The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
ESG

Environmental finance: From Dong to Ørsted – a story worth repeating

Don’t believe the doubters – the transition from fossil fuel to clean energy can be made, and made swiftly and profitably.

ha_banner_column-780



Environmental and political writer George Monbiot recently made the salient point that while Shell launched a $300 million fund in April to invest in natural ecosystems, it also invested $25 billion into oil and gas in 2018, including exploration for new fossil fuel reserves. 

When I am reminded of how little the large energy companies are doing regarding transitioning to a low-carbon economy and of the excuses given, I think about the story of how Dong Energy became Ørsted. 

A little over 10 years ago, when Ørsted was Dong Energy, it had only a few wind projects. The main part of the company’s business was drilling for oil and gas in the North Sea, selling and distributing power and gas to end-customers in Denmark and operating combined heat and power stations. 

The stations were based on coal, oil and natural gas; Ørsted alone was responsible for half of Denmark’s CO₂ emissions. 

In 2018, by comparison, 75% of the firm’s total energy generation came from renewable sources – by 2025 that will be 99%. The carbon intensity of its energy generation was 72% lower than 2006 levels – its target is 98% by 2025.




You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree