The company made the announcement on Wednesday at the Capital Markets Day 2021 event.
After selling its oil and gas business in 2017, Orsted aims to be carbon neutral by 2025 and has a target of completely neutral carbon footprint by 2040.
The company currently ranks at the top of the Corporate Knights 2021 global index of the most sustainable corporations and is recognised on the CDP Climate Change A List as a global leader on climate action.
The move comes at a critical junction where competition in the offshore wind market is ramping up. For example, Spanish company Iberdrola, Europe’s biggest wind power generator, has committed USD 182 billion by 2030 to triple its renewables capacity and double its network assets, and oil majors such as BP, Shell and TotalEnergies are shifting towards an increasing role in renewable energies.
Facing this scenario, Orsted has upped its previous planned investment of 200 billion crowns by 2025 to 350 billion crowns (USD 57 billion) by 2027. The goal is to quadruple its installed renewable energy capacity to 50 GW, from a previous 30-GW target, and speed up the expansion in onshore wind and green hydrogen.
“Our aspiration is to become the world’s leading green energy major by 2030,” Mads Nipper, Orsted CEO, said at Capital Markets Day. According to him, Orsted will move into more renewable energy areas as customers increase their demand for integrated green energy solutions. This goal will be tested throughout the decade as profitability will be challenged in a growing market where competition will intensify.
In this scenario, green hydrogen – hydrogen produced with renewable energy – is increasingly becoming an attractive renewable energy source and investment given its ability to decarbonise energy-intensive sectors such as aviation, shipping and long-haul trucking and heavy industries such as mining and steel.
Azule Energy and Rhino Resources will enter a strategic farm-in agreement for Block 2914A located in the offshore Namibian Orange… Read More
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
SLB OneSubsea and Subsea7 have signed a long-term strategic collaboration agreement with Equinor and begun work on two of its… Read More
Presight has acquired a 51% shareholding in AIQ, an energy-focused AI player founded by ADNOC and G42, the companies announced… Read More
This website uses cookies.