Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2023-12-31	281136000000	dkk
ifrs-full:Assets	2022-12-31	314142000000	dkk

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2023-01-01	2023-12-31	79255000000	dkk
ifrs-full:Revenue	2022-01-01	2022-12-31	114417000000	dkk

XML

See the xml submitted here:

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   <mrv:CorporateGovernanceReport contextRef="ctx-1" id="s9_notes__8__5" xml:lang="en">Governance frameworkThe overall and strategic management of the com-pany is anchored in a board of non-executive directors. As a publicly listed company, Ørsted shall provide a statement on how we address the recommendations on Corporate Governance issued by the Danish Com-mittee on Corporate Governance. Our statement can be found (here). In 2023, we decided not to webcast our annual general meeting and therefore only partly complied with Recommendation 1.2.1 as accounted for in our 2023 corporate governance statement. Besides this, we comply with all recommendations. Going forward, we have decided to webcast general meetings.Shareholders and general meetingsThe Danish State is our majority shareholder with a 50.1 % ownership share. The Danish State exer-cises its ownership interest in Ørsted in accordance with the ordinary governance setup in Danish com-panies. The Danish State's ownership policy (only in Danish) is available on: fm.dk/udgivelser/2015/april/statens-ejerskabspolitik/.The shareholders of Ørsted exercise their right to vote at the general meeting through a one-share-one-vote principle. The general meeting adopts decisions in accordance with the ordinary Danish rules. Due to our majority ownership by the Danish State, we have a bespoke quorum requirement, as proposals to amend our articles of association or dissolve the company require that the Danish State participates in the gen-eral meeting and supports the proposals.The general meeting appoints a board of non-executive directors (the Board of Directors), who, together with the executive directors appointed by the board, are responsible for the management of the company. Board of Directors The Board of the Directors is, together with the execu-tive directors appointed by the board, responsible for the management of the company. In 2022, our general meeting approved to expand our scheme for employee-elected board members to cover employees globally, and we will hold our first international election in Q1 2024. Our Board of Direc-tors currently comprises twelve members, eight mem-bers elected by the general meeting and four mem-bers elected by the employees. The Board of Directors is responsible for the overall strategic management of the company. The Board of Directors lays down the company's strategy and makes decisions concerning major investments and divestments, the capital base, key policies, control and audit matters, risk management, and significant operational issues. You can see the most important tasks in 2023 on the next page. The Board of Directors monitors and oversees pro-gress related to our sustainability strategy and that our sustainability targets are achieved, including our ambitious net-zero carbon reduction targets for scope 1-3 emissions. ESG and sustainability priorities are an integral part of the decision-making governance of the Board of Directors, and an update on our sustainability targets and progress is presented to them annually.The Board of Directors annually reviews the required competences for its composition. In 2023, the ESG competence was further detailed to bring it in line with the EU Corporate Sustainability Reporting  Directive (CSRD). The list of required competences can be found on orsted.com/competences-overview.We have a diverse Board of Directors. With three female board members out of the eight elected by the general meeting, we have a 37.5 % female representation, which is an equal representation under Danish law. The age of our board members spans from 48 to 69 years old among board members elected by the general meeting and from 29 to 56 years old among board members elected by the employees. Our board members have different educational backgrounds within finance, economics, geophysics, and engineer-ing and professional experience from the energy or other industries, private equity, private investments, and academia. A description of the individual board members, including their other executive positions, independence, and how the individual board members contribute to the required competences, can be found in the following pages. Their meeting attendance dur-ing 2023 can be found above. The Board of Directors evaluates its performance annually. The 2023 board evaluation was conducted by distributing a customised online survey to all mem-bers of the Board of Directors and the Group Execu-tive Team, and findings were subsequently discussed at a board meeting. The overall score was satisfac-tory, although slightly lower than 2022. In 2022, the Board of Directors identified two overriding themes regarding the division of responsibilities between the Board of Directors and the Executive Board and the information to the Board of Directors regarding talent management and succession. Since the evaluation, various initiatives have been launched to address the findings, and in the 2023 board evaluation, the gen-eral feedback was that progress had been made.The general meeting determines the remuneration for the members of the Board of Directors for the finan-cial year in which the general meeting is held. In the separate remuneration report, you can read more about the remuneration of the Board of Directors. Below, you can find a link to the remuneration report and a link to our statutory report on data ethics, pre-pared in accordance with the Danish Financial State-ments Act, section 99 d. →   orsted.com/remuneration2023  orsted.com/data-ethics2023Nomination &amp;  Remuneration Meeting attendance  Board of Directors Audit &amp; Risk CommitteeCommitteeBoard members Ordinary Extraordinary Ordinary ExtraordinaryThomas Thune Andersen 7/0 9/0 3/0Lene Skole 7/0 8/1 3/0Annica Bresky16/0 7/1Andrew Brown16/0 7/1Jørgen Kildahl 7/0 9/0 6/0 4/0Julia King27/0 8/1 2/0Peter Korsholm 7/0 7/2 6/0 4/0Dieter Wemmer 7/0 7/2 6/0 4/0Benny Gøbel 7/0 9/0Leticia Francisca Torres Mandiola 7/0 9/0Alice Florence Marion Vallienne 6/1 9/0Anne Cathrine Collet Yde 7/0 9/0The numbers indicate how many meetings in 2023 the members have attended or not attended, respectively, during the year.1  Joined the Board of Directors on 7 March 2023.2  Joined the Nomination &amp; Remuneration Committee on 7 March 2023.Important tasks 2023 – managed by the Board of DirectorsInvestments, acquisitions, and divestmentsFinal investment decision on the offshore  wind projects Hornsea 3, Revolution Wind,  and Greater Changhua 2b and 4.Decision to cease development of the Ocean Wind 1 and 2 offshore wind projects.Build-out of our offshore wind portfolio, including bids into tenders in the US and  Germany, the acquisition of the remaining 50 % share of Lease Area 500 from Eversource, and entry into an agreement with ESB to jointly develop an Irish offshore wind portfolio.Divestment of the remaining 25 % share of  the London Array Offshore Wind Farm to funds managed by Schroders Greencoat, divestment of 50 % of the offshore wind farm Gode Wind 3 to Glennmont Partners, and divestment of the Hornsea 2 transmission assets to Diamond Transmission Corporation Limited and HICL Infrastructure PLC. Other tasksDecision to replace the CFO and COO,  including the appointment of an interim  CFO and interim COO.Oversight of risk review, portfolio review,  strategic review, and actions to improve  capital structure.Strategy review to present progress and  strategic updates as part of the Capital  Markets Day in June 2023.Issuance of green senior bonds to finance  our global build-out of renewable energy  and green growth ambition and refinancing  of hybrid capital.Oversight of financial results and guidance, including impairments on our US offshore  wind portfolio.Discussion of sustainability differentation  and board governance with regards to ESG and sustainability.Oversight and discussion of the development of our sustainability statements, including preparing for EU's Corporate Sustainability Reporting Directive (CSRD).Oversight of the results from the 2023 employee satisfaction survey, including the focus areas identified by the Group Executive Team.Board of DirectorsThomas Thune Andersen *1955, DenmarkHe/himElected by the general meeting Independent2014  Joined as Chair2023   Most recently re-elected2024   Current election period expiresExperienceExtensive international leadership experience from leading positions in A.P. Moller - Maersk and non- executive director ships in listed and privately held companies within the energy, critical infrastructure, and other sectors.Executive functions in other enterprisesChair  VKR Holding A/S, Lloyds Register Group  Limited, and Lloyds Register Foundation.Member  BW Group Ltd and IMI plc (Senior Inde- pendent Director).Board committee memberships in other enterprises Remuneration Committee of Lloyds Register Group Limited, Nomination Committee of Lloyds Register Foundation, Nomination Committee, Remuneration Committee, and the Audit Committee of IMI plc,  and Nomination Committee of VKR Holding A/S.Other positionsMember of the Danish Committee on Corporate  Governance, Commissioner of the Energy Transition Commission (ETC), member of the Community of Chairpersons of the World Economic Forum (WEF), and member of Friends of Ocean Action of WEF.CompetencesManagement: General · Risk · Project · Stakeholder Other: Safety · Energy sector ESG: Environmental  · Social · GovernanceLene Skole*1959, DenmarkShe/herElected by the general meeting Independent2015  Joined as Deputy Chair2023   Most recently re-elected2024   Current election period expiresExperienceHighly experienced in  managing listed companies from her  previous position as CFO of Coloplast and current position as CEO of Lundbeckfonden where she serves as a non-executive director of the portfolio companies of Lundbeckfonden.Executive functions in other enterprisesCEO  Lundbeckfonden and Lundbeckfond Invest A/S. Chair  LFI Equity A/S.1Deputy Chair  ALK-Abelló A/S1, H. Lundbeck A/S1, Falck A/S1, and Nordea Bank Abp.Board committee memberships in other enterprisesMember of the Audit Committee and member of the Remuneration Committee of Falck A/S, member of the Nomination &amp; Remuneration Committee and  Scientific Committee of ALK-Abelló A/S, member of the Nomination &amp; Remuneration Committee and  Scientific Committee of H. Lundbeck A/S, and mem-ber of the Audit Committee of Nordea Bank Abp.Other positionsDeputy Chair of the Danish Committee on Foundation Governance. CompetencesManagement: General · Financial · Risk · Stakeholder Other: Safety · Investor and capital market relation-ships ESG: Environmental · Social · Governance1   Board positions included in the position as CEO  of the Lundbeck Foundation.Annica Bresky*1975, SwedenShe/herElected by the general meeting Independent2023 Joined2024  Current election period expiresExperienceExtensive industrial and leadership experience from global listed companies within the forestry, paper, and packaging industry, from positions as  President and CEO of Stora Enso, and as CEO of Holmen  Iggesund Paperboard. A deep knowledge of sustain-ability transformation and policy development in the EU and globally.Other positionsMember of the Executive Committee of the World Business Council for Sustainable Development (WBCSD) and member of the Royal Swedish Academy of Engineering Sciences (IVA).CompetencesManagement: General · Financial · Risk · Project · Stakeholder Other: Safety · IT and digitalisation · Investor and capital market relationships · Innovation ESG: Environmental · Social · GovernanceAndrew Brown*1962, Great BritainHe/himElected by the general meeting Not independent (interim COO of Ørsted)2023 Joined2024  Current election period expiresExperienceExtensive international executive experience from leading positions in large global organisations, operations, and projects with both Shell (ExCom) and Galp (CEO), and from his current position as interim COO of Ørsted. Also, non-executive  experience as Vice Chair of SBM Offshore.Other positionsAdvisor of ZeroAvia Inc. and Vice President &amp; Honorary Secretary of the council of the Energy Institute (EI).CompetencesManagement: General · Project · Stakeholder Other: Safety · Investor and capital market rela-tionships ESG: Environmental · Social · GovernanceJørgen Kildahl*1963, NorwayHe/himElected by the general meeting Independent2018 Joined2023   Most recently re-elected2024   Current election period expiresExperienceStrong international background in renewable  energy and a profound knowledge of how the  energy ecosystems work from previous positions as  Executive Vice President of Statkraft and member  of the Board of Management of E.ON SE.Executive functions in other enterprisesMember  Scatec ASA and Alpiq AG. Board committee memberships in other enterprises Member of the Audit Committee of Scatec ASA and the Audit Committee of Alpiq AG.Other positionsSenior Advisor and member of the Energy Invest-ment Committee of Energy Infrastructure Partners, Switzerland.CompetencesManagement: General · Risk · Project · Stakeholder Other: Safety · IT and digitalisation · Investor and  capital market relationships ESG: Environmental · Social · GovernanceJulia King The Baroness Brown of Cambridge*1954, Great BritainShe/herElected by the general meeting Independent2021 Joined2023  Most recently re-elected2024  Current election period expiresExperienceStrong international background within engineering in both industry and academia, including Rolls-Royce plc, Cambridge University, and Imperial College.  A deep knowledge of renewable energy and govern-ment policy perspectives from positions, among oth-ers, as member of the Committee on Climate Change and non-executive director of the Green Investment Bank.Executive functions in other enterprisesChair  The Carbon Trust, STEM Learning Ltd, and  Frontier IP Group Plc.Non-executive director  Ceres Power Holdings Plc (Senior Independent Director).Board committee memberships in other enterprisesChair of ESG Committee and member of Remunera-tion Committee and Nomination Committee of Ceres Power Holdings Plc and member of Remuneration Committee of Frontier IP Group Plc. Other positionsCrossbench Peer in the UK House of Lords, Chair of the House of Lords Science and Technology Select Committee, and Chair of the Adaptation Committee of the Committee on Climate Change. CompetencesManagement: General · Financial · Project  · Stakeholder Other: Safety · IT and digitalisation · Innovation ESG: Environmental · Social · GovernancePeter Korsholm*1971, DenmarkHe/himElected by the general meeting Independent2017 Joined2023  Most recently re-elected2024  Current election period expiresExperienceExtensive M&amp;A experience from his time as Partner and Head of EQT Partners Denmark and from private investments. Also experience with financial  reporting, risk management, and capital markets from CFO position at AAK AB.Executive functions in other enterprisesCEO  DSVM Invest A/S, DSV Miljø Group A/S, Togula ApS, and Totalleveranser Sverige AB. Chair  Flügger group A/S, Nymølle Stenindustrier A/S, Totalleveranser Sverige AB, Lion Danmark I ApS, two wholly-owned subsidiaries of Lion Danmark I ApS (Lomax Group), and Too Good to Go Holding ApS.Member  DSVM Invest A/S and eight wholly-owned subsidiaries of DSVM Invest A/S, BCHG Holding A/S, and two-wholly owned subsidiaries of BCHG Holding A/S, and Projektselskabet Teglbuen A/S.Other positionsChair of Investment Committee of Zoscales Partners. CompetencesManagement: General · Financial · Risk · Stakeholder Other: Investor and capital market relationships  ESG: Environmental · GovernanceDieter Wemmer*1957, Swi t ze r la n dHe/himElected by the general meeting Independent2018 Joined2023  Most recently re-elected2024  Current election period expiresExperienceHighly experienced in capital markets, invest-ments, and risk management from leading  positions within the finance sector, including as  CFO of Allianz.Executive functions in other enterprisesChair  Marco Holding, plc and one wholly-owned subsidiary of Marco Holding, plc.Member  UBS Group AG and UBS AG.  Board committee memberships in other enterprisesMember of the Audit Committee and Compensa-tion Committee of USB Group AG and UBS AG.CompetencesManagement: General · Financial · Risk · Stake-holder Other: IT and digitalisation · Investor and capital market relationships ESG: Social · GovernanceBenny Gøbel*1967, DenmarkHe/himElected by the employees Not independent2011 Joined2022  Most recently re-elected2024  Current election period expiresExperienceBenny Gøbel has worked in Ørsted since 2005.PositionSenior Mechanical Specialist, EPCO &amp; IT.CompetencesOther: Energy sectorLeticia Francisca Torres Mandiola*1994, Chile  She/herElected by the employees Not independent2022 Joined2024  Current election period expiresExperienceLeticia Francisca Torres Mandiola has worked in  Ørsted since 2018.PositionSenior Business Developer, P2X.CompetencesOther: Energy sector · IT and digitalisation · InnovationAlice Florence Marion Vallienne *1994,  France She/herElected by the employees Not independent2022 Joined2024  Current election period expiresExperienceAlice Florence Marion Vallienne has worked in  Ørsted since 2018.PositionHead of Ventures Portfolio.CompetencesManagement: Financial · Risk · Project Other: Safety  · Energy sector · IT and digitalisation · Innovation  ESG: SocialAnne Cathrine Collet Yde*1983, DenmarkShe/herElected by the employees Not independent2022 Joined2024  Current election period expiresExperienceAnne Cathrine Collet Yde has worked in Ørsted since 2 017.PositionGlobal HR Business Partner, People &amp; Development.CompetencesManagement: Project · StakeholderOther: Safety ESG: SocialBoard committeesThe Board of Directors has established two commit-tees, consisting of members appointed by and among the members of the Board of Directors: The Audit &amp; Risk Committee and the Nomination &amp; Remuneration Committee.Audit &amp; Risk Committee Dieter Wemmer (Chair), Jørgen Kildahl, and Peter  Korsholm are the members of the committee.The committee reports to the Board of Directors. The tasks of the committee include overseeing the integrity of the financial and sustainability reporting (including key accounting estimates and judgements), funding, liquidity and capital structure development, financial and business-related risks, compliance with statutory and other requirements from public author-ities, internal controls, nomination of external audi-tors, and IT security in operational and administrative areas as well as cybersecurity. Moreover, the commit-tee approves the framework governing the work of the company's external and internal auditors (includ-ing limits for non-audit services), evaluates the exter-nal auditors' independence and qualifications, and monitors the company's whistleblower scheme. In 2023, the committee reviewed impairments on our property, plant, and equipment with a high attention to our US offshore wind projects, the development and partial implementation of a new, holistic risk manage-ment framework addressing lessons learnt in current and previous years, and prepared for the EU Corporate Sustainability Reporting Directive (CSRD). Furthermore, the committee conducted an audit tender with effect from 2025, continued to assess the claim made by the Danish Tax Agency requiring double Danish taxation of certain of our British offshore wind farms, and lastly, reviewed the progress in IT security.Our Internal Audit function reports to the committee and is independent of our administrative manage-ment structures. Internal Audit enhances and protects the organisational value by providing risk-based and objective assurance, advice, and insight. The focus for Internal Audit is to audit and advise on our core pro-cesses, governance, risk management, control pro-cesses, and IT security.The Chair of the Audit &amp; Risk Committee is responsi-ble for managing our whistleblower scheme. Internal Audit receives and handles any reports submitted. Our employees and other associates may report serious offences, such as cases of bribery, fraud, and other inappropriate or illegal conduct, to our whistleblower scheme or through our management system. In 2023, 18 substantiated cases of inappropriate or unlawful behaviour were reported through our whistleblower scheme. Nine cases related to good business con-duct policy violations, while six cases concerned the workplace environment, one case concerned IT secu-rity, and two cases were classified as ‘other’. None of the reported cases were critical to our business, nor caused adjustments to our financial results. One case required a police report.Whistleblower cases are taken very seriously, and we continuously enhance the awareness of good business conduct through education and awareness campaigns to minimise future similar cases. You can read more about the Audit &amp; Risk  Committee and the terms of reference for the committee on orsted.com/audit-risk-committee.Nomination &amp; Remuneration CommitteeThomas Thune Andersen (Chair), Lene Skole, and Julia King are the members of the committee.The committee assists the Board of Directors in mat-ters regarding the composition, remuneration, and performance of the Board of Directors and the Group Executive Team.In 2023, the committee discussed the need for replac-ing the CFO and COO, including the appointment of an interim CFO and interim COO, and the appointment of Varun Sivaram as a new member of the Group Exec-utive Team, replacing Neil O'Donovan.The committee also reviewed an amendment of the short-term incentive scheme (STI) for the wider man-agement team by implementing similar changes as the amendment introduced in 2022 for the  Executive Board where the weight of shared KPIs was increased, including an explicit link to our sustainability ambitions.You can read more about the Nomination &amp; Remuneration Committee and the terms of  reference for the committee on orsted.com/nomination-remuneration-committee.Group Executive TeamThe ten members of the Group Executive Team  undertake the day-to-day management.The Board of Directors appoints the Executive Board, consisting of the Group President and CEO, the CFO, and the Chief HR Officer (CHRO), who undertake the day-to-day management of Ørsted through the Group Executive Team. In November 2023, Daniel Lerup (CFO) and Richard Hunter (COO) stepped down and left Ørsted with immediate effect, and Rasmus Errboe was appointed interim CFO. Andrew Brown was appointed interim COO, expectedly until end of March 2024. While he has taken on the dual role as board member and interim COO, measures have been put in place to avoid conflicts of interests.Mads Nipper (Group President and CEO), Rasmus Errboe (interim CFO), and Henriette Fenger Ellekrog (CHRO) constitute the members of the Executive Board of Ørsted A/S.The Executive Board has established a Group Exec-utive Team consisting of ten members, including the members of the Executive Board, which undertake the day-to-day management.The Group Executive Team comprises David Hardy (CEO of Region Americas), Per Mejnert Kristensen (President of Region APAC), Olivia Breese (interim CEO of Region Europe and Head of P2X), Andrew Brown (interim COO), Varun Sivaram (Head of Strategy,  Innovation, Portfolio &amp; Partnerships), Ingrid Reumert (Head of Global Stakeholder Relations), and Anders Zoëga Hansen (Head of Legal). In our Executive Board, we have a female representa-tion of 33.3 %. We have no people managers reporting to the Executive Board who are employed by the same legal entity as the Executive Board, and the average number of full-time employees in Ørsted A/S did not in 2023 exceed 50. Therefore, we have not set a target to increase gender diversity among ‘other managerial levels’ as defined under Danish law.We describe the remuneration of the Executive Board in the separate remuneration report. You can also find information about the members of the Executive Board on page 60.Management committeesThe Group Executive Team is supported by specialist committees with members appointed by the Group Executive Team. The specialist committees are the Investment Committee, the Executive Risk Commit-tee, the Sustainability Committee, the QHSE Commit-tee, the Compliance Committee, and the Cyber Secu-rity Committee. More information about the manage-ment committees can be found to the right.Group Executive Team's sustainability commitment The Group Executive Team sets the strategic directionon sustainability. They are involved in all majordecisions and are updated regularly on progress. The Group Executive Team is accountable for approving and implementing our portfolio of sustainability prior-ities and targets and assigns accountability for them at executive level. Moreover, they present proposals for sustainability targets to the Board of Directors for approval. Internal controls environmentWe have established internal control systems throughout the organisation to ensure identification and mitigation of risks to financial and sustainability reporting by setting up targets, policies, manuals, pro-cedures, and internal controls. We continuously moni-tor our financial and sustainability reporting processes and controls and optimise them as needed. We carry out an annual risk assessment for  identifying the risks of material misstatements in the financial and sustainability reporting based on materiality, the complexity of processes, and the probability of errors and omissions. To ensure that our internal control framework is effec-tive, we have established a plan running until the end of 2024 where we will evaluate the processes for all material areas within financial and sustainability reporting, including reassessment of existing controls and identification of additional controls within the processes. We continuously monitor and test the inter-nal controls on financial and sustainability reporting to ensure their operating effectiveness. We have established the same governance for finan-cial and sustainability reporting. The Audit &amp; Risk Committee monitors our financial and sustainabil-ity reporting process, including a review of the risk assessment, the internal controls, and their operating effectiveness. We are committed to ensuring the accuracy of our financial and sustainability reporting. Our financial reporting are audited by an independent audit firm elected at the annual general meeting. Our sustaina-bility data is subject to limited assurance by the same independent auditor. All observations in the external auditor's long-form report and management letter are addressed by action plans with allocation of respon-sibilities and deadlines, and we regularly follow up on and review them.Management committees appointed by the Group Executive TeamInvestment CommitteeThe committee reviews investments, M&amp;A pro-jects, and certain other transactions. Investment decisions and other transactions of an unusual nature or above certain thresholds must be approved by the Board of Directors. The committee consists of the Group Executive Team, the Chief Risk Officer, the head of Treasury &amp; Capital Planning, and the head of Portfolio. The Investment Committee is chaired by the CEO and meets continuously during the year.Executive Risk CommitteeThe committee serves as an advisory body for the CFO on risk management-related topics. A key purpose of the committee is to ensure align-ment of market, liquidity, and credit risk policies with our strategy and risk appetite. Furthermore, the committee serves as a forum for discussing, deciding, and setting the direction for items related to risk management. In addition to the CFO, the committee consists of the Chief Risk Officer and the heads of Internal Audit, Mer-chant Risk, and the US and European Trading &amp; Revenue functions. The Executive Risk Commit-tee is chaired by the CFO and meets continuously during the year.Sustainability CommitteeThe committee oversees that we live up to our sustainability commitment. It approves our dou-ble materiality assessment and ESG data set, provides recommendations, and monitors perfor-mance of our work with sustainability priorities, including progress on targets.The committee is cross-functional with represen- tatives from Sustainability, Finance, QHSE, EPCO (engineering, procurement, construction, and oper-ations), and HR. The Sustainability Committee is chaired by the CFO and meets six times a year. QHSE Committee The committee oversees that we live up to our QHSE (quality, health, safety, and environment) priorities, and it reviews our QHSE strategy and policy. In addition, the committee reviews our integrated management system, ‘way we work’, conducts the management review as required by our ISO certifications, and monitors the perfor-mance of our QHSE programmes to ensure com-pliance with legal and regulatory requirements as well as agreed international standards. The committee's members are the COO, the Chief Procurement Officer, and the heads of Global Stakeholder Relations, Bioenergy, P2X, and Region Europe. The QHSE committee is chaired by the head of QHSE and meets six times a year.Compliance CommitteeThe committee oversees compliance with laws, rules, standards, and internal codes of conduct within our group-wide legal compliance areas. The committee is cross-functional and consists of the CEO, CFO, CHRO, and compliance officers appointed for all business areas and shared func-tions. The Compliance Committee is chaired by the CEO and meets at least twice times a year.Cyber Security CommitteeThe committee is responsible for overseeing and guiding our cybersecurity within strategy, global risk tolerance, investment choices, and support for significant global initiatives and oversees compliance and implementation of cyber regula-tion, NIS2 in particular.The committee is cross-functional and consists of the CFO, COO, Chief Information Security Officer, Chief Information Officer, and the Head of Global Operations. The Cyber Security Committee is chaired by the CFO and meets four times a year. Mads Nipper*1966, DenmarkHe/himGroup President, Chief Executive Officer (CEO), and member of the Executive Board (registered as manager of Ørsted A/S with the Danish Business Authority)EducationMSc in International Business, University of Aarhus (1991)Professional experience2021: Ørsted, Group President and Chief Executive Officer (CEO)2014  – 2020: Grundfos A/S, CEO and Group President1991 – 2014: LEGO System A/S, most recently as Chief Marketing Officer and Executive Vice President as well as a member of the Management BoardExecutive functions in other enterprisesDeputy Chair: FLSmidth &amp; Co. A/S and one wholly-owned subsidiary hereof.Rasmus Errboe*1979, DenmarkHe/himInterim Chief Financial Officer (CFO) and member of the Executive Board (registered as manager of Ørsted A/S with the Danish Business Authority)EducationMA (Law), University of Copenhagen (2006), MBA, University of San Diego (2011)Professional experience2023: Ørsted, interim Chief Financial Officer (CFO) and member of the  Executive Board2022: Ørsted, Executive Vice President and CEO of Region Europe  (member of Ørsted's Group Executive Team)2012  – 2022: Ørsted, most recently Senior Vice President, Head of Continental Europe, Offshore2006-2012: Kromann Reumert, law firm, most recently as Attorney-at-LawHenriette Fenger Ellekrog*1966, DenmarkShe/herExecutive Vice President, Chief HR Officer (CHRO) and member of the Executive Board (registered as manager of Ørsted A/S with the Danish Business Authority)EducationMA, (cand.ling.merc), Copenhagen Business School (1992)Professional experience2022: Ørsted, member of the Executive Board 2019: Ørsted, Chief HR Officer (CHRO) 2014 – 2019: Danske Bank A/S, most recently as Chief HR Officer2007 – 2014: SAS AB, most recently as Deputy CEO, EVP, HR &amp; Communication1998 – 2007: TDC A/S, most recently as Senior Executive Vice President,  Chief of Staff, Member of the Executive Management Team19 92  – 19 98 : Peptech (Europe) A/S and Mercuri Urval A/S: Various positionsExecutive positions in other enterprisesBoard member: NV Bekaert SA (member of the Nomination &amp;  Remuneration Committee).Board committee memberships in other enterprisesSpecial Committee for Diversity in the Confederation of Danish  Industries (DI).Summary of our remuneration reportThe overall objective of the remuneration policy is to attract and retain qualified members of the Board of Directors and the Executive Board. The policy includes remuneration elements that support our strategy, long-term interests, and sustainability. Remuneration policy (extract)The overall objective of our remuneration policy is  to support the Ørsted Group's strategy, long-term interests, and sustainability.To attain this objective, the policy is designed to attract and retain qualified members of the Board of Directors and the Executive Board and to guide the priorities of the Executive Board.The remuneration should be competitive but not  market-leading compared to the remuneration in other major listed Danish companies with inter-national activities. The full remuneration policy is  available  at  orsted.com/remuneration2023.Remuneration of the Board of DirectorsThe members of the Board of Directors receive a fixed fee each year. The Chair and the members of the com-mittees also receive a multiple of the fixed fee for the extra work performed in these roles. The members' travel costs are covered by the company. The mem-bers are not entitled to severance payments. The fees did not increase in 2023. Remuneration of the Executive BoardBesides a fixed salary, the Executive Board partici-pates in a variable short-term incentive scheme (STI), which consists of 70 % shared financial, ESG, and  strategic KPIs aligned with our strategic targets:Financial: EBITDAESG: CDP climate score, relative scope 1 and 2 emissions, employee satisfaction, gender diversity, and safety Strategic ambitions: progress on strategic journey towards 2030 ambitionThe remaining 30 % of the STI consists of individual business and leadership targets. Furthermore, the Executive Board is eligible to participate in a long-term share-based incentive scheme (LTI), which consists of 100 % TSR performance benchmarked against ten industry peers. Remuneration in 2023The remuneration awarded to our Executive Board in 2023 was in line with our remuneration policy. The Executive Board's shared STI score ended at 39 %. In the LTI, which vested in April 2023, Ørsted was ranked as the last when benchmarked on total share-holder return (TSR) against ten comparable energy companies. As a result, no shares were settled at the end of the performance and vesting period.  For more information, please see the full  remuneration report.Remuneration awarded (DKK '000) 2023 2022Board of DirectorsFixed annual fee16,907 6,807Executive Board:2Fixed remunerationFixed base salary 27,849 30,632Benefits, incl. social security 858 859Variable remunerationCash-based inventive scheme (STI) 3,712 6,455Share-based inventive scheme (LTI)32,719 6,463Ordinary remuneration 35,138 44,409Garden leave period 7,071 11,405Severance pay 6,210 9,270Total remuneration 55,325 71,891Remuneration awardedThe table shows the total remuneration awarded to members of  the Board of Directors and the Executive Board in aggregate from 2022 to 2023. For remuneration expensed, see note 2.7 ‘Employee costs’ of the consolidated financial statements.1   Based on an ordinary board fee of DKK 0.4 million, equal to last year's fee.2   In 2023, Executive Board members included former CFO Daniel Lerup. In 2022, Executive Board members included former CFOs  Daniel Lerup and Marianne Wiinholt and former CCO Martin Neubert.3   The remuneration from the share-based incentive programme  (LTI) reflects the market value of the scheme in the year when it was granted.Shareholder information2023 was a turbulent year for the Ørsted share. The lowest traded share price was DKK 253 on 1 Novem-ber. The share partially rebounded towards the end of the year and ended at DKK 374 on 29 December. Price development for the Ørsted share in 2023The Ørsted share yielded a total loss of 39 % in 2023, a decrease in the share price of 41 %, and dividends of DKK 13.5 per share. The share price of comparable European utility companies increased by 10 % (15 % total return), and the OMX C25 cap increased by 7 % (11 % total return) in 2023. The highest traded share price of the year was DKK 705 on 17 January, while the year's lowest traded price of DKK 253 was on 1 November. The Ørsted share closed 2023 at DKK 374, corresponding to a market value of DKK 157 billion at the end of the year.The average daily turnover on Nasdaq Copenhagen  was 671,952 shares in 2023. The trading volume increased by 35 % compared to 2022.Share capital Ørsted's share capital is divided into 420 million shares, enjoying the same voting and dividend rights. The company's share capital remained unchanged in 2023. At the end of 2023, the company held a total of 151 thousand treasury shares, which will be used to cover incentive schemes.Composition of shareholdersAt the end of the year, the number of shareholders had increased by 13 % to 133,213, and the majority (65 %) is held by Danish owners. The figure on the next page shows the composition of our shareholders by country. Approx. 3 % of the share capital is owned by Danish retail investors.Annual general meeting and dividendsThe annual general meeting will be held on 5 March 2024. The Board of Directors has decided to pause dividend payments for the years 2023-2025. Here- after, the intension is to reinstate dividend payments. In 2023, dividends of DKK 13.5 per share were paid  for the 2022 financial year.Share data 2023 2022 2021  2020 2019Earnings per share, DKK (50.1) 34.6 24.3 38.8 12.8Proposed dividend per share, DKK - 13.5 12.5 11.5 10.5Dividend  yield, % - 2.1 1.5 0.9 1.5Share price, year-end, DKK 374 631 835 1,244 689Share price, high, DKK 704 898 1,400 1,273 691Share price, low, DKK 253 575 790 574 428Market capitalisation, year-end, DKKbn 157 265 351 522 290Average trading per day, thousands of shares 671,952 496,899 549,778 516,919 447,567Share informationISIN DK 0060094928220Share classes 1Nominal value DKK 10 per shareExchange Nasdaq OMX CopenhagenTicker ORSTEDRegistered share 98.9 %Number of shares 420,381,080 sharesNumber of treasury shares 150,784 sharesInvestor relationsTo achieve a fair pricing of our shares and corporate bonds, we seek to ensure a high level of transparency and stability in our financial communication. In addi-tion, our management and our Investor Relations function engage in regular dialogues with investors and analysts. The dialogues take the form of quarterly conference calls, roadshows, conferences, capital markets days, and regular meetings with individual or groups of investors and analysts. The dialogues are subject to certain restrictions prior to the publication of our financial reporting. In 2023, we had over 650 meetings with the financial market, participated in 35 investor events, and had  40 travel days. Ørsted is covered by 33 equity analysts and 10 bond analysts. Their recommendations and consensus esti-mates for Ørsted's future financial performance are available at orsted.com/en/investors. On this site, you can also download our annual and interim reports, our remuneration report, our investor presentations, and a wide range of other data.</mrv:CorporateGovernanceReport>
