Ørsted is set to become the first energy company globally to complete a full green transformation, cutting its carbon emissions by 98%.
This achievement comes as global leaders convene in Brazil for Conference of Parties 30 (COP30), highlighting Ørsted’s attainment in meeting its science-based 2025 decarbonisation target.
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Once among Europe’s most fossil-fuel-intensive utilities, Ørsted has transformed itself as a market leader in offshore wind, stated the company.
Renewable energy accounts for 99% of the company’s energy production.
Since 2006, the company has reduced the emissions intensity of its scope 1 and 2 operations by more than 98%, marking a decisive shift from fossil fuels towards clean energy.
Ørsted senior vice-president for global stakeholder relations Ingrid Reumert said: “Decarbonisation is at the heart of Ørsted. We were founded on a promise to deliver green, affordable, and secure energy to governments around the world, and over the past years, we’ve built 18.5GW of renewable energy.
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By GlobalData“In parallel, we’ve delivered on our own green transformation. With a 99% renewable energy share and 98% emissions reduction in line with science, we’re pleased to share that Ørsted’s green transformation is effectively complete.”
Ørsted reached this target by deploying offshore wind and other renewable energy sources, shutting down coal-fired combined heat and power plants, converting remaining plants to certified sustainable biomass, divesting oil and gas activities, electrifying its vehicle fleet, and covering its own electricity consumption with renewable electricity certificates.
Looking ahead, Ørsted will collaborate with partners to cut emissions across its full value chain as it pursues its science-based net-zero goal for 2040.
Reumert added: “As the past ten years are the warmest on record, emissions reductions across societies are more important than ever. We’ll continue to build out offshore wind in our core markets and will take the next steps in our decarbonisation journey with a focus on reducing our upstream and downstream carbon emissions towards 2040.”
The company’s net-zero road map aims for decarbonisation of emissions from sources such as steel, copper, and maritime fuels.
The company’s decarbonisation progress comes at a pivotal moment as COP30 unfolds and the world faces challenges in meeting the climate targets outlined in the Paris Agreement.
Earlier in July, Ørsted closed a finance package of T$90bn ($3.08bn) to support the development of the Greater Changhua 2 offshore wind farm in Taiwan.
