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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.