On October 5, 2017, Neste, a member of the Biobased and Renewable Products Advocacy Group (BRAG®), announced the publication of its business environment outlook titled “Taking Action on Climate Change.” The report provides an overview of key changes taking place in the energy, transport, and chemicals markets and of select drivers of such change. The report highlights the role biofuels can play in reducing emissions from the road, aviation, and marine transport sectors. Demand for renewable diesel is expected to double in North America, the Nordic countries, and Europe by 2021. Additionally, renewable aviation fuels provide an important solution for an industry committed to reducing its carbon dioxide emissions despite an increasing demand for aviation fuel.
The report also suggests that rapidly increasing resource consumption and waste generation are the driving force behind the move towards a circular economy. Neste expects the bioplastics market to grow by more than 40 percent by 2021, with 80 percent of the growth coming from durable biobased plastics. To help decouple plastics from the consumption of fossil-based feedstocks, Neste is developing new business operations from bioplastics using its renewable products as the raw materials.
By 2020, Neste aims to have renewable jet fuel, renewable chemicals, and biobased plastics account for 20 percent of its renewable business sales volume.