emission products have a lot to offer in meeting growing energy needs sustainably Neste Oil’s quality products, in-depth expertise, and extensive track record as a responsible company give the company a valuable competitive edge in the biofuel marketplace.
As a technological leader, Neste Oil works with its stakeholders to promote sustainable development and the adoption of sustainable operations across the industry. The company takes part in numerous joint projects with its partners to study the opportunities for reducing the negative impact of traffic and transport and promoting more sustainable technologies.