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   <mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-1" id="s9_notes__8__7" xml:lang="en">Preparing for the Corporate  Sustainability Reporting DirectiveWe welcome the new EU Corporate Sustainability  Reporting Directive (CSRD) and the underlying  European Sustainability Reporting Standards (ESRS). We believe that this EU directive and the standards  will not only ensure a more balanced, transparent, and consistent disclosure of sustainability information, but also catalyse strengthened sustainability govern-ance and management.Reporting on sustainable financeIn 2015, the responsibility of ESG accounting and reporting was moved to our financial organisation to ensure that our ESG accounting, controlling, and reporting teams work in alignment with our financial teams when it comes to processes, deadlines, tools, documentation templates, and reporting products. Furthermore, the teams work in close collaboration with our Global Sustainability team. This reporting set-up has brought us to a position where we are well suited to implement the new EU CSRD and underlying reporting standards.In spring 2022, our Sustainability Committee initiated an ESG development project with the aim of preparing us for the new sustainable finance reporting require-ments, including the CSRD, PAI indicators for our inves-tors, and reasonable assurance for our ESG reporting.New sustainability statementsReporting on the CSRD in 2024 is a huge task. There-fore, we have decided to front-load the work by devel-oping new sustainability statements for the annual report 2023. The sustainability statements are pre-pared with reference to the ESRS. Our aim has been to implement as much of the fundamentalstructure in the standards as possible in 2023, and to integrate it in the best way possible with the other parts of our annual report. We have done this by using the ‘incor- poration by reference’ option. You can find a full over-view of the ESRS structure and where to find the differ-ent disclosures in the section ‘Disclosure requirements and incorporation by reference’ in the appendix.Our double materiality assessment (DMA) has been  performed with reference to the draft ESRS from November 2022, with some choices to limit the  complete DMA scope (see DMA outcome on page 71).  We will continue the development of the DMA towards full CSRD compliance in 2024. In our previous ESG performance reports, we have reported on a set of energy-related Ørsted- specific data points, which are not included in the ESRS. We have included these data points in section E1 on  climate change in the sustainability statements and regard this data as material entity-specific informa-tion this year. We expect some of the data points to be included in future sector-specific additions to the ESRS.A few data points from our previous ESG performance reports have been assessed to be below the DMA materiality thresholds. We have made these data points available in the appendix, as they are asked for by certain ESG ratings and stakeholders.We wish you a pleasant reading!We are very happy and proud to present our new sus-tainability statements. We believe they are a value- adding addition to our annual report, and we hope that you find them easy to navigate and interesting  to read – and that you will find the sustainability  information you are looking for.Rasmus ErrboeInterim CFOHead of the Sustainability CommitteeOur ESG reporting timeline2006Ørsted's first stand-alone  sustainability report2015Responsibility of ESG accounting and reporting was moved to financeWe implemented our ESG reporting in  the financial reporting processes, tools, and reports.2018First annual ESG performance report We published our first annual ESG  performance report built on the financial reporting platform.2019First interim ESG performance reportIn Q1 2019, we published our first interim ESG performance report. Since 2019, we have published interim ESG performance reports every quarter together with the financial interim reports.2021Pre-implementation of the  taxonomy reportingIn our interim report for H1 2021, we  published our first EU taxonomy reporting and included a voluntary EBITDA tax- onomy indicator in addition to the man-datory taxonomy reporting indicators.2023New sustainability statements in the annual report 2023We merged content from three stand-alone reports from 2022 into the sustain-ability statements.2024Full implementation of the CSRD in the sustainability statementsCreating value through sustainabilitySustainability is integral to how we operate as a business. Throughout everything we do, we are guided by how and where we can create the most value for both society and our business.We have four strategic sustainability focus areas – climate, nature, people, and governance – each with underlying priorities. Together, the four areas respond to our material sustainability impacts, risks, and opportunities. And they support our efforts to deliver  a fast build-out at scale that works for both the planet and people while laying the foundation for a resilient business. On the following pages, we unfold how we identify impacts and risks through a double materiality assess-ment. For detailed information on each topic, including policies, actions, targets, and performance data, please see the topical sections under ‘Environment’, ‘Social’ and ‘Governance’.For more information on how sustainability can help accelerate a fast build-out at scale, please refer to the ‘Management's review’ on page 29.E S GENVIRONMENT SOCIAL GOVERNANCEScience-aligned  Green energy  A green transformation Governance that enables climate actionthat revives naturethat works for peoplethe right decisionsAPPROACHAPPROACHAPPROACHWe scale our green energy business We work to ensure that each of  We focus our efforts on making the green To deliver on our sustainability goals, while delivering science-aligned our energy projects contributes  energy transition just and inclusivewe continuously work to integrate  carbon emissions reductions, positively to a thriving naturesustainability and integrity into pro-thereby enabling our customers cesses and decision-making across our to also take climate actionorganisationPRIORITIESPRIORITIESPRIORITIES·   Scale renewable energy ·  Deliver net-positive biodiversity  ·  Respect human rights and the rights ·  Promote and enable responsible  deploymentimpact from new renewable of Indigenous Peoplesbusiness conduct·  Decarbonise own operations  energy projects commissioned ·  Support equity, diversity, and ·  Conduct proper due diligence of by 2025from 2030 onwards  inclusion in the workplacesuppliers and partners·  Decarbonise our supply chains  ·  Transition to circular resource use·  Ensure health, safety, and satisfaction ·  Embed sustainability throughout  by 2040·  Continue to use 100 % certified of employeesour business·  Mobilise sustainable financingsustainable wooden biomass·  Ensure safety of contractors·  Advocate and engage for a  ·  Develop skills and talent for the sustainable industryrenewable energy sector·  Support local communitiesREAD MOREREAD MOREREAD MOREEU taxonomy, page 81  ESRS E4   Biodiversity and  ESRS S1  Own workforce, page 112ESRS G1   Business conduct, page 127ESRS E1   Climate change,  ecosystems, page 102  ESRS S2   Workers in the value chain, page 87ESRS E5   Resource use and circular page 120economy, page 107 ESRS S3   Affected communities,  page 123Sustainable finance: Note 5.1 ‘Interest-bearing net debt and FFO’  Responsible tax practices: Note 4.1 in the financial statements, and our green bond impact report‘Approach to taxes’ in the financial statementsESRS 2General basis for preparationFrameworks and data selection The sustainability statements are prepared with  reference to the ESRS issued by the European  Financial Reporting Advisory Group (EFRAG). All the data points included in the E, S, and G sections have been assessed as material according to our double materiality assessment (DMA). Please see the pages below for information on our DMA's limitations to scope and our methodology. All greenhouse gas data points (GHG scope 1-3) are reported based on the Greenhouse Gas Protocol.Measurement basisThe accounting policies have been applied consist-ently in the financial year and for comparative figures.Calculation factors used are listed in the appendix together with references.ConsolidationThe data is consolidated according to the same princi-ples as the financial statements. Thus, the consolidated quantitative ESG data comprises the parent company Ørsted A/S and subsidiaries controlled by Ørsted A/S. Joint operations are also included with Ørsted's pro-portionate share. Associates and joint ventures are not included in the consolidated ESG data points.Consolidation of all quantitative ESG data follows the principles above, unless otherwise specified in the accounting policy placed next to each reported data point in the tables in sections E, S, and G.Key accounting estimates and judgements We use assessments and estimates for the reporting of some data points, e.g. our taxonomy KPIs and scope 3 emissions. We regularly reassess our use of estimates and judgements based on experience, the develop-ment of ESG reporting, and a number of other factors. Changes in estimates are recognised in the period in which the estimate in question is revised. In addition, we make judgements when we apply the accounting policies. For further information on the key estimates, judgements, and assumptions applied, please refer to the pages with quantitative ESG data tables. Threshold for restatements For adjustments to financial numbers, we follow the financial statements. For adjustments to ESG data,  we make a judgement as to whether we should restate numbers. We clearly indicate where we have restated data. External review All quantitative data points in the tables in sections E, S, G, and in the appendix marked with a blue eye icon  (  ), are covered by the ESG review (limited assurance) performed by our auditor PwC. Please see the audi-tor's limited assurance report on page 249.How to read the  sustainability statementsOur management report consists of two parts: the  management's review and the sustainability statements. The latter reports on some disclosure requirements from the ESRS. However, our actual reporting on data and information is not yet aligned with the CSRD and the underlying ESRS requirements. Our sustainability state-ments are structured into four overall sections: ‘General’, ‘ Environment’, ‘Social’, and ‘Governance’.We have chosen to incorporate some of the strategy and corporate governance disclosures from the cross-cutting standard ESRS 2 in the management’s review as we believe this information is best read in close connection with the financial review and overview of our activities. Information on where in the annual report we have reported on ESRS disclosure requirements can be found  on page 132.ESRS 2Double materiality assessmentIntroductionAs a key element of our work to prepare for the CSRD reporting, we have conducted a double materiality assessment (DMA) with reference to the draft ESRS from November 2022. To do this, we have built on the approach we have pre-viously taken to assess the materiality of sustainability- related matters. This approach has previously used two dimensions to assess materiality: (1) ‘stakeholder importance’, which represented impacts to our sur-roundings, and (2) ‘strategic importance’, which repre-sented impacts on our business from the outside.We have conducted our first DMA this year to capture learnings that will help us to improve our methodology next year. We applied the limited guidance available from EFRAG, combined with our own interpretation of the standards, and developed a step-by-step process, scoring matrices, and a model for aggregation and prioritisation.Our starting point was the impact assessment (inside-out) of Ørsted's impacts on the environment and society, which buildson how we have previously identified and assessed the sustainability-related impacts of our own operations and value chain. We have also conducted a financial assessment (outside-in) of the sustainability- related risks we are exposed to as a business. Where possible, we quantified the effects of those matters and supplemented with qualitative assessments.Due to our previous work with assessing sustainability- related impacts and the complexity in quantifying sustainability-related risks to our business, our efforts this year were concentrated mostly on the impact assessment. As the ESRS principles on double materiality and assessment requirements are extensive, we decided to limit the number and groups of stakeholders involved in assessing our sustainability-related impacts and risks to internal subject-matter experts only. To verify and calibrate the results of our new DMA,  we also performed a light update of our former  materiality assessment using the approach we have taken annually since 2013. This assessment served  as a proxy for direct involvement of external stake-holders in the DMA as it informs us about the interests and views of stakeholders relevant to our business.In 2024, we will further refine our DMA process and methodology based on the final ESRS and guidance. We are convinced that the outcome presented below is a true and fair picture of our impacts and risks, but we also acknowledge that our methodology has limi-tations. Consequently, we will be further developing our DMA based on the final implementation guidance published by EFRAG in 2024. The following pages provide detailed information on the results of our double materiality assessment and the process we have applied.Read moreMatrix showing our material  and immaterial ESRS topics.   →  Page 71Our value chain and interaction  with our most material impacts  and risks.→  Page 72Tables specifying all our material impacts and risks.→  Pages 73-76Description of methodologies,  assumptions, and process steps.→  Pages 77-78Interests and views of stakeholders.→  Page 79Topical sections specifying our response to our material impacts and risks, including policies, actions,  targets and metrics.→  Pages 87-130Double materiality  assessment outcome OutcomeWe have identified our impacts on the environment and society (impact materiality assessment) as well as the sustainability-related risks that we are exposed to (financial materiality assessment). The outcome is aggregated per ESRS topic, showing that E1, E5, S3, and S2 are our most material sustainability matters. The environmental impacts and risks we have within E1 and E5 are closely linked to our strategic efforts to deliver a fast build-out of renewable energy. The deployment of new renewable capacity mitigates  climate impacts but also requires significant amounts of natural resources such as steel with indirect nega-tive impacts on the climate and the environment. The build-out also affects people and societies, which is reflected in the impacts and risks we have within S2 and S3. We focus our efforts on making the energy transition just and inclusive, including for people  working across the renewable energy supply chains, and in a way that brings benefits to local communities.Read more The next page illustrates where our material impacts (crucial) and our material risks occur across our full value chain. Brief descriptions of our material impacts and risks are included on the pages that follow.More information on how we respond to the effects of our impacts and risks can be found within the ‘Environ-ment’, ‘Social’, and ‘Governance’ sections. Our DMA approach in briefAll assessed impacts and risks have been mapped to their relevant topical ESRS  standard. The highest scored impact or risk within a topic determines the placement in the DMA matrix. In case of multiple topics placed within the same square, the topics are listed in chronological order. The following main considerations have been applied:Positive/Both positive and negative negative impactsimpacts have been assessed. Actual/  Impacts have been identified potential impactsas actual or potential. Most impacts assessed were actual. Risks/ Sustainability-related risks were opportunitiesassessed, while opportunities were not assessed in 2023.Own operations/ Impacts and risks were assessed value chainfor our own operations, and for the value chain where relevant and possible. Residual impact/  Assessments have included mit-riskigation actions that are already part of our daily operations to reduce or mitigate any negative impacts or risks. This means the ESRS topics are plotted based on residual impact and risk. EFRAG published a draft ‘Implementation Guidance’ in December 2023, which we will take into account to refine our DMA methodology in 2024, including a review of our residual impact/risk approach.Note: Our full DMA methodology can be found  on pages 77-78.Material sustainability-related  impacts and risksThe following tables list the sustainability-related impacts and risks we have identified and assessed as material as a result of our double materiality assessment process.As shown in the matrix on page 71, seven out of the ten ESRS topics are material to Ørsted. Each material ESRS topic is presented in the following tables, where we specify the sub-topics that our material impacts and risks relate to, e.g. climate change mitigation, climate change adaptation, and energy.In addition, we indicate in the tables whether the impacts and risks are in our own operations (OO) or value chain (VC). We also show whether our impacts are positive or negative. Impacts are actual impacts unless stated that they are  potential  impacts.Brief descriptions of the material impacts and risks are included in the tables. More information on how we respond to the effects of our impacts and risks is included in the topical sections under ‘ Environment’, ‘Social’, and ‘Governance’. This year, our scoring of impacts and risks has included mitigation actions that are already part  of our daily operations to reduce or mitigate any negative impacts or risks. Therefore, the impacts and risks listed in the tables show a residual impact or risk.In 2024, we will further refine our DMA process and methodology based on the new EFRAG guidance. ENVIRONMENTE1 Climate changeMaterial impact or risk DescriptionClimate change mitigation  Positive impactRenewable energy deployment. Renewable energy is one of the key technologies needed to decarbonise (OO)society and succeed in limiting global heating to 1.5 °C.  