(UPM, Helsinki, 7 February 2019 at 16:00 EET) - The Finnish Parliament has yesterday 6 February 2019 approved a law that sets a gradually increasing 30% biofuels target for 2030. Furthermore, the law sets a world-leading advanced biofuels target of 10% in 2030.

UPM welcomes the Finnish government's ambition to take transport decarbonisation seriously:

"UPM is a leading producer of advanced biofuels as defined by the EU Renewable Energy Directive, and we consider this move by Finland as a bold step forward in setting concrete measures for transport decarbonisation," says Sari Mannonen , Vice President, UPM Biofuels.

UPM produces wood-based UPM BioVerno renewable diesel at the Lappeenranta Biorefinery in Finland. UPM is also studying opportunities for growth in the biofuels industry and has recently concluded an environmental impact assessment for a potential 500,000 t/a biorefinery in Kotka, Finland.

"We salute the decision by the Finnish parliament and welcome the fact that many other countries, such as Sweden and Norway, are also walking the talk on climate change mitigation in the transport sector," says Marko Janhunen , Director, Public Affairs, UPM.

"Transport decarbonisation requires utilization of the whole toolbox - we need all financially and technologically feasible means from sustainable biofuels to electrification and engine efficiency improvements to be deployed," Janhunen concludes.

For further information please contact: Marko Janhunen, Director, Public Affairs, UPM, tel. +358 50 5900047

UPM, Media Relations Mon-Fri 9:00-16:00 EET tel. +358 40 588 3284 media@upm.com

UPM Biofuels produces renewable and sustainable products for the transport and petrochemicals industries. We offer our customers ways to replace fossil raw materials and reduce their carbon footprint. UPM's innovative, bio-based products are frontrunners in quality, usability and sustainability. www.upmbiofuels.com

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UPM We deliver renewable and responsible solutions and innovate for a future beyond fossils across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Communication Papers and UPM Plywood. We employ around 19,000 people worldwide and our annual sales are approximately EUR 10.5 billion. Our shares are listed on Nasdaq Helsinki Ltd. UPM Biofore - Beyond fossils. www.upm.com

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