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.

In 2024, we have continued to advance our portfolio of nature-based carbon removal projects by planting approximately 40 million propagules in the Gambia, equivalent to around 4,000 hectares, thereby contributing further to the restoration of vital ecosystems and mitigating climate change. The project is in partnership with the Gambia Department of Parks & Wildlife Management and three local NGOs to restore mangrove populations. To ensure carbon credits contribute meaningfully to climate action, they must meet additionality, i.e. that the project would not occur without financial support, and permanence, i.e. that the mangroves remain intact. We actively support the Gambia project with a dedicated team and financial backing. Though resource-intensive and time-consuming as mangroves mature, this approach ensures project integrity.