Preem tightens its climate targets: Climate-neutral value chain 2035

The fuel company Preem reduces its climate target by ten years. By 2035, the company will achieve climate neutrality along its entire value chain.

Swedish fuel company Preem is now accelerating its measures to reduce greenhouse gas emissions. By 2035 at the latest, Preem will have a climate-neutral business with net-zero emissions throughout its value chain, ten years earlier than its previous climate target.

“We are sharpening our climate target because we want, can and must. Our generation has a responsibility to future generations to ensure a sustainable change, and for Preem it is a matter of course to be a positive force and contribute to the transition in society,” says Magnus Heimburg, CEO of Preem.

With the Paris Agreement in mind, Preem will gradually reduce its carbon dioxide emissions along the entire value chain.

“Preem stands behind the Paris Agreement – this means that we not only focus on our direct emissions from production, but also that we reduce the emissions that occur along our entire value chain. We also have ongoing, large-scale initiatives aimed at reducing emissions in the short term. Making our entire value chain climate neutral is a large and complex transition project, but that challenge does not deter us,” continues Magnus Heimburg.

The road to climate neutrality

Since 2020, Preem has implemented a number of important priorities linked to this transition. The focus is now entirely on projects and initiatives that actively contribute to the climate target, and climate neutrality will be achieved by focusing on the following priority areas:

• Adapt refineries so that fossil crude oil can be replaced by renewable raw materials
• Establish facilities for carbon capture and evaluate compensatory measures
• Replace natural gas with renewable gas and the production of fossil-free hydrogen
• Adapt production capacity and broaden operations to offer more products that are in demand in a sustainable society

Preem's previous climate target, which was decided on in 2019, was that the company would become climate neutral in its entire value chain by 2045.

For more information, please contact:
Preem Press Office
press@preem.se
+46 (0)70-450 10 01

PREEM is Sweden’s largest fuel company. Our vision is to lead the transition toward a sustainable society. By 2030, Preem will produce 5 million cubic meters of renewable fuels, and to achieve climate neutrality by 2035. Preem’s two refineries are among the most modern and environmentally friendly in Europe with a refining capacity of over 18 million cubic meters per year. Our business includes production, sales, distribution, as well as trading and the sale of goods. We refine and sell fuel, heating and lubricating oil as well as other products to companies and individuals. Most of our products, almost 80 percent, are exported to the international market, mainly to northwestern Europe. We have a nationwide service network with 570 filling stations for private and commercial traffic. Preem AB has just over 1,500 employees, of which 950 work at our refineries. In 2020, Preem’s turnover was SEK 68.2 billion.