Neste is selected to the initial target validation group for science-based targets (SBTs) for nature, by The Science Based Targets Network (SBTN), which is aiming to set the global standard for ambitious and measurable corporate action on nature. Globally, only 17 companies are invited to the target validation group to pilot a global framework for setting targets, and measuring and validating organizations’ nature work.
“We are excited to be included in the initial target validation group. Biodiversity is an important part of our sustainability vision, which is strongly embedded into our company strategy. We at Neste are developing science-based targets and actions, and this pilot is a great opportunity to develop our own objectives in a credible way,” said Salla Ahonen, Vice President, Sustainability at Neste.
As SBTN launches the underlying process for companies to submit their targets for review and approval, the validation process will initially only be available to a small group of pre-selected companies in order to gain learnings and optimize accordingly, prior to a full validation process roll out.
Neste’s biodiversity vision is to achieve a nature positive value chain by 2040. It aims at creating net positive impacts (NPI) for biodiversity from new activities from 2025 onwards and target no net loss (NNL) of biodiversity from all ongoing activities by 2035.
We are developing a systematic approach to delivering net positivity on biodiversity on all our new activities by 2025. We also aim to align our existing operations to achieve no net loss for biodiversity by 2035 with the aim of having a positive impact on biodiversity throughout the entire value chain by 2040.
“By understanding the impacts, evaluating the risks and opportunities, and integrating biodiversity into company strategy, businesses will ensure that they minimize the negative impact on biodiversity and maximize the opportunities related to natural capital. Business leaders therefore need to use fine metrics to form a more holistic approach to setting targets and improving biodiversity,” said Niina Niemelä, Sustainability Manager for climate and the circular economy at Neste.
Neste joined the Science Based Target Network’s Corporate Engagement Programme in 2021, to take part in the development of methods and guidance for science-based targets for nature. The science-based targets (SBTs) give companies a clear pathway to competitiveness and resilience by using science to define their role in restoring nature. It defines SBTs as measurable, actionable, and time-bound objectives, based on the best available science, that allow actors to align with Earth’s limits and societal sustainability goals.
