Orsted Secures Top Spot as World’s Most Sustainable Energy Developer for the Fifth Time

Orsted business

Orsted has clinched the title of the world’s most sustainable energy developer, reaffirming its commitment to environmental stewardship and green energy solutions. The accolade was bestowed by Corporate Knights in its prestigious 2024 Global 100 index, where Orsted outshone 291 other power generating companies for the fifth consecutive time.

Corporate Knights, renowned for its rigorous assessment of sustainability performance, compared Orsted against its industry counterparts and across diverse sectors. The Danish company’s transformative journey from a carbon-intensive entity to a global leader in offshore wind played a pivotal role in securing its top position.

Notably, Orsted’s steadfast dedication to sustainability is evident in its strategic emphasis on renewable energy. Ingrid Reumert, Senior Vice President and Head of Global Stakeholder Relations at Orsted, expressed the company’s satisfaction, stating, “We’re happy to be recognized by Corporate Knights as the world’s most sustainable energy developer. Working seriously with sustainability requires ambition, thoroughness, and strong partnerships – and adds to our continued commitment to create a world that runs entirely on green energy.”

Reumert emphasized the pivotal role of sustainability in meeting global renewable energy goals, particularly referencing the recent agreement at COP28 to triple global renewable energy capacity by 2030. She highlighted the need for community support, addressing long-term raw material challenges, and unlocking access to strategic locations for sustainable energy infrastructure.

Orsted’s Leading Role in Green Energy Deployment

As the world’s largest developer of offshore wind, Orsted boasts a substantial portfolio with 8.9 GW in operation and a total installed renewable capacity of 15.7 GW. The company is actively constructing renewable projects on three continents, including offshore and onshore wind, solar, and Power-to-X initiatives. These endeavors aim to provide widespread access to green energy, benefiting businesses, private homes, and the environment.

In 2023, Orsted achieved significant milestones in decarbonization, nearing the delivery of net-zero wind farms. The issuance of the industry’s first blue bond, raising EUR 100 million for offshore biodiversity, showcased the company’s dedication to environmental preservation. Collaborating with UC Berkeley’s Haas School of Business, Orsted worked towards enhancing the positive social impact of renewable energy projects.

The company’s efforts extended to sourcing low-carbon materials, such as copper cables for the Hornsea 3 offshore wind farm, leading to a nearly 50% reduction in emissions from high-voltage power cables. Collaborative agreements with key partners, including Dillinger for low-emission steel production, and ESVAGT for green service operation vessels, underscored Orsted’s holistic approach to sustainability.

Corporate Knights Recognition and Key Performance Indicators

Orsted’s sustainable revenue share saw a commendable increase from 66% to 73% in 2022, reflecting the company’s steadfast commitment to directing investments solely towards renewable energy projects. The sustainable share of CAPEX remained high at 99%, underscoring Orsted’s dedication to environmentally responsible capital expenditures.

The company’s industry-leading decarbonization efforts were acknowledged, with a remarkable 87 percent reduction in scope 1-2 emissions from 2006 to 2022. Orsted remains on track to completely phase out coal in the current year. The 2023 launch of the climate advocacy report further demonstrated Orsted’s commitment to transparency and best practices in climate-related advocacy.

Furthermore, Orsted’s increased ethnic and gender diversity in top management positively influenced its ranking. The company’s overall achievements led to its 17th place across all sectors in the Corporate Knights’ 2024 Global 100 index.

About the Corporate Knights Global 100 Index

The Corporate Knights Global 100 index is an annual ranking of the world’s 100 most sustainable corporations. This cross-sectoral assessment spans industries such as industrial, financial, IT, consumer, and healthcare. The 2024 ranking involved the analysis of 6,733 companies against global industry peers, considering up to 25 quantitative key performance indicators weighted to reflect each industry’s impact profile. Orsted’s top-ranking position among the 292 power generating companies solidifies its position as a trailblazer in sustainable energy development.