The project will strongly contribute to the reaching of both Finland’s and the EU’s climate targets and has a significant role in Neste’s target of carbon neutral production by 2035. With this transformation project, a reduction of more than 4 million t of CO2 emissions can be achieved at the Porvoo refinery in the first 10 years of operation.
The company also aims to gather a network of leading European technology suppliers and R&D institutes, laying the foundation for a world-class European hub for renewable hydrogen and CO2 utilisation.
The EU Innovation Fund is investing over €1.1 billion in seven large-scale innovative projects. Neste will start to prepare the individual grant agreements with the funding agency, which are expected to be finalised in 1Q2022.
