Ørsted ranked the most sustainable energy developer

Ørsted has been ranked the world’s most sustainable energy developer amongst the 292 ‘power generating companies’ in Corporate Knights’ 2024 Global 100 index for the fifth time. Corporate Knights benchmarks the sustainability performance of a company against its usual peers and across sectors.

Once a carbon-intensive company, Ørsted is claimed to have transitioned to renewables faster than any other energy company. The company put sustainability at the core of its strategy as it shifted offshore wind and is committed to a green transformation benefitting nature and people. 

Ingrid Reumert, Senior Vice President and Head of Global Stakeholder Relations at Ørsted says, “We’re happy to be recognised by Corporate Knights as the world’s most sustainable energy developer. Working seriously with sustainability requires ambition, thoroughness, and strong partnerships – and adds to our continued commitment to creating a world that runs entirely on green energy.”

She continues, “World leaders at COP28 agreed to triple the global renewable energy capacity by 2030 – this will require a build-out of renewables at a pace and scale never seen before. Doing so in a sustainable way is both necessary for our planet and to secure the licence to operate by governments and societies. We’ll only be able to reach a tripling of renewables by 2030 if we gain community support, ease long-term raw material pressures in our supply chains, and unlock access to space to build at land and sea – sustainability is key in all of these endeavours.’

Building green energy and doing it right 

The company is a developer of offshore wind with a portfolio of 8.9GW in operation and has installed a renewable capacity totalling 15.7GW. It is building renewables across three continents; offshore wind, onshore wind, solar and Power-to-X projects are under construction and will provide access to green energy, benefiting businesses, private homes and nature.  

In 2023, Ørsted made strides in decarbonisation, edging closer to delivering net zero wind farms. The company issued the industry’s first blue bond, raising €100 million to fund offshore biodiversity, and teamed up with UC Berkeley’s Haas School of Business to advance the positive social impact of renewable energy projects. It procured low carbon copper cables for the world’s single largest offshore wind farm, Hornsea 3 in the UK, thereby reducing the emissions from high-voltage power cables by nearly 50%. The company entered a large-scale supply agreement with Dillinger, its key steel manufacturer for foundations, enabling a shift towards low-emission steel production. It also signed a contract with ESVAGT to take on a second green service operation vessel. Ørsted also contributed to a World Economic Forum paper, laying out the foundations of a people-positive renewables build-out.

Specifically related to the Corporate Knights ranking, Ørsted’s sustainable revenue share increased from 66% to 73% in 2022, and its sustainable share of CAPEX remained high at 99%, reflecting its investment in renewable energy projects. Ørsted has reduced its scope 1-2 emissions by 87% from 2006 to 2022 and is on track to phase out coal this year.

To read more about Ørsted, click here.