World Climate Foundation
Solving the climate crisis requires a wide range of solutions-
– producing fuels, chemicals and plastics from renewable electricity and CO2 are part of the equation
Authored by Jukka Räsänen, Head of Business Development, Renewable Hydrogen and PtX, Neste
There is no single solution for replacing fossil-based products with renewables, because the scale is so vast. At Neste, we are committed to reduce our customers' greenhouse gas emissions by at least 20 million tons of CO2eq annually by 2030. We aim to achieve this target with our renewable and circular solutions for transportation as well as for the chemicals and plastics industries. These solutions have a smaller carbon footprint than their fossil alternatives, and enable a future where the needs of the society can be met with solutions that our ecosystem can sustain.
Neste is a global leader in renewable fuels, and is currently ranked as the 4th most sustainable company by Corporate Knights. We excel in processing waste and residue raw materials into sustainable fuels and chemicals. To continue on this path, we are now working on increasing our offering by developing technologies and products based on renewable electricity and captured CO2.
Scalable and sustainable raw materials for the future
To replace the current volume of fossil-based fuels and materials, many viable solutions are being developed. Our mid- to long-term raw material development focuses on scalable and sustainable raw materials and technologies that enable their use: waste plastics, lignocellulosics, novel vegetable oils, municipal solid waste and microalgae. However, the current demand for fuel is so high, that waste streams and biomass are not enough to solve the global dependence on fossil fuels.
We need to pursue beyond. The decreasing costs of renewable electricity production offers one solution. Power-to-X pathways will play a crucial role in the years to come, as they offer a solution detached from biomass, while recycling CO2.
Renewable hydrogen is the route of clean electricity to fuels and materials
Hydrogen is unavoidable. The production of fertilizers, plastics, steel and liquid fuels, among others, is based on hydrogen. But fossil hydrogen is avoidable. Neste is paving the way to products based on CO2 and renewable hydrogen.
Using industrial CO2 emissions as feedstock will bring us to a new industrial mode, which emphasizes circularity of CO2 instead of direct emissions. Combined with renewable hydrogen, the captured CO2 can be converted to solutions for our every-day living.
Achieving low-cost renewable hydrogen at large scale will necessitate massive investments in the additional electricity production and infrastructure. Furthermore, the scale-up of renewable hydrogen and PtX requires supportive regulation and industrial scale-up of technologies - but foremost extensive collaboration and mutually beneficial partnerships with commitment to sustainability.
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.