Ørsted Aims to be World’s Leading Green Energy Major by 2030, Launches $57B Investment Plan
Energy provider Ørsted announced today a significant ramp in its plans to grow its renewable energy capacity, aiming to become the world’s leading green energy major by 2030. With plans to grow the company’s renewable energy capacity to 50 GW by 2030 from 12 GW today, Ørsted has launched plans to invest approximately DKK 350 billion (US$57 billion) in green energy from 2020 to 2027.
“Our aspiration is to become the world’s leading green energy major by 2030,” said Mads Nipper, Group President and CEO of Ørsted. Nipper added:
“With the opportunities we see across all of our segments, we now set the ambition of reaching approx. 50 GW of installed renewable energy capacity by 2030, more than quadrupling our installed capacity over the next decade.
“With this strategic ambition, we’re positioning Ørsted to be a leading player in a future energy system with more renewable energy which will be much more integrated across technologies and tied together by new infrastructure and increased digitalisation.”
Ørsted’s new 50 GW 2030 goal marks a significant increase from its prior target of 30 GW, set in 2018. For the new ambition, the company expects roughly 30 GW to come from offshore wind, 17.5 GW from onshore wind and solar PV, and 2.5 GW from other renewables, including sustainable biomass, renewable hydrogen, and green fuels. The company also announced a ban on the landfilling of wind turbines, committing to either reusing, recycling, or recovering 100 % of all blades from both onshore and offshore wind farms.
The company’s green energy acceleration comes amidst rapid growth in global investments in renewable energy globally, with a recent IEA report indicating a 45% increase in renewables capacity additions during 2020. Last month, the IEA indicated that renewable energy investments would need to surge to nearly $5 trillion by 2030, in order to put the world on the pathway to net zero emissions by 2050.
“It’s our aspiration to be a leading catalyst for the global green energy transition towards a world that runs entirely on green energy and to be the preferred partner for our customers, local communities, suppliers, and joint venture partners, enabling all our stakeholders to realise the green transformation and its benefits.”