Ørsted Gets Closer to a Complete Green Transformation: 99% Renewable Energy Generation by 2025
The years 2015-2018 were the four warmest years on record for the world. To avoid runaway climate change, society must radically decarbonise the way it generates and consumes energy, and keep global temperature rise below 1.5° Celsius as compared with pre-industrial levels.
A world that runs entirely on green energy, begins at home, and Ørsted is close to fully decarbonizing its own heat and power generation. The company highlights this and other key sustainability outcomes in their 2018 sustainability report “A greener planet for a better world”.
"Climate change is one of the defining challenges of our time. A world fully powered by green energy rather than fossil fuels is not only necessary to avoid irreversible change to our planet, it is also possible," says Henrik Poulsen, CEO of Ørsted.
He continues: "Today, green energy is the economic choice, as life-time costs of renewable energy generation are lower than those of new-built coal, gas and nuclear plants. Offshore wind will continue to outcompete fossil fuels across the globe.”
Ørsted is the global leader in offshore wind. The Denmark-headquartered company has a portfolio of offshore and onshore wind farms, bioenergy plants and solar and energy storage solutions – all of which will play an important role in helping to create a world that runs entirely on green energy.
Virtually carbon-free by 2025
Ørsted will stop using coal in 2023 and be virtually carbon-free in energy generation by 2025. This carbon emissions reduction target puts the company a full 27 years ahead of the necessary reduction trajectory for the energy sector, as based on a 2°C temperature-rise scenario.
Although there is currently no trajectory for carbon emissions reduction determined for a 1.5°C scenario, it is clear Ørsted’s current carbon emissions target will continue to be well within the limits for the energy sector to stay below the 1.5°C scenario.
Ørsted reached several sustainability milestones in 2018:
- 75% of the company’s energy generation is based on renewables – targeting 99% by 2025.
- Carbon intensity of the company’s energy generation was reduced by 72% in 2018, as compared with 2006 levels – with a target of 98% by 2025.
- 6.3mn tons of carbon emissions avoided annually by the company’s offshore wind farms – equal to taking more than three million cars off the streets for a year.
- With its partners, Ørsted has invested DKK 165bn in renewable energy over the past decade and plans to invest another DKK 200bn (approx. USD 30bn) in green energy towards 2025.
Progressing the Global Goals
With substantial investments to deploy green energy, Ørsted makes a direct and tangible contribution to advancing the Sustainable Development Goals on access to clean energy, economic growth and climate action.
To date, the company has installed offshore wind capacity to power more than 12 million people and aims to bring renewable power to more than 50 million people by 2030. In the US, a key market for Ørsted, the company is working to bring offshore wind energy to 800,000 people on the US East Coast by 2023.
Ørsted’s offshore wind farms, including those that are installed or under construction, create 180,000 job-years throughout their lifetime, including skilled engineering jobs in construction and maintenance.
Ørsted remains dedicated to protecting biodiversity and raising awareness of climate change among children and young people. The company launched a children’s book in end-January and held a Climate Safari event in 2018 together with the World Wide Fund for Nature (WWF), Denmark, to engage young people to take climate action. Ørsted and WWF, Denmark, will continue their partnership with new activities in 2019.
Devapriyo Das, Senior Communication Advisor for Sustainability, Ørsted
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