Ørsted's transition plan includes key decarbonisation levers and identifies strategic actions that have driven the transformation of the business model towards renewable energy. The plan supports broader policy priorities, including the European Union’s 2050 climate neutrality goals. Ørsted targets reductions in scope 1 and 2 GHG emissions. In 2024, they closed Esbjerg Power Station, their last coal-fired CHP plant, advancing decarbonisation efforts. They aim for a 93% reduction in scope 1 and 2 GHG emissions intensity by 2025 and progress towards a 96% reduction by 2030. The interim scope 1-3 GHG emissions intensity target outlines a reduction trajectory of ~77% by 2030. Ørsted is also focusing on renewable energy capacity growth and the phase-out of coal, with a target to meet their 2025 target of a 99% share of energy generation coming from renewables.

We recognise the importance of tackling the impacts of our legacy business, as locked-in emissions pose a significant transition challenge if left unaddressed. To guide progress toward our net-zero goals, we have set an absolute emissions reduction target for scope 3 emissions from gas sales, aiming to reduce emissions by ~67% by 2030 (baseline 2018) and by ~90% by 2040. To mitigate potential risks associated with locked-in emissions, we focus on measurable performance and avoiding additional locked-in emissions by not entering into new gas sourcing agreements that would contribute to additional locked-in emissions.