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38DIRECTORYOFSINGAPOREPROCESS&CHEMICALSINDUSTRIES2023/2024ThroughR&DitdevelopedaproprietarytechnologycalledNEXBTLanacronymforNextGenerationBiomasstoLiquidwhichusesoilsandfatsfrommultiplesourcesasfeedstockstoproducedieselswhichcanreduceGHGemissionsbyupto90%comparedwithfossildieselsNestecommitted€100millioninitsdevelopmentThepilotplantcameonstreaminitshomebasePorvooinFinlandin2007Thischangeofstrategywasmadeatachallenging timeIn2008 theglobaloperatingenvironment changed drastically as theEurozonerecessiontookholdandcrudeoilpricesplungedfromapeakofUS$147perbarreltounderUS$40perbarrelsaidMrLimThecompanykeptfaithDespiteuncertaintyNesteinvested€2billiontobuildtwoworldscalerenewabledieselrefineriesinSingaporeandRotterdamasitwasconvincedthatrenewabledieselproducedwithitstechnologywasasolutiontothegrowingclimatechangechallengeTodayrenewablescontributenearly50%ofitsrefiningrevenueBymid-2030NestesentirerevenuewillbegeneratedfromrenewablesSingaporeisintegralinNestestransitiontorenewablesItsfirstbio-refineryherebeganoperationsin2010whichitrecentlyexpandedatthecostof€16billionTodaytheSingaporefacilitycanproduceabout13milliontonsperyearofrenewabledieselOperationalinApril2023theexpandedplantcanmanufactureupto1milliontonsofSAFmakingitthelargestoperatingSAFproductionfacilityintheworldSingaporewaschosentogetherwithRotterdamasthefirstsitesfortheworldscalerefineriespartlybecausebothhaveworldclasslogisticsconnectivitywhichenablesaseamlesstransportationofourrenewablerawmaterialsaswellasfinalproductsfromEuropeandAsiatotherestoftheworldWearenowinastrongpositiontocontinueourgrowthandtransformationtobecomeagloballeaderinrenewableandcircularsolutionssaidMrLimNestehasalsoestablishedanInnovationCenterinSingaporeitsfirstoutsideFinlandleveragingonthecountrysR&DcapabilitiesInauguratedin April2023it focuses onresearchintothirdgenerationrawmaterialsandthemoredifficulttotreatfeedstockssuchasnovelvegetableoilswhichareessentiallywasteandresiduesofvegetableoilprocessingGiventhenatureofitsproductsanditsproductionprocessesSingaporescarbontaxwillhaveminimalimpactonNesteGHGemissionsareclassifiedintocategoriesScope1Scope2 or Scope 3 emissions with Scope1beingdirectemissionsthatareownedorcontrolledbyacompanywhileScope2and3areindirectemissionsconsequencesoftheactivitiesofthecompanybutoccurfromsourcesnotownedorcontrolledbyitSaidMrLimNestehasanambitiousclimatecommitmenttoreduceitsScope1and2emissionsandreachcarbonneutralproductionforallitsproductionsitesby2035andwehaveputtogethermanyinitiativesandinvestmentprojectstoenableustoreachthegoal WehavealsosetaconcretetargetforScope3emissionstoreducetheusedphaseemissionintensityofourproductsby50%by2040comparedto2020levelsLeveragingOnExisting AssetsToFosterExpansionInSustainableProductsInthecomingyearswecanexpecttoseemorecompanieslikeNesteastheEDBseekstoattractandanchorthemanufacturingofsustainableproductsandpursuesustainableproductionWebelievethatSingaporewillcontinuetohaveastrongvaluepropositionbuildingonourexistingstrengthsandattractivebusinessenvironmentSingaporehasput forth aggressive