Ørsted

  • Sector: Energy (Renewable)
  • Headquarters: Denmark

Review summary

Ørsted submitted their Annual Report 2023 and Biodiversity Whitepaper to the It’s Now for Nature campaign and met all the review criteria to be part of the campaign.

Reviewed September 2024​

  • Ørsted’s double materiality assessment addresses nature-related dependencies and impacts across its direct operations and value chain.​
  • The company’s high-level focus areas are aligned to the European Sustainability Reporting Standards (ESRS) topics including Climate Change (E1), Resource use and circular economy (E5), Biodiversity and Ecosystems (E4). ​
  • Material issues highlighted under E4 and E5 include natural resource exploitation and land-use change from mining, habitat loss from land degradation caused by mining, disturbances to habitats and displacement or loss of species, use of virgin materials, and waste generated during operation and decommissioning.

  • Ørsted have the short-term target (present – 2030) to integrate biodiversity ambition and measurement framework into all upcoming renewable energy projects that will be commissioned from 2030 onwards. ​
  • Meaning, Ørsted commits to all renewable energy projects from 2030 onwards delivering net-positive biodiversity impact through avoidance, minimization, mitigation, and offsetting biodiversity impacts. ​
  • Ørsted have a SBTi LT 2040 net zero target covering portfolio emissions, sold products, and carbon removals.
  • Ørsted is actively working on the first steps of SBTN’s methodology towards setting science-based targets for nature.​

  • Ørsted uses four core principles to effectively manage impacts and work towards net-positive biodiversity targets:
    1. Science based decarbonization action,
    2. Avoid and mitigate negative impacts based on best available science,
    3. Set targets and deliver positive impacts,
    4. Holistic sustainability. ​
  • Examples of action in 2023 include providing artificial nesting structures for kittiwake birds along the east coast of England, issuing Blue Bonds, joining ReCod project.

  • Ørsted’s Board of Directors has overall sustainability responsibility, which includes biodiversity.​
  • The Board of Directors annually review competences for its composition, and in 2023, the ESG competence was further developed to align with the Corporate Sustainability Reporting Directive (CSRD). ​
  • Ørsted has a sustainability committee that reports into the Board of Directors.