One of the only examples of a large fossil fuel company that has adopted a credible transition plan.
Orsted is a Danish multinational energy giant that transitioned away from fossil fuel powered energy generation to be the world’s largest developer of offshore wind farms.
The company has its origin in the Danish state-owned company Dansk Naturgas A/S and was founded in 1972 to manage gas and oil resources in the Danish sector of the North Sea.
At about the time of the 2009 United Nations Climate Change Conference in Copenhagen, Orsted adopted the ‘85/15 vision’ with the aim of changing from a company generating 85% of its energy from fossil fuel-based activities, to a company generating 85% of its energy from renewable activities.
Through a process of investment and divestment, it succeeded in achieving its vision in just eight years. At the time of writing it currently generates around 95% of its energy from renewable sources, with a target of 99% by 2025.
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