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.

The lower consumption of coal compared to 2023 was mainly driven by the shut down of the coal-based Esbjerg Power Station from September 2024 as well as our other coal-based generation capacity in Q4 2024. In addition, we have resumed biomass usage at Studstrup Power Station, replacing coal consumption since April 2023. Total energy consumption from renewable sources increased by 27% in 2024 compared to 2023. The increase was primarily driven by 30% higher fuel consumption from biomass at our CHP plants, driven by improved spreads from decreasing wood pellet prices as well as increased biomass usage at Studstrup Power Station in 2024, as we have resumed using biomass after the fire in the wood pellet silo that lead to lower biomass usage in 2023. The 15% increase in energy intensity from activities in high climate impact sectors is due to a 3% increase in total energy consumption (numerator) and a 10% reduction in revenue (denominator).