Orsted Scores ’A’ on Gold Standard Climate Action List – again

Source: www.gulfoilandgas.com 12/7/2021, Location: Europe

Global environmental non-profit CDP acknowledges Orsted as a global leader on climate action for the third year in a row. Since CDP’s assessment, Orsted had its 2040 net-zero target approved as science-based as only one of seven companies globally.

Today, Orsted was recognized by CDP for its actions to cut emissions, mitigate climate risks, and help develop the low-carbon economy, based on the data reported by the company through CDP’s 2021 climate change questionnaire. This is the third ’A’ score in three years for the company.

“We’re delighted to once again be recognised by CDP as a company at the forefront of climate action. Energy companies play a crucial role in helping the world meet the Paris Agreement. At Orsted, we’ve taken our climate action further than any other energy company, getting our 2040 net-zero target approved as science-based as the only energy company and one out of only seven companies globally,” says Mads Nipper, Group President and CEO of Orsted.

A key contribution to Orsted’s CDP climate ’A’ score in 2021 was the company’s climate targets, which met CDP’s new scoring requirements and were awarded the maximum possible leadership points. In particular, Orsted’s net-zero target for 2040 as well as its 1.5°C aligned near-term science-based emissions reduction targets for 2025 and 2032 were all recognized by CDP to be industry-leading among energy companies.

World’s only energy company with a science-based net-zero target
Since reporting its climate actions to CDP earlier this year, Orsted has gone one step further by reinforcing its 2040 net-zero target with 1.5°C aligned long-term greenhouse gas reduction targets. In doing so, the company now has an ambitious decarbonization pathway, underpinned by clear near-term and long-term emissions reduction levels towards net-zero and a commitment to limit the use of offsets to neutralize maximum of 10 % emissions that cannot yet be eliminated. This target was approved by the Science Based Targets initiative (SBTi) in October at the launch of its new Corporate Net-Zero Standard, making Orsted one of only seven companies and the only energy company in the world with a science-based net-zero target.

A first milestone in Orsted’s decarbonization journey comes in 2025, when it will become carbon-neutral in scope 1-2 through reducing emissions intensity by at least 98 % from 2006. This will make Orsted the first major energy company to reach carbon neutrality in its energy generation – far ahead of science-based decarbonization targets for limiting global warming to 1.5 °C.

SBTi’s world-first Net-Zero Standard is the only standard to validate that companies set targets in line with what the latest climate science deems necessary to meet the goals of the Paris Agreement. The SBTi is a partnership between CDP, the United Nations Global Compact, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF).

Corporate environmental transparency
CDP’s annual environmental disclosure and scoring process is widely recognized as the gold standard of corporate environmental transparency. According to CDP, over 590 investors with over USD 110 trillion in assets and 200 major purchasers with USD 5.5 trillion in procurement spend requested companies to disclose data on environmental impacts, risks, and opportunities through CDP’s platform. In 2021, a record-breaking 13,000 companies responded. CDP assessed the companies and allocated a score of A to D-.

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