Negative impactGHG emissions from the renew-Supply chain emissions from manufacturing and installing our renewable (VC)able energy supply chain, reg-energy assets and from use of sold products (natural gas sales) and fuel ular power sales, and down-and energy-related activities (fossil fuels at CHP plants and regular power stream GHG emissions from sales). We respond to this impact through our strategic targets and our natural gas sales.actions to decarbonise our value chain. RiskTransition climate risk related A 1.5 ˚C-aligned global phase-out of fossil fuels or a tax on GHG emissions (OO)to potential lack of politi-is not a risk to our business model. On the contrary, the transition risk to us cal support for the continued relates to potential insufficient political and regulatory support to mitigate renewable energy build-out.climate change and to the continued renewable energy build-out, which may lead to uncertainty in investment conditions for future projects. We are actively engaged in climate-related advocacy, calling our stakeholders to action for activities that will accelerate the renewable energy build-out.Climate change adaptation RiskPhysical chronic and acute Chronic: Dependency of renewable energy generation on natural (OO) climate-related  risks.resources, such as wind patterns, may lead to uncertainty in production estimates.Acute: Increase in the severity and frequency of extreme weather  events may result in extended temporary shutdowns and an increase  in repair needs.We assess the resilience of all new assets towards the occurrence  of climate-related hazards.Energy  Negative impactEnergy consumption, mainly  Energy used in our daily operations, including energy derived from fossil- (OO)at CHP plants.based fuels leading to GHG emissions. We respond to this impact through our strategic targets and our actions to decarbonise our operations.(OO)  Own operationsPlease see our topical sections for more information  (VC)  Value chainon our response to our impacts and risks.ENVIRONMENTE4 Biodiversity and ecosystemsMaterial impact or risk DescriptionDirect impact drivers on biodiversity loss  Negative impactNatural resources exploitation Almost all resources used in our supply chain, and subsequently in our (VC)and land-use change from renewable energy assets, are virgin materials that are mined and pro- mining of minerals and metals. cessed. Extraction and refinement of these materials can have adverse impacts on biodiversity. We are actively working towards managing our value chain impacts.Impacts on the extent and condition of ecosystems and the state of species  Negative impactHabitat loss from land degra-Habitat loss and ecotoxicity from run-off of mining leading to land degra-(VC)dation caused by mining of dation, which may result in an indirect impact causing a decrease in  minerals and metals.species population size (and potentially causing extinction risk). We are actively working towards managing our value chain impacts.  Negative impactDisturbances to habitats  Disturbances to habitats due to construction and operation of renewable (OO)and displacement or loss  energy assets. Construction and operation of renewable energy  projects of species.can impact habitats due to ground preparation and the presence of infrastructure and can adversely impact certain species. We scope these impacts and take appropriate avoidance, reduction, and mitigation action to manage them.  Positive impactBiodiversity restoration, We conduct habitat and ecosystem restoration efforts, including maxi-(OO)research, and innovation mising positive impacts on wider supportive ecosystems (e.g. salt marsh). initiatives.We conduct species restoration efforts, research on habitats and species, and innovation (e.g. biodiversity monitoring and tracking).ENVIRONMENTE5 Resource use and circular economyMaterial impact or risk DescriptionResource inflows, including resource use  Negative impact Use of virgin materials in our Almost all resources used in our supply chain, and subsequently in our (VC) supply  chain.renewable energy assets, and energy products for our CHP plants are virgin materials that are mined, processed, and transported. Extraction of these materials can have adverse social and environmental impacts. We work with partners and take action to maximise reuse and recycling through circularity levers. RiskAvailability of materials and An accelerated increase in the demand for renewables coupled with ine- (VC)components.lastic supply chains would require rapid maturation of sustainable solu-tions (e.g. reuse and recycling of materials for main components and use of low-emission materials). We take measures to, for example, reduce and optimise resource usage, and prolong the lifetime of our assets.Resource outflows related to products and services  Negative impact Waste generation during opera-Our assets have an expected life time of approx. 20-35 years, and up to (OO)tion and decommissioning.approx. 90 % of the total material volumes used in these assets can be recycled at their end of life. There is still potential to increase the overall recyclability of renewable energy assets, so that the value of all materials can be kept at end of life. We actively investigate opportunities for repair-ing, refurbishing, and reusing key components.(OO)  Own operationsPlease see our topical sections for more information  (VC)  Value chainon our response to our impacts and risks.SOCIALS1 Own workforceMaterial impact or risk DescriptionWorking conditions  Positive impactSecure employment and We ensure employees are part of a safe and fair working environment with flexible workplace for our transparent and compliant employment terms and benefits. Employees employees. are part of a flexible workplace, and are empowered to balance work and private life in alignment with their people leaders.Equal treatment and opportunities for all  Positive impactDiversity resulting in innovative We commit to providing equal opportunities irrespective of ethnic back-thinking and approaches.ground, race, religion, age, gender, disability, sexual orientation, outlook, or social status. We have a global inclusion network with dedicated channels to support equality and inclusion.  Positive impactCareer progression through We offer plenty of development opportunities through access to challeng- training and development.ing assignments and experts within a wide range of professional fields. All employees have regular development conversations to support contin-uous development.  Positive impactRecruiting and advancing We aim to recruit and keep female employees in Ørsted to promote gender women and under-represented equality and mitigate the gender pay and management gap. We are cre-groups, and working to ensure ating targeted initiatives to support representation of under- represented or that they stay in Ørsted.marginalised groups in leadership and management.  Positive impactInclusive culture where people We ensure that employees with disabilities feel like they belong and can with disabilities can thrive.thrive, with an aim of creating an inclusive culture and destigmatising disability.SOCIALS2  Workers in the value chainMaterial impact or risk DescriptionWorking conditions  Negative impactExcessive working hours for To the extent supply chain workers are subject to excessive working hours,   supply chain workers.it can potentially lead to health issues. We therefore evaluate working hours performance when conducting supplier assessments.Other work-related rights  Negative impactForced labour, e.g. debt Supply chain workers can end up in debt bondage if they have to paybondage and withholding of recruitment fees, and they can end up in forced labour if their identification passports.documents are withheld. Additionally, specific state-imposed forced labour risks have have been reported in the solar PV supply chain. We therefore have particular focus on forced labour and supply chain traceability in our due diligence approach. RiskSuppliers' breach of contractual Expansion of operations into high-risk geographies may increase the likeli-agreements on human rights hood of suppliers breaching contractual human rights commitments, which commitments.may lead to reputational damage and affect the ability to proceed with project plans. We therefore use country risk as a screening and assessment parameter in our due diligence approach.Please see our topical sections for more information  on our response to our impacts and risks.SOCIAL S3  Affected communitiesMaterial impact or risk DescriptionParticular rights of Indigenous communities  Negative impactIndigenous rights may Related to some of our offshore wind developments, some Native  American (OO)be disrespected in the tribes with traditional/cultural connections to the seabed have expressed development stage of our dissatisfaction with the consultation process utilised by the federal govern-renewable energy assets. ment. We are engaging with affected Indigenous Peoples on the matter. Negative  Indigenous rights may be Suppliers and other actors further down in the value chain (e.g. mining) may potential impactdisrespected by suppliers in  fail to obtain free, prior, and informed consent from affected Indigenous (VC)our value chain. Peoples, which could potentially be linked to the development of our assets. To take care of affected communities, we have implemented a  variety of actions and initiatives, including human rights impact assessments and efforts for responsible sourcing of minerals and metals. RiskConsent of Indigenous Authorities not fully complying with the process for engaging with Indig-(OO)communities.enous communities in order to obtain free, prior, and informed consent in future projects may lead to public opposition or lawsuits, which may cause additional costs and affect the ability to proceed with project plans.Communities' economic, social, and cultural rights  Positive impact  Local jobs and educational Communities can benefit from socio-economic impacts in terms of crea-(OO)opportunities.tion of local jobs and educational opportunities when renewable energy assets are constructed near them. We aim for positive impacts for affected communities to materialise through various actions.  Positive impactBiodiversity restoration work Our biodiversity restoration work holds the potential to positively impact (OO)replenishing local fisheries'  local fisheries' stock and land-based biodiversity.stock and land-based biodiversity.  Negative  Air, water, and soil pollution  Air, soil, and water contamination from mining may have adverse health potential impactmay pose a danger to local  effects on local communities, e.g. from toxic minerals from mining leaking (VC)communities' health.into local groundwater, resulting in unsafe drinking water and bioaccumu-lation of such minerals in the plants or animals communities consume.  RiskBalancing the global pace Local opposition – if not managed early in our projects – may result in (OO)for deployment of renewable delays in project work and costs associated with community lawsuits.  energy with local community Our commitment to engage with communities and uphold human rights  interests and concerns.is outlined in our global human rights policy, stakeholder engagement  policy, and just transition policy.GOVERNANCEG1  Business conduct Material impact or risk DescriptionCorporate culture  Positive impactHealthy corporate culture Our five guiding principles of integrity, passion, team, results, and safety (OO)driving the company towards help drive Ørsted towards shared goals. Working with these principles is shared goals.part of our way of operating, promoting a healthy corporate culture.Protection of whistleblowers  Positive impactProtection of whistleblowers Our protection of whistleblowers encourages and enables all stakehold-(OO)through anti-retaliation policies ers to speak up. At Ørsted, we do more than required by law regarding the and procedures.protection of whistleblowers and take a proactive approach to mitigating risks and negative impacts.Political engagement  Positive impactConstructive political engage-Our lobbying activities and other means of political influence have positive (OO)ment through lobbying.  societal and environmental effects resulting from changes in legislation.Management of relationships with suppliers  Positive impactGood management of sup-We are committed to continuous improvements in our relationships with (OO)pliers, ensuring compliance suppliers and business partners. Our work is underscored by  regular updates with our code of conduct.to our internal risk scoring and the incorporation of evolving standards into our screening tools. As we navigate the dynamic landscape of due diligence, our goal is to not only meet but exceed the highest standards of integrity, transparency, and ethical conduct.(OO)  Own operationsPlease see our topical sections for more information  (VC)  Value chainon our response to our impacts and risks.Double materiality assessment methodologyWe developed our methodology with reference to the principles in the draft ESRS from November 2022 and available guidelines. Learnings from the 2023 process, dialogue with peers, and network and industry associa-tion meetings together with the final ESRS and  newest guidance will help refine the process to ensure full alignment with the DMA-related requirements in 2024.Methodologies  and assumptionsScopeFor our own operations, we identified and assessed impacts on people and the environment as well as potential risks to our business, focusing on specific activities where impacts are not relevant across tech-nologies. Furthermore, we assessed our value chain impacts and risks for most topics, primarily focusing on our upstream activities. Value chain assessments were based on internal knowledge and mainly focused on our first-tier suppliers. This was especially true when identifying and assessing impacts related to ‘Workers in the value chain’ (ESRS S2). In our impact assessment, we considered both positive and negative impacts as well as actual and potential impacts related to sustainability matters. In our finan-cial assessment, we assessed potential sustainability- related risks that could trigger a negative financial impact on our business. We excluded assessing opportunities as part of our DMA this year. However, our business opportunities are directly connected to climate change mitigation and described in the strategy section. Moreover, ESRS S4 was excluded deliberately due to our business model.Stakeholder engagementFor our DMA, we engaged internal subject-matter experts from both the business lines and Group func-tions. This year, we have not included direct consul-tation with affected stakeholders to understand how they may be impacted by our business activities, nor have we directly consulted external stakeholders to review the outcome of our DMA. However, as a valid proxy, we have included insights from our external affairs colleagues who, through continuous dialogue with our key stakeholders, have a good overview of the interests and views of stakeholders. In addition, our continuous engagement activities in the communities in which we are present are a solid basis for assessing the impacts and risks most material to us.ScoringImpactsAs per the ESRS guidance, three parameters of ‘scale’, ‘scope’, and ‘irremediable character’ have been used in the scoring of the ‘severity’ of our actual impacts:1   When scoring ‘scale’, we assessed how great the impact is on the environment or people, after con-sideration of mitigation actions already in place. 2   When scoring ‘scope’, we assessed how widespread the impact is based on parameters such as percent-age of sites, employees, or financial spend that the impact relates to.3   When scoring ‘irremediable character’, we assessed how difficult it is to reverse the damage in terms of cost and time horizon. For potential impacts, an additional parameter of ‘likelihood’ was scored. For negative actual impacts, each of the three dimen-sions above were scored and weighted equally for sever-ity. For negative potential impacts, ‘severity’ and ‘likeli-hood’ were weighted 50/50. For positive actual impacts, ‘scale’ and ‘scope’ were scored and weighted equally for severity. For positive potential impacts, ‘likelihood’ was also considered as for negative potential impacts. RisksWhen scoring risks, we assessed the potential magni-tude of financial effects based on different triggers, including EBITDA, CAPEX, and OPEX, which consti-tuted half of the score, and likelihood of occurrence, which constituted the other half. Assessments have included risk mitigation actions already in place.We assessed the nature of these effects in different scenarios with assumptions based on input parameters from subject-matter experts. The potential magnitude of financial effects was scored as ‘low’, ‘medium’, or ‘high’. Likelihood of occurrence was scored as ‘low’, ‘medium’, or ‘high’ using relevant time horizons of short-, mid-, or long-term. We partially modelled the risks using the risk assessment tool that we use for business risks. However, quantification in monetary terms was sup-plemented with qualitative assessments to a high degree, due to the complexity of defining exact values for potential sustainability risk scenarios.ThresholdsOur Sustainability Committee has set the materiality thresholds at ‘significant’. This means that impacts and risks scored as ‘significant’ or above, and their associated ESRS topic, are deemed material. ProcessWe defined process steps for conducting the DMA for impact materiality and financial materiality, respec-tively. The impact assessment was our starting point, and once we had the preliminary results, we initiated the financial assessment. We followed the five key steps below as further elaborated on the next page.1  Engagement of stakeholders2  Scoping of impacts/risks3  Assessment of individual impacts/risks4  Calibration of material impacts/risks5  Stakeholder and management reviewProcess steps Impact materiality Our work with mapping our sustainability-related impacts builds on the approach we have used for over a decade to assess the materiality of sustainability-related matters, as well as recent studies, benchmark reports, and internal projects. The following steps were conducted: 1. Engagement of stakeholdersWe unfolded the ten topics in the ESRS and identified subject-matter experts in the business and Group functions with insights into the topics and deep knowledge of our day-to-day work with each area. Several onboarding sessions helped to get a common understanding of the new regu-lation and objectives of the double materiality assessment.2. Scoping of impactsAs preparation for the materiality assess-ment workshops, we consulted relevant internal information (e.g. internal impact reports, previous materiality assessments, and stakeholder find-ings) to scope and pre-define impacts per ESRS sub-topic and sub-sub-topics.3. Assessment of individual impactsWe conducted interactive impact materi-ality assessment workshops for each ESRS topic. Participants adjusted the pre-defined impacts where relevant and added additional impacts, then scored all impacts (negative and positive) within our own operations and for the value chain according to the developed scoring methodol-ogy. Scoring rationales were documented, and relevant reference documents were captured. In total, 120 impacts were identified and scored.4. Calibration of material impactsAll workshop input was transferred to a tool to aggregate scores and calculate the ‘degree of materiality’ split into five levels. Workshop participants were consulted again for validation of the preliminary results, and if needed, the provided rationales for adjustments were documented. Further calibration across topics took place before finalising the impact assessment.5. Stakeholder and management reviewConsolidated overviews of the sustainability- related impacts were presented to and discussed with internal stakeholders and management. Finally, the determined materiality threshold yielded a final list of 25 material impacts that were assessed as ‘significant’ or above.Process steps Financial materiality As part of our efforts to prepare for the CSRD,  we delimited our financial materiality assessment and focused on potential financial risks. In con-trast to the business risks covered in the ‘Risks and risk management’ section, we only consider risks that relate to sustainability matters in the financial materiality assessment. The following steps were conducted: 1. Engagement of stakeholdersWe engaged relevant stakeholders to ensure appropriate consideration of sustainabil-ity risks. These included internal subject- matter experts in the business and Group functions, as well as teams responsible for corporate risk assessment.2. Scoping of risksResults from the impact materiality assessment, supplemented with additional inter-nal resources, formed the basis for scoping sus-tainability risks within the context of financial materiality. 3. Assessment of individual risksThe initially identified risks were  verified and supplemented with additional possible sustainability risks through a series of meetings between topical subject-matter experts, ESG experts, and teams responsible for corporate risk assessment. Throughout this process, the initial magnitude and likelihood properties of each potential risk were evaluated and documented. Based on these meetings, we formulated scenar-ios to capture the financial effects of the identified sustainability risks.4. Calibration of material risksThe aggregated 20 sustainability- related financial risk scenarios were subsequently cate gorised following our scoring methodology approach. Additional resources were used to verify and calibrate the results. These included internal stakeholders and information from the business risk assessment, as well as external  studies and benchmark reports. 5. Stakeholder and management reviewConsolidated overviews of the  sustainability-related risks were presented to  and discussed with internal stakeholders and management. The scoring and respective materi-ality  threshold yielded a final list of six financially material risks related to sustainability matters that were assessed as ‘significant’ or above.Interests and views  of stakeholdersStakeholder engagementOur stakeholder engagement policy underscores our commitment to actively listen to and engage with our stakeholders. Through ongoing dialogue, we strive to understand their positions, concerns, and expecta-tions. This continuous interaction informs our sustain-ability efforts, projects, and processes, allowing us to align with the interests and views expressed by stake-holders. The insights gained from these continuous dialogues serve to inform our due diligence processes and double materiality assessment. Guided by principles of openness, transparency, and integrity, our stakeholder engagement policy adheres to international norms and codes, including the United Nations Guiding Principles on Business and Human Rights, the United Nations Declaration on the Rights of Indigenous Peoples, and the International Finance Corporation's Performance Standards on Social and Environmental Sustainability.We ensure that the views and interests of affected stakeholders regarding our sustainability-related impacts are regularly communicated to our Sus-tainability Committee through periodic committee meetings.How engagement is organised Purpose of engagements Examples of outcomes from the engagementsEmployees ·   Employment relations and occupational ·   Including employees' perceptions and experiences·   Internal policy updateshealth and safety representation·   Contributing to a sustainable workplace and  ·   Improvement and action plans·   Inclusion  networksworking life·   Communications from management ·   Employee-elected board members·   Global initiatives and campaigns ·   Personal development dialogues·   Surveys and workplace assessmentsCorporate customers ·   Customer support and guidance·   Building  trust ·   Product/service  improvements ·   Periodic  reviews·   Providing sustainable solutions·   Adaptation of marketing strategies·   Business partner due diligence·   Enabling customers to achieve their targetsSuppliers ·   Supplier due diligence·   Compliance with our code of conduct·   Streamlined supplier expectations·   Workshops and industry collaborations·   Promoting responsible sourcing, incl. of minerals  ·   Supplier improvement plans·   Human rights and on-site assessmentsand metals·   Informed selection of suppliers·   Protecting human and labour rights of workers ·   Test pilots and early offtake agreements on ·   Ensuring a respectful working environmentlow-carbon solutions·   Decarbonising our supply chain Investors ·   ESG  ratings·   Understanding expectations to sustainability·   ESG rating improvement plans·   Investor calls, questionnaires, and emails·   Attracting responsible investors·   Responses to investor queries·   Periodic investor updates·   Enhancing  transparency·   Adapted internal communication on  ·   Capital markets dayssustainability practicesGovernments, policymakers,  ·   Direct dialogue with policymakers ·   Ensuring regulatory compliance ·   Aligning business model and strategyand regulators·   Answering public consultations·   Promoting a sustainable build-out·   Value creation and risk mitigation from ·   White papers, programmes, and studies·   Addressing climate-related transition risks and complianceopportunitiesCivic and non-profit ·   Collaboration on community projects·   Contributing to local initiatives ·   Site-specific initiatives on e.g. biodiversity  organisations·   Partnerships with NGOs ·   Addressing concerns of communitiesor community development·   Contributions to research projects·   Pooling efforts to decarbonise our supply chain·   Alignment of projects with best practiceIndustry and sustainability ·   Joint initiatives and programmes·   Enabling the build-out of renewable energy ·   Alignment on sustainability practices and  associations·   Inputs into strategic directions·   Enabling the industry to engage policymakers measurement standards·   Workshops and knowledge sharing ·   Developing industry standards on sustainability·   Design of value chain workers initiatives·   Working to decarbonise hard-to-abate materials·   Understanding views of value chain workers' representativesLocal communities ·   Public meetings and consultations·   Addressing community concerns, questions,  ·   Design of community benefits·   Community liaison officers and project staffand feedback·   Support of local projects·   Partnerships for community benefits·   Building trust and community support·   Ensuring community benefits Taxonomy-aligned KPIs   Incl� voluntary disclosuresData point Unit 2023 2022 ΔRevenue (turnover) 1DKKm 79,255 114,4174(31 %)Taxonomy-aligned revenue  % 86 69417 %pTaxonomy-aligned revenue adjusted for green bond financing % 85 67418 %pTaxonomy-non-eligible revenue % 14 314(17 %p)Gas sales % 8 184(10 %p)Fossil-based generation 2% 3 54(2 %p)Other activities 3% 3 84(5 %p)CAPEX 1DKKm 37,973 35,595 7 %Taxonomy-aligned CAPEX % 99 599  0 %pTaxonomy-aligned CAPEX adjusted for green bond financing % 98 99 (1) %pTaxonomy-non-eligible CAPEX % 1 1 0 %pOPEX 1DKKm 2,368 1,720638 %Taxonomy-aligned OPEX % 79 80 (1) %pTaxonomy-non-eligible OPEX % 21 20 1 %pEBITDA 1DKKm 18,717 32,057 (42 %)Taxonomy-aligned EBITDA (voluntary) % 95 85 10 %pElectricity generation using solar PV technology (4.1) and storage of electricity (4.10) % 4 2 2 %pElectricity generation from wind power (4.3) % 86 71 15 %pCogeneration of heat and power from bioenergy (4.20) % 5 12 (7 %p)Taxonomy-non-eligible EBITDA (voluntary) % 5 15 (10 %p)Gas sales % 3 8 (5 %p)Fossil-based generation 2% 1 6 (5 %p)Other activities 3% 1 1 0 %p1   Revenue, CAPEX (additions), OPEX (other external expenses),  and EBITDA are included in the audited consolidated financial  statements 2023.2   Includes revenue/EBITDA from natural gas-based heat and power generation at our CHP plants, which amounts to less than 1 %. 3   ‘Other activities’ primarily consist of non-eligible power sales  (incl. end customer sales), oil distribution, and gas trading. 4   2022 revenue has been adjusted according to the change in acc-ount ing policy for presentation of revenue (see financial note ‘1.2 Basis of preparation’), resulting in an adjustment of 2022 tax-onomy revenue KPIs (%). 5   This ratio is applied to gross investments (DKK 38,509 million – see financial note 3.0) to calculate taxonomy-aligned gross investments.6   2022 OPEX is restated with a maintenance and repair estimation. Taxonomy-aligned revenue (turnover)Our taxonomy-aligned share of revenue in 2023 was 86 %, an increase of 17 percentage points  compared to 2022. This was primarily due to lower non- eligible revenue from our gas sales, driven by lower gas  volumes sold and lower prices.Taxonomy-aligned CAPEXOur taxonomy-aligned share of CAPEX in 2023 remained at 99 % and is primarily related to our wind and solar farms and storage facilities. Taxonomy-aligned OPEXOur taxonomy-aligned OPEX was 79 %, a decrease of 1 percentage point compared to 2022. Taxonomy-aligned EBITDA (voluntary)Our taxonomy-aligned share of EBITDA in 2023 was 95 %, an increase of 10 percentage points compared to 2022. This was due to significantly decreased non-eligible earnings from our gas sales and fossil- based generation at our CHP plants.§  Accounting policiesTaxonomy-aligned revenue (turnover)This is the revenue associated with taxonomy- aligned economic activities as a proportion of our total revenue. It is adjusted for green bonds by excluding the revenue from our taxonomy- aligned assets financed with green bonds from the taxonomy-aligned revenue (numerator) and the total revenue (denominator).Taxonomy-aligned CAPEXThis is the CAPEX related to assets or processes associated with taxonomy-aligned economic activities as a proportion of our CAPEX that is accounted for based on IAS 16 (73: (e)(i) and (iii)), IAS 38 (118: (e)(i)), and IFRS 16 (53: (h)).  Carbon emission allowances and goodwill have been excluded. It is adjusted for green bonds by excluding the CAPEX financed with green bond proceeds from the taxonomy-aligned CAPEX (numerator) and the total CAPEX (denominator).Taxonomy-aligned OPEX This is the maintenance and repair OPEX related to our assets or processes associated with taxonomy-aligned economic activities as a proportion of the maintenance and repair OPEX of our ‘Other external expenses’. We have updated our accounting policy to include esti-mates of the maintenance and repair costs of ‘other external expenses’ using a Group-level factor based on maintenance and repair costs for each business segment.Taxonomy-aligned EBITDA (voluntary)This is the EBITDA associated with taxonomy- aligned economic activities as a proportion of our total EBITDA. We have included taxonomy- aligned EBITDA as a voluntary disclosure as it better reflects our business as our gas and power sales business has a large revenue but a small earnings margin, while other areas have a higher margin. Taxonomy-non-eligible KPIsRevenue, CAPEX, OPEX, and EBITDA associ-ated with taxonomy-non-eligible activities (not included in the delegated acts) have been determined. Taxonomy-non-eligible revenue and EBITDA are classified into gas sales, fossil- based generation, and other activities.Taxonomy-aligned turnover Substantial contribution Does not significantly harm (DNSH)Taxonomy- Category Climate Climate Climate Climate aligned  Category (transi-Proportion  change change Circular Bio- change change Circular Bio- Minimum proportion of  (enabling tional Turnover 2023 of turnover  mitigation adapta-Pollution economy diversity mitigation adaptation Pollution economy diversity safeguards turnover,  activity) activity)Code (2)(DKKm) (3)2023 (%) (4)(5) tion (6)  Water (7)(8)(9)(10)(11)(12) Water (13)(14)(15)(16)(17)2022 (%) (18)(19)(20)Economic activities (1)A. TAXONOMY-ELIGIBLE ACTIVITIESA.1 Environmentally sustainable activities (taxonomy-aligned) 1N/EL N/EL N/EL N/EL n.a. Y n.a. n.a. Y Y Y 0 % 2- -Electricity generation using solar PV technology CCM 4.1 619 1 % Y NElectricity generation from wind power CCM 4.3 59,127 75 % Y N 1N/EL N/EL N/EL N/EL n.a. Y Y n.a. Y Y Y 59 % 2- -Storage of electricity CCM 4.10 25 0 % Y N 1N/EL N/EL N/EL N/EL n.a. Y Y n.a. Y Y Y 0 % 2E -Cogeneration of heat and power from bioenergy CCM 4.20 8,308 10 % Y N 1N/EL N/EL N/EL N/EL n.a. Y Y Y n.a. Y Y 9 % 2- -Turnover of environmentally sustainable activities   2- -(taxonomy-aligned) (A.1) 68,079 86 % 86 % 0 % - - - - n.a. Y Y Y Y Y Y 69 %Of which, enabling 25 0 % 0 % 0 % - - - - n.a. Y Y n.a. Y Y Y 0 % 2E -Of which, transitional - - - - - - - - - - - - - - - - - -A.2 Taxonomy-eligible but not environmentally sustainable activitiesTurnover of taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned) (A.2) - - - - - - - - - - - - - - - - - - 2- -Turnover of taxonomy-eligible activities (A.1 + A.2) 68,079 86 % 86 % 0 % - - - - - - - - - - - 69 %B. TAXONOMY-NON-ELIGIBLE ACTIVITIESTurnover of taxonomy-non-eligible activities (B) 11,176 14 %TOTAL (A + B) 79,255 100 %1   We have not assessed our taxonomy-eligible activities against the substantial contribution criteria for climate change adaptation, as the primary objective of our activities is to contribute to climate change mitigation.2   2022 revenue has been adjusted according to the change in acc-ounting policy for presentation of revenue (see note 1.2 ‘Basis of preparation’ in the financial statements), resulting in an adjustment of 2022 taxonomy revenue KPIs (%). CCM   Climate change mitigationY   Yes (taxonomy-eligible and taxonomy-aligned activity  with the relevant environmental objective)N   No (taxonomy-eligible but not taxonomy-aligned activity with the relevant environmental objective)N/EL   Not eligible (taxonomy-non-eligible activity for the  relevant environmental objective)Quantitative breakdown of taxonomy- aligned turnoverThe primary sources of turnover contributing to the numerator of the turnover KPI in 2023 are taxonomy- aligned turnover from the generation and sale of power (DKK 42,098 million), government grants  (DKK 10,178 million), and the construction of offshore wind farms (DKK 6,737 million).Taxonomy-aligned CAPEX Substantial contribution Does not significantly harm (DNSH)Taxonomy- Category Climate Climate Climate Climate aligned  Category (transi-Proportion  change change Circular Bio- change change Circular Bio- Minimum proportion of  (enabling tional CAPEX 2023 of CAPEX  mitigation adapta-Pollution economy diversity mitigation adaptation Pollution economy diversity safeguards CAPEX,  activity) activity) Code (2)(DKKm) (3)2023 (%) (4)(5) tion (6)  Water (7)(8)(9)(10)(11)(12) Water (13)(14)(15)(16)(17)2022 (%) (18)(19)(20)Economic activities (1)A. TAXONOMY-ELIGIBLE ACTIVITIESA.1 Environmentally sustainable activities (taxonomy-aligned) 1N/EL N/EL N/EL N/EL n.a. Y Y Y n.a. Y Y 0 % - -Manufacture of hydrogen CCM 3.10 552 1 % Y NElectricity generation using solar PV technology CCM 4.1 4,401 12 % Y N 1N/EL N/EL N/EL N/EL n.a. Y n.a. n.a. Y Y Y 5 % - -Electricity generation from wind power CCM 4.3 29,004 76 % Y N 1N/EL N/EL N/EL N/EL n.a. Y Y n.a. Y Y Y 93 % - -Storage of electricity CCM 4.10 2,880 8 % Y N 1N/EL N/EL N/EL N/EL n.a. Y Y n.a. Y Y Y - E -Cogeneration of heat and power from bioenergy CCM 4.20 676 2 % Y N 1N/EL N/EL N/EL N/EL n.a.Y Y Y n.a. Y Y1 % - -CAPEX of environmentally sustainable activities (tax-onomy-aligned) (A.1) 37,513 99 % 99 % 0 % - - - - n.a. Y Y Y Y Y Y 99 % - -Of which, enabling 2,880 8 % 8 % 0 % - - - - n.a. Y Y n.a. Y Y Y -E -Of which, transitional - - -- - - - -- - - - - - - -- -A.2 Taxonomy-eligible but not environmentally sustainable activities CAPEX of taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned) (A.2) - - - - - - - - - - - - - - - - - -CAPEX of taxonomy-eligible activities (A.1 + A.2) 37,513 99 % 99 % 0 % - - - - - - - - - - - 99 % - -B. TAXONOMY-NON-ELIGIBLE ACTIVITIESCAPEX of taxonomy-non-eligible activities (B) 460 1 %TOTAL (A + B) 37,973 100 % 1   We have not assessed our taxonomy-eligible activities against the substantial contribution criteria for climate change adaptation, as the primary objective of our activities is to contribute to climate change mitigation.CCM   Climate change mitigationY   Yes (taxonomy-eligible and taxonomy-aligned activity  with the relevant environmental objective)N   No (taxonomy-eligible but not taxonomy-aligned activity with the relevant environmental objective)N/EL   Not eligible (taxonomy-non-eligible activity for the  relevant environmental objective)Quantitative breakdown of taxonomy-aligned CAPEXThe primary sources of CAPEX contributing to the numerator of the CAPEX KPI in 2023 are additions from property, plant, and equipment (PPE) in Offshore, Onshore, and partly in Bioenergy (DKK 37,503 million). CAPEX plan for manufacture of hydrogen (3.10)We have a CAPEX plan for P2X (activity 3.10, manu-facture of hydrogen), which includes ensuring taxonomy-alignment of the activity upon operation of our P2X facilities. The CAPEX incurred for manufacture of hydrogen in 2023 (DKK 552 million) is part of this CAPEX plan. For more information on the taxonomy- alignment assessment of the activity, see our account-ing policies regarding substantial contribution on p.88.Taxonomy-aligned OPEX Substantial contribution Does not significantly harm (DNSH)Taxonomy- Category Climate Climate Climate Climate aligned  Category (transi-Proportion  change change Circular Bio- change change Circular Bio- Minimum proportion of  (enabling tional OPEX 2023 of OPEX  mitigation adapta-Pollution economy diversity mitigation adaptation Pollution economy diversity safeguards OPEX,  activity) activity) Code (2)(DKKm) (3)2023 (%) (4)(5) tion (6)  Water (7)(8)(9)(10)(11)(12) Water (13)(14)(15)(16)(17)2022 (%) (18)(19)(20)Economic activities (1)A. TAXONOMY-ELIGIBLE ACTIVITIESA.1 Environmentally sustainable activities (taxonomy-aligned) 1N/EL N/EL N/EL N/EL n.a. Y n.a. n.a. Y Y Y 2 % - -Electricity generation using solar PV technology CCM 4.1 66 3 % Y NElectricity generation from wind power CCM 4.3 1,498 63 % Y N 1N/EL N/EL N/EL N/EL n.a. Y Y n.a. Y Y Y 70 % - -Storage of electricity CCM 4.10 1 0 % Y N 1N/EL N/EL N/EL N/EL n.a. Y Y n.a. Y Y Y 0 % E -Cogeneration of heat and power from bioenergy CCM 4.20 297 13 % Y N 1N/EL N/EL N/EL N/EL n.a. Y Y Y n.a. Y Y 8 % - -OPEX of environmentally sustainable activities  (taxonomy-aligned) (A.1) 1,862 79 % 79 % 0 % - - - - n.a. Y Y Y Y Y Y 80 % - -Of which, enabling 1 0 % 0 % 0 % - - - - n.a. Y Y n.a. Y Y Y 0   %E -Of which, transitional - - -- - - - -- - - - - - - -- -A.2 Taxonomy-eligible but not environmentally sustainable activities OPEX of taxonomy-eligible but not environmentallysustainable activities (not taxonomy-aligned) (A.2) - - - - - - - - - - - - - - - - - -OPEX of taxonomy-eligible activities (A.1 + A.2) 1,862 79 % 79 % 0 % - - - - - - - - - - - 80 % - -B. TAXONOMY-NON-ELIGIBLE ACTIVITIESOPEX of taxonomy-non-eligible activities (B) 506 21 %TOTAL (A + B) 2,368 100 % 1   We have not assessed our taxonomy-eligible activities against the substantial contribution criteria for climate change adaptation, as the primary objective of our activities is to contribute to climate change mitigation.CCM   Climate change mitigationY   Yes (taxonomy-eligible and taxonomy-aligned activity  with the relevant environmental objective)N   No (taxonomy-eligible but not taxonomy-aligned activity with the relevant environmental objective)N/EL   Not eligible (taxonomy-non-eligible activity for the  relevant environmental objective)Quantitative breakdown of taxonomy-aligned OPEXThe sources of OPEX contributing to the numerator  of the OPEX KPI in 2023 are from the estimated main-tenance and repair costs of ‘other external expenses’ in Offshore (DKK 1,060 million), in Onshore (DKK 504 million), and partly in Bioenergy (DKK 297 million).Maintenance and repair OPEX estimationWe have calculated an estimation of the maintenance and repair costs of ‘other external expenses’ using a Group-level factor based on maintenance and repair costs for each business segment.§  Accounting policiesTaxonomy-eligible activitiesWe have identified our taxonomy-eligible activities by screening the economic activi-ties in the Climate Delegated Act (Commis-sion Delegated Regulation (EU) 2021/2139), the Complementary Climate Delegated Act (Commission Delegated Regulation (EU) 2022/1214), the Environmental  Delegated Act (Commission Delegated Regulation (EU) 2023/2486), and the amendments to the  Climate Delegated Act (Commission  Delegated Regulation (EU) 2023/2485).Five activities in the Climate Delegated Act have been identified as eligible for Ørsted:·   Manufacture of hydrogen (3.10)·   Electricity generation using solar  PV technology (4.1)·   Electricity generation from wind  power (4.3)·   Storage of electricity (4.10)·   Cogeneration of heat/cool and power  from bioenergy (4.20)Taxonomy-aligned activitiesRegulation (EU) 2020/852, article 3, sets out criteria which an economic activity must meet to qualify as environmentally sustainable (taxonomy-aligned):·   Substantially contribute to one or more of the six environmental objectives.·   Do no significant harm (DNSH) to the other five objectives.·   Comply with minimum safeguards covering social and governance standards.·   Comply with the technical screening criteria (TSC) for the environmental objectives. Taxonomy-alignment of our eligible activi-tes has subsequently been assessed against annex I of the Climate Delegated Act. The TSC for the environmental objectives have been assessed per activity. Minimum safeguards have been assessed on Group level.Substantial contributionClimate change mitigationWe have assessed and documented whether our taxonomy-eligible activities fulfil the substantial contribution criteria to climate change mitigation.For activity 3.10, our manufactured hydrogen will meet the life cycle greenhouse gas (GHG) emission savings requirement in article 25(2) and annex V to Directive (EU) 2018/2001. The calculation of life cycle GHG emission savings follows the methodology referred to in article 28(5) of Directive (EU) 2018/2001, and the quantification methodology has been verified by an independent third party. The quantified life cycle GHG emission savings are subject to final verification by an independent third party upon the asset's operation, expectedly during 2025.For activities 4.1, 4.3, and 4.10, our solar and wind farms and storage facilities automati-cally fulfil the substantial contribution criteria to climate change mitigation as we generate electricity using solar PV technology and wind power, and as we construct and operate elec-tricity storage facilities.For activity 4.20, the sustainable biomass used at our combined heat and power (CHP) plants complies with the criteria in article 29, paragraphs 2-7 of Directive (EU) 2018/2001 and with the GHG emission savings criteria.Climate change adaptationWe have not assessed our taxonomy-eligible activities against the substantial contribution criteria for climate change adaptation, as the primary objective of our activities is to con-tribute to climate change mitigation.Do no significant harm (DNSH)Climate change adaptationWe have assessed and documented how asset resilience towards different chronic and extreme climate hazards and their future development, as projected by IPCC, is an integrated part of our project development and have confirmed that our assets are resil-ient and able to withstand projected climate changes during the assets' lifetime.It is assessed that all relevant eligible activi-ties comply with the criteria set out in appen-dix A to annex I of the Climate Dele gated Act. Sustainable use and protection of water and marine resourcesWe are legally required to conduct environ-mental impact assessments (EIAs) as part of all our projects to ensure that potential impacts on water and marine resources are avoided, mitigated, and addressed appro-priately. During this process, we consider environmental degradation risks related to preserving water quality and avoiding water stress. We have internal processes on legal compliance and water to ensure all assets live up to the requirements. In addition, we have a water policy, establishing our approach to responsible water management.For activity 4.3, we work to ensure that con-struction of offshore wind does not hamper the achievement of good environmental sta-tus as set out in Directive 2008/56/EC, taking measures to prevent or mitigate impacts in relation to the directive's descriptor 11 (noise/energy).It is assessed that all relevant eligible activi-ties comply with the criteria set out in appen-dix B to annex I of the Climate Delegated Act.Transition to a circular economyRenewable assets are built of highly durable materials. To ensure reuse and recycling of materials where feasible, we have a resource management policy and internal waste man-agement processes in place. To ensure we fur-ther transition to a circular economy, we have implemented a strategic approach focused on: (i) using fewer virgin resources, (ii) using resources better and longer, and (iii) recirculat-ing resources upon end of life. For each tax onomy activity, we also have cir-cular economy initiatives in place.Pollution prevention and controlWe are legally required to conduct EIAs to ensure that potential pollution impacts are avoided, mitigated, and addressed appro-priately, and that pollution requirements are integrated into our environmental permit con-ditions. We have internal processes in place to fulfil these legal requirements. For activities 3.10 and 4.20, it has been assessed that emissions are within or lower than the emission levels associated with the best available techniques (BAT-AEL) ranges set out in relevant best available techniques (BAT) conclusions. No significant cross-media effects have been identified.It is assessed that all relevant eligible activi-ties comply with the criteria set out in appen-dix C to annex I of the Climate Delegated Act.Protection and restoration of biodiversity and ecosystemsWe are legally required to conduct EIAs as part of all our projects to ensure potential impacts on biodiversity and ecosystems are avoided, mitigated, and addressed appropri-ately. Our ‘Offshore wind biodiversity policy’ and internal processes ensure all our assets live up to the requirements. We have also committed to ensure that all new renewable energy projects we commission from 2030 onwards deliver a net-positive biodiversity impact, which we aim to achieve through our biodiversity efforts. For activity 4.3, we work to ensure that the construction of offshore wind does not ham-per the achievement of good environmental status as set out in Directive 2008/56/EC, taking appropriate measures to prevent or mitigate impacts in relation to the directive's descriptors 1 (biodiversity) and 6 (seabed integrity).It is assessed that all relevant eligible activi-ties comply with the criteria set out in appen-dix D to annex I of the Climate Delegated Act.Minimum safeguardsOur ‘Human rights policy’ sets out our com-mitment to respect human rights and lives up to the UN Guiding Principles on Business and Human Rights and OECD's guidelines for mul-tinational enterprises, including the principles of the Declaration of the International Labour Organization on Fundamental Principles and Rights at Work and the International Bill of Human Rights, both in our own operations and supply chain.Together with our good governance practices and policies, our systematic due diligence approach ensures we have robust minimum safeguards in place on human rights, corrup-tion, taxation, and fair competition. Taxonomy KPIsOur accounting policies for the taxonomy KPIs are based on our interpretation of the Disclosures Delegated Act annex I (Commis-sion Delegated Regulation (EU) 2021/4987) and available guidelines from the European Commission.Linkage principleThe revenue, CAPEX, OPEX, and EBITDA associated with our taxonomy-aligned activ-ities have been determined. In allocating the financial numbers to the numerator, a ‘linkage principle’ has been applied, stipulating that any revenue, CAPEX, OPEX, or EBITDA that can be justifiably linked to an identified tax-onomy-aligned activity can be classified as taxonomy-aligned and thereby included in the numerator of the respective KPI.Double countingWe have avoided double counting across economic activities in the allocation of the numerator for revenue, CAPEX, OPEX, and EBITDA by using activity-specific factors to allocate the financials across our taxonomy activities. The factors are either 100 %, 0 %, or a value in between where we have used proxies to split the financial numbers into taxonomy- aligned or non-eligible activities. Here, the factors cannot sum to more than 100 %, which eliminates the possibility of dou-ble counting the resulting financial numbers.ProxiesWhere the financial numbers are not appro-priately split into the correct activity in the financial account set-up, proxies have been used to split the numbers. Two proxies have been used:1) The ratio of purchased power volumes from renewable versus non-renewable assets – applied to revenue and EBITDA from balanc-ing activities.2) Bioenergy's share of renewable energy  generation – applied to revenue, EBITDA, CAPEX, and OPEX related to the CHP plants.For more details on our taxonomy-aligned KPIs, see our accounting policies on p. 81. Climate scenario analysisAs our vision is to create a world that runs entirely on green energy, climate-related risks and opportunities are directly linked to our business model and strategy. It is therefore embedded in our operations to assess the climate resilience of our business by looking at climate- related transition and physical risks and opportunities, in accordance with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Climate-related transition risks and opportunities are an integrated aspect of the business cases for our investments in new assets and activities, and we con-tinuously monitor political, technological, market, and reputational developments. Similarly, in the design and construction phases of our assets, we carry out climate risk assessments to assess acute and chronic weather developments, taking into account extreme weather conditions and events that could physically affect our assets. In addition, our greenhouse gas (GHG) reduction targets follow scenarios from the Science Based Targets initiative's (SBTi) 1.5 °C sector- specific pathway for the power industry.In 2023, our assessment of physical climate risks included two dimensions: design safeguards and busi-ness case risks. The assessment of design safeguards entails a climate risk assessment to affirm the physical resilience of our assets in the face of climate change, particularly during extreme weather events. In addi-tion, the business case risk assessment evaluates how revenue streams, and the overall value of assets, might be impacted, e.g. if the wind speed is projected to change at an asset location.Our analysis focused on all operational assets, both offshore and onshore, with capacities exceeding 10 MW across all markets, representing the vast major-ity of our climate risk exposure. The analysis  utilised the latest climate projection data, downscaled to regional and asset-level granularity, based on the IPCC SSP5-8.5 scenario, which is typically considered a ‘worst-case scenario’.Our findings reconfirm that all our assets are structur-ally secured against climate change through a set of design safeguards and mitigation actions. From a busi-ness case perspective, the most significant climate risk for our portfolio is changing wind patterns and, to a lesser extent, changes in air temperature, as these factors have the highest potential impact on the over-all energy production of our assets. The 2023 analy-sis indicates only a minor change in asset value com-pared to projections based on historical climate data. We have several mitigation actions in place to reduce this risk, and the current impact is considered insignifi-cant to our business cases. However, we acknowledge the need for further investigation going forward as we strive to reduce uncertainties associated with our assessments. We will continue to develop our meth-odology to ensure we are capturing our exposure to climate risk as accurately as possible, while further exploring ways to integrate climate change considera-tions into our existing processes.ESRS E1 Climate changeDecarbonisation of our  operations and value chainOur aspiration is to run a business that creates a last-ing positive impact on the environment. This aspira-tion drives our determination to deliver renewable energy solutions that not only generate green energy but also reduce emissions throughout the manufac-turing, transportation, installation, and operation of our renewable energy assets. In doing so, we actively contribute to the transition to an urgently needed  net-zero  economy. Addressing climate change is in the core of our  business model and strategy, with our  sustainability  commitment and industry-leading science-based 2040 net-zero target as the catalysts behind our efforts to address climate change mitigation and adaptation, energy efficiency, and renewable energy deployment. Our sustainability commitment and science-based net-zero target are anchored in our Sustainability Committee, chaired by the Chief Financial Officer. Accountability lies with our Head of Global Stake-holder Relations and Chief Operating Officer. We are also actively calling our stakeholders to action for activities that will accelerate the renewable energy build-out in line with the goals of the Paris Agreement. We believe there is a need for more transparency around climate-related advocacy to help clear the path towards faster deployment of renewable energy. Our first climate advocacy report therefore features an assessment of our most important industry associ-ations in terms of their alignment with the 1.5 °C Paris Agreement goal, their promotion of renewable energy, and their stance on the phase-out of fossil fuels. With the report, we aim to emphasise our efforts to acceler-ate a renewable energy build-out that pursues emis-sions reductions, protects nature, and creates a transi-tion that is equitable for all.Our approach and policiesAs a long-standing industry leader in sustainability, we recognise that, alongside our positive impact from scaling renewable energy deployment, we have a key role in reducing possible negative impacts, such as emissions from the extraction and manufacturing of materials and main components needed for the suc-cessful transition towards renewable energy sources. We are committed to not only measuring and track-ing greenhouse gas emissions, but also actively  working towards their reduction. Our approach for our own operations includes phasing out coal in 2024. To address possible negative impacts in our value chain, we actively engage and partner with suppliers to mature low-emission solutions for our continued renewables build-out.Renewable energy deploymentWe invest in the development, construction, and operation of renewable energy assets, which include offshore and onshore wind farms, solar farms, bat-tery storage, carbon capture and storage (CCS), bio-mass-fuelled CHP plants, and Power-to-X (P2X) for renewable hydrogen and e-fuels. While investments in wind and solar directly contribute to the increase in renewable energy generation capacity, bioenergy serves as an alternative to fossil fuels, P2X enables non-electric applications (e.g. transport and chem-icals) and helps to reduce emissions from hard-to-abate sectors, and CCS enables permanent storage of carbon underground. Together, these technologies play a key role in building sustainable global energy systems.Science-aligned climate actionTo align our core business activities with our sustain-ability ambition, we have adopted a science-based target to reach net-zero emissions by 2040, which has been formally validated by the Science Based Targets initiative (SBTi). This overarching target is supported by a suite of near-term and long-term  decarbonisation targets across our full value chain. In addition to tracking and monitoring our company-wide emissions reduction progress, we utilise the climate targets internally to anchor our strategic initiatives. These include, for example, decarbonisation of our supply chains for materials and components.To contribute to the global net-zero goal in the most impactful way, we are committed to go beyond reducing our own emissions and to contribute to  climate action outside our value chain. We finance and develop our own high-quality nature-based projects in addition to reducing our emissions – not instead of doing so. We are on track to phase out coal in 2024 and to reduce our scope 1-2 emissions intensity by 98 % by 2025 – two near-term milestones towards our sci-ence based 2040 net-zero target. We also continue our financial commitment to nature-based projects and the implementation of our own quality consider-ations, which include proven additionality and posi-tive impacts for local communities and biodiversity. By 2025, we will have taken final investment decision on a portfolio of projects which over their lifetime will deliver a volume of certified carbon credits  exceeding the residual 2 % of our future scope 1-2 emissions. However, the actual delivery of carbon credits from these projects will be delayed a few years compared to our initial expectations. We have decided to phase out our use of the wording ‘carbon-neutral company by 2025’ when describing the impact of carbon credits. Since 2020, when we made the commitment to become a carbon-neutral company, the consensus on carbon-neutral claims has changed. While back then, such claims proved use-ful for incentivising and increasing the ambitions of corporate climate action, we now have the SBTi Net-Zero Standard to guide how companies can take the actions urgently needed to meet the 1.5 °C goal of the Paris Agreement. Our approach to carbon credits reflects what the SBTi refers to as ‘beyond value chain mitigation’ in its Net-Zero Standard. In line with this direction set by the SBTi, we will therefore no longer use the wording ‘carbon- neutral’ to describe our progress in decarbonis-ing our operations and energy generation (scope 1-2).Supply chain decarbonisationThe majority of our upstream value chain emissions come from hard-to-abate sectors like steel, shipping, and heavy manufacturing. We have therefore identi-fied and deployed several strategic levers to reduce emissions from our supply chains: ·   Tracking and measuring carbon progress through the development of an in-house model for life cycle assessments (LCAs). The model is currently used to calculate the total carbon footprint of our new off-shore wind farms and will be further developed to cover onshore wind, solar PV technologies, and the more recent technologies in our portfolio. Addition-ally, to enhance the transparency and comparabil-ity of data for our stakeholders, we are contributing to the development of a standardized LCA method-ology together with other energy developers. ·   Engaging with suppliers on the integration of decar-bonisation strategies in their operations. Decar-bonisation is at the core of our supplier relationship management. We actively engage key suppliers, who account for more than half of our total pro-curement spend and encompass some of the most carbon-intensive segments of our supply chains. This includes the adoption of science-based targets, transparent climate reporting to CDP, and covering electricity consumption with renewable electricity. ·   Entering into offtake agreements for low-emission products essential to the energy transition. We con-tribute towards the scaling of new technologies by reducing uncertainties for suppliers and  further incentivising their investments in low-emission technologies. ·   Engaging in cross-sector collaborations to drive demand for ground-breaking technologies. Together with other sustainability leaders we pool our purchasing powers to drive demand for tech-nologies needed to decarbonise materials in our operation. We have co-founded cross-industry ini-tiatives such as the Climate Group's SteelZero and the World Economic Forum's First Movers Coalition, where we commit to offtake volumes of near-zero emissions materials from 2030.ActionsOwn operationsDuring 2023, we have taken the following steps:·   We have deployed 0.6 GW of new renewable capacity from onshore wind power and solar power, reaching a total of 15.7 GW installed renewable capacity.·   We have begun the construction of two CCS facili-ties designed to capture and store carbon emissions from the biomass-fired Asnæs and Avedøre power stations. This project represents Denmark's first full-scale carbon capture project. For more information, see our strategy section. ·   We have allocated 99 % of our capital expendi-tures (CAPEX) towards environmentally sustain-able investments aligned with the EU taxonomy. For more information, see the EU taxonomy section.·   We have signed a second contract with ESVAGT for a methanol-powered service operation vessel, marking a significant milestone in our efforts to decarbonise offshore wind operations. ·   We no longer acquire, or lease, vehicles powered by fossil fuels, and 65 % of our vehicle fleet is currently electric, an increase from 51 % in 2022.·   We continued to advance our portfolio of nature-based carbon removal projects by planting approxi-mately 40 million propagules in Gambia, equivalent to around 4,000 ha, thereby contributing further to the restoration of vital ecosystems and mitigating climate change. ·   To address physical risks resulting from climate change and their potential impact on our assets, we assess the resilience of all new assets towards the occurrence of climate-related hazards. For more information, see the EU taxonomy and climate sce-nario analysis sections.Future actions:·   We will continue to deploy renewable energy and drive down emissions across scope 1-2.·   In 2025, more than 99 % of our energy generation will come from renewable sources, and in 2030, our ambition is to reach 35-38 GW installed renewable capacity.·   We are making the preparations and are on track to phase out coal-based energy generation before 2025.·   In 2024, the world's first green fuel vessel for off-shore wind operations will launch off the UK East Coast, as a result of the agreement between Ørsted and ESVAGT.·   We will continue to phase out our fossil-fuelled  vehicles, and by the end of 2025, our entire light vehicle fleet will be electric.·   During 2025, the Asnæs and Avedøre power  stations will begin to capture and store biogenic carbon. ·   We are committed to further enhancing our port-folio of nature-based carbon removal projects and are actively involved in the development of new initiatives in Africa and Southeast Asia, in collab-oration with Danish NGOs and local community organisations.Value chainDuring 2023, we have taken the following steps:·   Together with the Carbon Trust and eleven energy developers, we have launched a joint industry programme to develop the first industry-backed method for calculating the life cycle carbon foot-print of offshore wind farms. This common method-ology will help increase transparency for govern-ments, investors, and suppliers and enable compa-rability across developers and assets.·   We have begun integrating our climate expecta-tions into key supplier contracts, including CDP reporting, science-based target setting, and cover-ing electricity consumption with renewable elec-tricity. These requirements apply to suppliers in a number of high-impact categories, which collec-tively contribute significantly to our supply chain emissions and procurement spend.·   We have procured low-carbon copper for the export cable scope for the world's single largest wind farm, Hornsea 3 in the UK. By choosing low-carbon  copper, we have reduced the emissions from the export cable scope by approximately 50 %. ·   We have formed an industry-leading partnership with wind turbine supplier Vestas, including an early offtake agreement. We pledge to procure 25 % low-emission steel turbine towers for all joint pro-jects, and, when available, blades made with recy-cled materials.·   We have signed a long-term large-scale supply agreement with Dillinger, our key steel manufacturer for foundations, which in part has enabled Dillinger to invest in a low-emission steel production route (DRI-EAF). This investment will reduce Dillinger's company emissions by 55 % in 2030. ·   To increase the collective demand signal for near-zero steel, we have joined the First Mover Coalition's Near-Zero Steel 2030 Challenge. The initiative builds on our near-zero steel commitments and aims to accelerate investments in near-zero steel by mapping suppliers' and companies' existing plans and connect-ing buyers with future suppliers of near-zero steel.Future actions:·   We will strive for a common standard to  measure the life cycle carbon footprint of offshore wind farms, fostering comparability and amplifying trans-parency of embodied emissions.·   We will continue to develop tools to support our suppliers in their green transformations as we enhance the incorporation of sustainability in our sourcing processes. From 2024, we will also start engaging with suppliers on biodiversity, circularity, the carbon footprint of their products, and on their climate engagement of their own supply chains.·   We will continue to seek out partnerships with key strategic suppliers to further incentivise invest-ments in low-emission technologies.TargetsIn 2021, Ørsted set a 2040 reduction target for scope 1-3 emissions and became the first energy company with a  science-based net-zero target. As of today, we are on track to meet our near-term scope 1-2 intensity target, and we have already met our 2032 absolute scope 3 emissions target. To continue providing clarity on the near-term direction of our decarbonisation efforts, we have devel-oped a portfolio of new near-term targets that outline our 2030 ambitions on the same KPIs that we already use for our 2040 targets. These new targets outline the pathway for our near-term efforts to decarbonise our value chain, while also putting a cap on emissions from natural gas sales based on the substantive reductions we have already achieved. Our new 2030 targets have been submitted to the SBTi and are currently undergoing their formal target  validation process. The SBTi expressed that they welcome our more ambitious 2030 decarbonisation targets, which provide a greater visibility on the pathway towards our  science-based 2040 net-zero target.We are committed to continue driving the global transi-tion to renewable energy sources. We are on track to reach our target of 99 % renewable energy generation by 2025. Our commitment is reinforced by our strategic ambition to enhance our renewable energy capacity, aiming to reach a gross installed capacity of 35-38 GW by 2030. For more information on our ambition for installed renewable capac-ity, please refer to the ‘Strategy and business’ section.Overview by business unit Other Bioenergyactivities /Data point Unit Offshore Onshore&amp; Othereliminations 2023 2022 ΔInstalled renewable capacity MW 8,871 4,785 2,075 - 15,731 15,121 4 %Offshore wind power MW 8,871 - - - 8,871 8,871 0 %Onshore wind power MW - 3,717 - - 3,717 3,464 7 %Solar PV power MW - 1,028 - - 1,028 671 53 %Battery storage MW - 40 21 - 61 61 0 %Biomass-based thermal heat MW - - 2,054 - 2,054 2,054 0 %Decided (FID'ed) renewable capacity MW 6,672 1,579 - 72 8,323 4,340 92 %Awarded and contracted renewable capacity MW 3,677 43 - - 3,720 11,157 (67 %)Sum of installed, FID’d, and awarded/contracted capacity MW 19,220 6,407 2,075 72 27,774 30,618 (9 %)Power generation capacity MW 4,986 4,725 2,800 - 12,511 11,327 10 %Heat generation capacity, thermal MW - - 3,353 - 3,353 3,353 0 %Power generation GWh 17,761 13,374 4,437 - 35,572 35,641 (0 %)Heat generation GWh - - 6,587 - 6,587 6,368 3 %Share of renewable energy generation % 100 100 73 - 93 91 2 %pGreenhouse gas emissions (scope 1 and 2) Thousand tonnes CO2e 32 1 1,552 1 1,586 2,511 (37 %)Greenhouse gas emissions (scope 3) Thousand tonnes CO2e 213 121 5,256 41 5,631 10,983 (49 %)Greenhouse gas emissions (scope 3: use of sold products ) 1Thousand tonnes CO2e - - 3,862 - 3,862 7,309 (47 %)Greenhouse gas intensity (scope 1 and 2) g CO2e/kWh 2 0 141 - 38 60 (37 %)Greenhouse gas intensity (scope 1, 2, and 3) 2g CO2e/kWh 14 9 267 - 80 147 (46 %)1   Scope 3 emissions from wholesale buying and selling of natural gas.2   Excludes scope 3 emissions from use of sold products (natural gas sales).Overview by country The Other  Data point Unit Denmark The UK GermanyNetherlands The US Taiwan Polandcountries 2023 2022 ΔInstalled renewable capacity  MW 3,061 5,795 1,383 752 4,299 45 - 396 15,731 15,121 4 %Offshore wind power  MW 1,006 5,692 1,346 752 30 45 - - 8,871 8,871 0 %Onshore wind power  MW - 83 27 - 3,215 - - 392 3,717 3,464 7 %Solar PV power  MW - - 10 - 1,014 - - 4 1,028 671 53 %Battery storage MW 1 20 - - 40 - - - 61 61 0 %Biomass-based thermal heat  MW 2,054 - - - - - - - 2,054 2,054 0 %Decided (FID'ed) renewable capacity  MW 2 2,852 1,237 - 2,228 1,820 - 184 8,323 4,340 92 %Offshore wind power MW - 2,852 1,166 - 834 1,820 - - 6,672 2,196 204 %Onshore wind power MW - - 67 - - - - 33 100 321 (69 %)Solar PV power MW - - 4 - 1,094 - - 81 1,179 1,451 (19 %)Battery storage MW - - - - 300 - - - 300 300 0 %Power-to-X MW 2 - - - - - - 70 72 72 0 %Awarded and contracted renewable capacity MW - - - - 924 - 2,753 43 3,720 11,157 (67 %)Sum of installed, FID'ed, and awarded/contracted capacity MW 3,063 8,647 2,620 752 7,451 1,865 2,753 623 27,774 30,618 (9 %)Power generation capacity MW 3,361 2,908 705 376 4,249 516 - 396 12,511 11,327 10 %Offshore wind power MW 561 2,830 673 376 30 516 - - 4,986 4,672 7 %Onshore wind power MW - 78 22 - 3,215 - - 392 3,707 3,454 7 %Solar PVpower MW - - 10 - 1,004 - - 4 1,018 661 54 %Thermal power MW 2,800 - - - - - - - 2,800 2,540 10 %Heat generation capacity, thermal MW 3,353 - - - - - - - 3,353 3,353 0 %Power generation GWh 6,405 11,037 2,145 1,449 12,343 1,291 - 902 35,572 35,641 (0 %)Heat generation GWh 6,587 - - - - - - - 6,587 6,368 3 %Share of renewable energy generation % 77 100 100 100 100 100 - 100 93 91 2 %pGreenhouse gas emissions (scope 1 and 2) Thousand tonnes CO2e 1,555 17 6 2 2 4 - 0 1,586 2,511 (37 %)Greenhouse gas intensity (scope 1 and 2) g CO2e/kWh 120 2 3 1 0 3 - 0 38 60 (37 %)Renewable capacity    Business driversData point Unit Target 2023 2022 ΔInstalled renewable capacity  MW ~35-38 GW (2030) 15,731 15,121 610Offshore, wind power  MW ~20-22 GW (2030)8,871 8,871 -Onshore MW ~11-13 GW (2030) 4,785 4,175 610Wind power MW 3,717 3,464 253Solar PV power 1MW 1,028 671 357Battery storage 1MW 40 40 -Bioenergy 2MW ~2 GW (2030) 2,075 2,075 -P2X MW ~1 GW (2030) - - -Decided (FID'ed) renewable capacity  MW 8,323 4,340 3,983Offshore, wind power  MW 6,672 2,196 4,476Onshore  MW 1,579 2,072 (493)Wind power MW 100 321 (221)Solar PV power 1MW 1,179 1,451 (272)Battery storage 1MW 300 300 -P2X MW 72 72 -Awarded and contracted renewable capacity 3MW 3,720 11,157 (7,437)Offshore, wind power MW 3,677 11,157 (7,480)Onshore, wind power MW 43 - 43Sum of installed and FID'ed renewable capacity  MW 24,054 19,461 4,593Sum of installed, FID'ed, and awarded/contracted  MW 27,774 30,618 (2,844)1  Both the solar PV and battery storage capacities are measured in megawatts of alternating current (MWAC).2  Including thermal heat capacity from biomass and battery capacity not in Onshore (21 MW).3  We have removed Ballinrea (65 MW) from our contracted renewable capacity.In 2023, we took final investment decisions (FIDs) onthree offshore wind farms in each of our three regions: the offshore wind farm Hornsea 3 (2.9 GW) in the UK, the offshore wind farms Greater Changhua 2b and 4 (0.9 GW) in Taiwan, and the offshore wind farm Revo-lution Wind (0.7 GW) in the US.We have ceased development of our offshore wind projects Ocean Wind 1 and Ocean Wind 2 in the US. We have also decided to withdraw the Offshore Wind Renewable Energy Certificate (OREC) for our offshore wind project Skipjack in the US. In total, the three US projects amounted to a capacity of 3.2 GW, which we have removed from our awarded capacity.§  Accounting policiesInstalled renewable capacityThe installed renewable capacity is calcu-lated as renewable gross capacity installed by Ørsted accumulated over time. We include all capacities after commercial operation date (COD) has been reached, and where we had an ownership share and an EPC (engineering, procurement, and construction) role in the pro-ject. Capacities from acquisitions are added to the installed capacity. For installed renewable thermal capacity, we use the heat capacity, as heat is the primary outcome of thermal energy generation, and as bioconversions of the com-bined heat and power plants are driven by heat contracts.Decided (FID'ed) renewable capacityDecided (FID'ed) capacity is renewable  capacity where a final investment decision  (FID) has been made. Awarded and contracted renewable capacityThe awarded renewable capacity is based on the capacities which have been awarded to Ørsted in auctions and tenders. The contracted renewable capacity is the capacity for which Ørsted has signed a contract or power purchase agreement (PPA) concerning a new renewable energy asset. We include the full capacity if more than 50 % of PPAs or offtake is secured. We only include awarded/contracted capacity for projects that we expect to develop.Generation capacity    Business driversData point Unit 2023 2022 ΔPower generation capacity  MW 12,511 11,327 1,184Offshore wind  MW 4,986 4,672 314Denmark MW 561 561 -The UK MW 2,830 2,988 (158)Germany MW 673 673 -The Netherlands MW 376 376 -Taiwan MW 516 44 472The US MW 30 30 -Onshore wind MW 3,707 3,454 253The US MW 3,215 3,014 201Ireland MW 351 322 29The UK MW 78 62 16France MW 41 34 7Germany MW 22 22 -Solar PV MW 1,018 661 357The US MW 1,004 647 357France MW 4 4 -Germany MW 10 10 -Thermal, Denmark (CHP plants) MW 2,800 2,540 260Heat generation capacity, thermal MW 3,353 3,353 -Based on biomass  MW 2,032 2,032 -Based on coal  MW 1,300 1,300 -Based on natural gas MW 1,617 1,617 -Heat generation capacity, electric MW 225 25 200Power generation capacity, thermal MW 2,800 2,540 260Based on biomass MW 1,228 1,228 -Based on coal MW 991 991 -Based on natural gas MW 951 951 -Based on oil MW 734 474 260Our power generation capacity increased by 10 % to 12,511 MW in 2023. Offshore wind power generation capacity increased by 314 MW, primarily due to the ramp-up of our offshore wind farms Greater Changhua 1 and 2a in Taiwan. Onshore wind power generation capacity increased by 253 MW, primarily due to the commissioning of the onshore wind farm Sunflower Wind (201 MW) in the US. Solar PV power generation capacity increased by 357 MWAC due to the partial commissioning of the solar farm Old 300 in the US. Thermal power generation capacity (based on oil) increased by 260 MW in 2023 due to an extra unit at Kyndby Peak Load Plant being temporarily back in operation. Heat generation capacity (electric) increased by 200 MW, as four new electric boilers were commissioned at Studstrup Power Station in  February 2023.§  Accounting policiesPower generation capacityPower generation capacity for an offshore wind farm is calculated and included from the time when the individual wind turbine has passed a 240-hour test. Power generation capacities for onshore wind and solar farms are included after commercial operation date (COD) has been reached. The offshore wind farms Gun-fleet Sands 1 &amp; 2 and Walney 1 &amp; 2 have been consolidated according to ownership interest. Other wind farms, solar farms, and combined heat and power (CHP) plants have been finan-cially consolidated.Heat and power generation capacity, thermalThermal heat and power generation  capacity is a measure of the maximum capability to gener-ate heat and power. The capacity may change over time with plant modifications. For each CHP plant, the capacity is given for  generation with the primary fuel mix. Overload is not included. CHP plants which have been taken out of primary operation and put on standby are not included.Fuel-specific thermal heat and power genera-tion capacities measure the maximum capac-ity using the specified fuel as primary fuel at the multi-fuel plants. They cannot be added to total thermal capacity, as they are defined individually for each fuel type for our multi-fuel plants. All fuels cannot be used at the same time. Therefore, the total sum amounts to more  than  100 %.Energy business drivers    Business driversData point Unit 2023 2022 ΔOffshore windWind speed m/s 9.8 9.5 3 %Wind speed, normal wind year m/s 9.9 9.7 2 %Availability  % 93 94 (1 %p)Load factor % 43 42 1 %pOnshore windWind speed m/s 7.2 7.4 (3 %)Wind speed, normal wind year m/s 7.4 7.3 1 %Availability  % 88 93 (5 %p)Load factor  % 36 40 (4 %p)Solar PVAvailability % 98 98 0 %pLoad factor % 24 25 (1 %p)OtherDegree days, Denmark Number 2,585 2,548 1 %Offshore windOffshore wind speeds in 2023 were 3 % higher than in 2022, but 1 % below a normal wind year. Availability in 2023 was 1 percentage point lower than in 2022. The higher wind speeds resulted in a 1 percentage point increase of the load factor in 2023. Onshore windOnshore wind speeds in 2023 were 3 % lower than in 2022 and 3 % lower than in a normal wind year. Avail-ability was 5  percentage points lower in 2023 than in 2022. The lower wind speeds and availability resulted in a 4 percentage point lower load factor in 2023.Solar PVAvailability in 2023 was at the same level as in 2022, but the load factor decreased by 1 percentage point.OtherThe number of degree days in 2023 was 1 % higher than in 2022, indicating that the weather in 2023 was slightly colder than in 2022. In Q4 2023, the number of degree days was 12 % higher than in Q4 2022, which means that the weather at the end of 2023 was much colder than in 2022.§  Accounting policiesWind speedsWind speeds for the areas where Ørsted's offshore and onshore wind farms are located are provided to Ørsted by an external supplier. Wind speeds are weighted on the basis of the capacity of the individual wind farms and con-solidated to an Ørsted total for offshore and onshore, respectively. ‘Normal wind speed’ is a historical wind speed average (over a minimum 20-year period).AvailabilityAvailability is calculated as the ratio of actual production to the possible production, which is the sum of lost production and actual produc-tion in a given period. The production-based availability (PBA) is impacted by grid and wind turbine outages, which are technical produc-tion losses. PBA is not impacted by market- requested shutdowns and wind farm curtail-ments as these are due to external factors.Load factorThe load factor is calculated as the ratio between actual generation over a period rel-ative to potential generation, which is possi-ble by continuously exploiting the maximum capacity over the same period. The load factor is commercially adjusted. This means that the offshore wind farm has been financially com-pensated by the transmission system operators when it is available for generation, but the out-put cannot be supplied to the grid due to main-tenance or grid interruptions. New offshore wind turbines are included in the calculations of availability and load factor once they have passed a 240-hour test. Onshore wind turbines are included once they have passed commer-cial operation date (COD).Degree daysThe number of degree days expresses the dif-ference between an average indoor tempera-ture of 17 °C and the outside mean temperature for a given period. It helps compare the heat demand for a given year with a normal year.Energy generation and sales    Business driversData point Unit 2023 2022 ΔPower generation GWh 35,572 35,641 (0 %)Offshore wind GWh 17,761 16,483 8 %Denmark  GWh 1,970 2,084 (5 %)The UK  GWh 10,887 10,989 (1 %)Germany  GWh 2,076 1,949 7 %The Netherlands  GWh 1,449 1,259 15 %The US  GWh 88 110 (20 %)Taiwan GWh 1,291 92 1,303 %Onshore wind GWh 11,228 11,225 0 %The US  GWh 10,124 10,389 (3 %)Ireland GWh 809 761 6 %France  GWh 89 18 394 %Germany GWh 58 13 346 %The UK GWh 148 44 236 %Solar PV GWh 2,146 1,921 12 %The US GWh 2,131 1,920 11 %Germany GWh 11 - -France GWh 4 1 300 %Thermal GWh 4,437 6,012 (26 %)Heat generation  GWh 6,587 6,368 3 %Total heat and power generation GWh 42,159 42,009 0 %Of which, wind and solar PV power generation GWh 31,135 29,629 5 %Of which, thermal heat and power generation GWh 11,024 12,380 (11 %)Of which, thermal heat and power generation % 26 29 (3 %p)Gas sales GWh 16,880 31,637 (47 %)Power sales GWh 21,448 23,194 1(8 %)Green power to end customers 2GWh 881 2,294 (62 %)Regular power to end customers 3GWh 1,567 2,500 (37 %)Power wholesale GWh 19,000 18,400 13 %1   2022 wholesale power volumes have been adjusted according  to the change in accounting policy for presentation of revenue see note 1.2 ‘Basis of preparation’ in the financial statements.  2   Power sold with renewable certificates. 3  Power sold without renewable certificates.Offshore wind power generation increased by 8 % to 17.8 TWh in 2023 due to higher generation capacity and higher wind speeds in 2023 compared to 2022.Onshore wind power generation was 11.2 TWh in 2023, as in 2022. The increase in generation at our European onshore wind farms was offset by decreased generation at several of our US onshore wind farms. Solar PV generation increased by 12 % to 2.1 TWh due to increased generation at our solar farm Old 300. Thermal power generation decreased by 26 % in  2023, primarily driven by lower condensing generation due to lower power prices and market spreads  compared to 2022.Heat generation was 3 % higher in 2023 compared  to 2022 due to colder weather in 2023, especially in Q4 2023. Gas sales decreased significantly by 47 % to 16.9 TWh in 2023. This was primarily due to lower UK sourcing volumes, mainly due to the phasing out of our UK B2B activities as well as expired contracts. It was also due to Gazprom Export's suspension of its gas supplies to Ørsted on 1 June 2022 and Ørsted's subsequent termi-nation of the supply contract during Q1 2023. Power sales decreased by 8 % to 21.4 TWh in 2023 due to a 62 % and 37 % decrease in green and regular power to end customers, respectively. This was pri-marily driven by the phasing out of our UK B2B busi-ness. The decrease was partly offset by a 3 % increase in wholesale power to 19.0 TWh, primarily driven by the 50 % farm-down of the fully operational offshore wind farm Hornsea 2 in Q3 2022, resulting in increased power volumes sold on behalf of our partners.§  Accounting policiesPower generationPower generation from wind and solar farms is determined as generation sold. The offshore wind farms Gunfleet Sands 1 &amp; 2 and Walney 1 &amp; 2 have been consolidated according to owner-ship interest. Other wind farms, solar farms, and combined heat and power (CHP) plants have been financially consolidated.Thermal power generation is determined as net generation sold, based on settlements from the official Danish production database. Data for generation from foreign facilities is provided by the operators.Heat generationHeat (including steam) generation is measured as net output sold to heat customers.Gas and power salesSales of gas and power are calculated as physi-cal sales to retail and wholesale customers and exchanges. Sales are based on readings from Ørsted's trading systems. Internal sales to our combined heat and power (CHP) plants are not included in the statement.Share of renewable energy generation    Business driversData point Unit Target 2023 2022 ΔTotal heat and power generation  % 100 100 0 %pFrom offshore wind  % 42 39 3 %pFrom onshore wind  % 27 27 0 %pFrom solar PV  % 5 5 0 %pFrom sustainable biomass  % 18 20 (2 %p)From other renewable energy sources % 1 0 1 %pFrom coal  % 6 8 (2 %p)From natural gas  % 1 1 0 %pFrom other fossil energy sources % 0 0 0 %pShare of renewable energy generation % 99 (2025) 93 91 2 %pOffshore % 100 100 0 %pOnshore % 100 100 0 %pBioenergy &amp; Other % 73 68 5 %pThe share of our renewable heat and power genera-tion increased by 2 percentage points to 93 % in 2023. The 2 percentage point increase in the renewable energy share was due to the 3 percentage point increase in offshore wind power generation and the 1 percentage point increase in other renewable energy sources (certified renewable power for heat boilers), partly offset by a 2 percentage point decrease in the share of sustainable biomass-based generation. The increase in offshore wind power generation was primarily due to the ramp-up of our offshore wind farms Greater Changhua 1 and 2a in Taiwan and higher wind speeds in 2023 compared to 2022. The share of sustainable biomass-based generation decreased by 2 percentage points. This was due to a temporary switch from biomass to coal usage at Studstrup Power Station from the autumn of 2022 until Q2 2023 following a fire in  the wood pellet silo, and lower biomass-based con-densing generation driven by lower market spreads. This was partly offset by higher heat demand and thereby higher biomass-based generation in Q4 2023. The 1 percentage point increase in other renewable energy sources was driven by heat generation from the new electric boilers at the Studstrup Power Sta-tion using sourced green power.The share of coal-based generation decreased by 2 percentage points, mainly driven by lower coal-based condensing driven by significantly lower power spot prices, hence reduced spreads.§  Accounting policiesShare of renewable energy generationThe renewable energy share of our heat and power generation is calculated on the basis of the energy sources used and the energy  generated at the different assets.For combined heat and power (CHP) plants, the share of the specific fuel (e.g. sustainable biomass) is calculated relative to the total fuel consumption for a given plant or unit within a given time period. The specific fuel share is then multiplied by the total heat and power generation for the specific plant or unit in the specific period. The result is the fuel-based generation for the individual plant or unit, for example the sustain-able biomass-based generation of heat and power from the CHP plant unit within a given time period.The percentage shares of the individual energy sources are calculated by dividing the  generation from the individual energy source by the total generation.The following energy sources and fuels are  considered to be renewable energy: wind, solar PV, sustainable biomass, biogas, and power sourced with renewable energy certi-ficates. The following energy sources are  considered to be fossil energy sources: coal, natural gas, and oil.Energy consumption Data point Unit Target 2023 2022 ΔDirect energy consumption (GHG, scope 1) GWh 14,936 18,859 (21 %)Fuels used in thermal heat and power generation GWh 14,764 18,649 (21 %)Sustainable biomass GWh 10,074 11,258 (11 %)Coal GWh 0 (2025) 13,782 6,677 (43 %)Natural gas GWh 746 289 158 %Oil GWh 162 425 (62 %)Other energy usage (oil, gas, and diesel for vessels and vehicles) GWh 172 210 (18 %)Coal used in thermal heat and power generation Thousand tonnes 0 (2025) 1546 996 (45 %)Certified sustainable wooden biomass sourced2% 100 100 0 %pIndirect energy consumption (GHG, scope 2) GWh 632 308 105 %Power sourced for own consumption GWh 618 293 111 %Own power consumption covered by renewable energy certificates % 100 (ongoing) 3100 100 0 %pHeat sourced for own consumption GWh 14 15 (7 %)Total direct and indirect energy consumption GWh 15,568 19,167 (19 %)Green share of total direct and indirect energy consumption % 69 60 9 %pInternal energy savings, accumulated from 2018 GWh 52 46 13 %Electric vehicles in the company vehicle fleet % 100 (2025) 65 51 14 %p1   Our target is to phase out coal before 2025. The Danish authorities have ordered us to continue and resume the operation of three of  our power station units which use coal and oil until 31 August 2024.2   We are committed to use 100 % certified sustainable wooden biomass.3   Our target is to have our own power consumption 100 % covered by renewable energy certificates.The total fuel consumption used for heat and power generation decreased by 21 % in 2023 compared to 2022, driven by the 11 % decrease in thermal heat and power generation. Fuel consumption decreased more than thermal generation because of lower  condensing generation in 2023 compared to 2022. Condensing generation (power generation only) has lower fuel effi-ciency than combined heat and power generation.The consumption of sustainable biomass decreased by 11 %, primarily due to the switch from  sustainable biomass to coal-based generation at Studstrup Power Station following a fire in the wood pellet silo in the autumn of 2022. In Q2 2023, we switched back to  sustainable biomass at Studstrup Power Station. In addition, there has been lower biomass condensing in 2023 due to lower power prices.The consumption of coal decreased by 43 %, mainly due to lower coal-based condensing driven by signifi-cantly lower power spot prices in 2023, hence reduced spreads.Natural gas consumption increased by 158 % in 2023, mainly driven by lower gas prices and improved spreads compared to 2022.§  Accounting policiesDirect energy consumption (GHG, scope 1)Direct energy consumption includes all energy consumption, including energy consumption that leads to scope 1 GHG emissions. Energy consumption includes all fuels used at combined heat and power (CHP) plants (lower caloric  values) and other energy usage (oil, natural gas, and diesel). Certified sustainable wooden biomass sourcedCertified sustainable wooden biomass sourced is calculated as the amount of certified sus-tainable wooden biomass sourced divided by the total amount of sourced wooden biomass, i.e. wood pellets and wood chips, delivered to  individual CHP plants within the reporting period. Certified sustainable wooden biomass must be certified within at least one of the claim categories accepted by the Danish indus-try agreement on certified biomass. Accepted claim categories are: FSC100 %, FSC Mix, PEFC 100 %, and SBP-compliant.Indirect energy consumption (GHG, scope 2)Heat and power purchased and consumed by Ørsted are reported for CHP plants, other facilities, and administrative buildings. Heat and power consumption excludes consumption of own generated heat and power at our CHP plants. For consumption related to administra-tion and other processes, we calculate direct consumption on the basis of invoices. Green share of total direct and indirect energy consumptionThe green share is calculated as renewable energy sourced (biomass and certified green power) for own consumption divided by total energy sourced for own consumption.Internal energy savingsThe scope of the energy savings covers both heat and power consumption and process opti-misation savings at our CHP plants (i.e. fuel sav-ings, GHG scope 1). Projects are included when they are fully implemented and operational. Electric vehicles in the company vehicle fleetØrsted is a member of the Climate Group's EV100 initiative. The statement is prepared on the basis of the EV100 guidelines.Greenhouse gas (GHG) emissions    Scope 1, 2, and 3Data point Unit Target 2023 2022 ΔDirect GHG emissions (scope 1) Total scope 1 GHG emissions Thousand tonnes CO2e 1,585 2,510 (37 %)Covered by the EU Emissions Trading System % 96 97 (1 %p)Indirect GHG emissions (scope 2) Location-based  Thousand tonnes CO2e 93 45 107 %Market-based  Thousand tonnes CO2e 1 1 0 %Indirect GHG emissions (scope 3) Thousand tonnes CO2e 5,631 10,983 (49 %)C1: purchased goods and services Thousand tonnes CO2e 328 350 (6 %)C2: capital goods Thousand tonnes CO2e 91 1,456 (94 %)C3: fuel- and energy-related activities Thousand tonnes CO2e 1,314 1,836 (28 %)C4: upstream transportation and distribution Thousand tonnes CO2e 0 1 (100 %)C5: waste generated in operations Thousand tonnes CO2e 3 2 50 %C6: business travel Thousand tonnes CO2e 18 15 20 %C7: employee commuting Thousand tonnes CO2e 13 11 18 %C9: downstream transport and distribution Thousand tonnes CO2e 2 3 (33 %)C11: use of sold products Thousand tonnes CO2e 67 %  (2030), 3,862 7,309 (47 %)90 %  (2040) 1Total GHG emissions (location-based) 2Thousand tonnes CO2e 7,309 13,538 (46 %)Total GHG emissions (market-based) 3Thousand tonnes CO2e 7,217 13,494 (47 %)Scope 1, 2, and 3 (excl. natural gas sales) