Governance and oversight of the transition plan: Matters related to the transition plan are addressed within our sustainability governance framework. The elements of our transition plan are fully disclosed in our annual report, which is presented to shareholders for approval at the annual general meeting (AGM), providing them with an opportunity to offer feedback.

1. Renewable energy deployment: Positive impact (own operations) and Opportunity (own operations). The positive impact and opportunity arise from our deployment of renewable energy. Generally, risks associated with the transition to a low-carbon economy present opportunities for Ørsted, as our vision and long-term ambitions are closely aligned with this transition.

2. Carbon removal through nature-based projects: Potential positive impact (own operations). This potential positive impact arises from carbon removal achieved through our nature-based projects, which complement our efforts to reduce emissions by supporting climate action beyond our value chain and are not a substitute for direct emission reductions.

3. Scope 1 and 2 GHG emissions from our operations: Negative impact (own operations). This negative impact results from our scope 1 and 2 GHG emissions. Scope 1 emissions primarily result from fossil fuel-based heat and power generation at our CHP plants, with a smaller contribution from operation and maintenance activities.

4. Scope 3 GHG emissions from the renewable energy supply chain: Negative impact (upstream value chain). These negative impacts relate to activities that result in scope 3 GHG emissions, contributing to global warming.

5. Climate-related transition risks due to changes in political support for the renewable energy build-out: Risk (own operations). This climate-related transition risk arises due to possible changes in the political and regulatory landscape, which could result in insufficient support for renewable energy deployment or the removal of existing subsidies and incentives.

6. Climate-related physical risks (chronic and acute): Risk (own operations). The chronic physical risks relate to the dependency of renewable energy generation on natural resources, such as wind patterns, and the acute physical risks relate to a potential increase in the severity and frequency of extreme weather events.

7. Energy consumption, mainly at our CHP plants: Negative impact (own operations). We have identified a negative impact associated with energy consumption at our combined heat and power (CHP) plants, which includes the use of fossil-based fuels.