· Science Based Targets initiative
Read about Ørsted’s Science-based target here: https://orsted.com/en/Sustainability#cat0&tile4
Ørsted’s Science-based target is to bring the intensity of the company’s heat and power generation down to 20g CO2e/KWh, in 2023.
Ørsted is committed to: A complete phase out of coal in our energy production by 2023; 96% CO2 reduction by 2023, as compared with 2006; 95% or more renewable energy in own energy production by 2023. By 2023, the company will no longer use coal and be virtually carbon-free: 27 years ahead of Science-based targets for the energy sector. Other commitments: • We Mean Business (Remove deforestation; Science Based Targets initiative) • Pledge for a Just Transition to Decent Jobs • Supporter of the UN LGBTI Standards of Conduct for Business
Initiatives we are part of
• UN Global Compact (including the Pathways to Low-Carbon and Resilient Development Action Platfom) • World Economic Forum (including the CEO Climate Leaders’ Alliance) • We Mean Business • Task Force on Climate-Related Disclosure • Partner of WWF, World Wildlife Foundation, Denmark • Carbon Trust • CDP • BSR • SBP – Sustainable Biomass Program • DIEH (Danish Ethical Trading Initiative) • Transparency International Danmark • FutureFit
See full list of memberships here: https://orsted.com/-/media/WWW/Docs/Corp/COM/Sustainability/Orsted---Advocacy-Membership-2018.ashx?la=en&hash=D44D22254BC0387F0E284994F28B81A2B6403CBF
Offshore wind is a renewable, clean and globally-available resource. Offshore wind farms can provide power at utility scale with practically no carbon emissions. This makes them critical to achieving net zero emissions. Today it is cheaper to build and operate offshore wind farms in Northwestern Europe, than new-built coal- and gas-fired powerstations. It’s a game changer for the renewable energy sector, and we’re already seeing the benefits.
In September 2018, Ørsted inaugurated the Walney Extension offshore wind farm, in the Irish Sea, off the Northwestern coast of the UK. Walney Extension will generate enough green energy to power 600,000 UK homes. Completed on time and on budget, Walney Extension includes 87 wind turbines of 7-8 MW capacity and covers an area equivalent to 20,000 football fields. It demonstrates the success of continuous innovation and industrial-scale deployment of offshore wind. It also shows that renewable energy can bring clean power to consumers at a competitive price, while helping tackle climate change and creating jobs in local communities. Ørsted will invest around USD 30bn in green energy and aims to power more than 30mn people with offshore wind, by 2025.
A global clean energy producer
Since 2006, Ørsted has transitioned from being an oil, gas and coal utility, to a global clean energy producer. In that time, the company’s greenhouse gas intensity has fallen by 68%, while the share of green energy has risen to 71%. Ørsted will be virtually carbon free, with a 99% green energy share, by 2025. Converting the company’s seven large combined heat and power plants in Denmark to run on sustainable biomass, instead of coal and gas, is playing a major role in this transition. Ørsted has already converted six of its combined heat and power plants to run on biomass and will be coal free by 2023. Coal is the most polluting source of energy. Replacing coal and gas with sustainable biomass reduces carbon emissions significantly and provides the biggest carbon savings. Most of the biomass used is wood residue and waste wood. To ensure the biomass is sustainable, Ørsted follows strict sustainability criteria and documents sustainability by forestry certifications through the Sustainable Biomass Program. The company targets 100% certified sustainable biomass by 2020, upfrom 72% in 2017.
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Atlas Infrastructure is a specialist investment manager focusing on listed infrastructure securities. ATLAS specifically incorporates climate change and social factors in its company models through a purpose built scenario analysis. These factors directly impact our investment decisions.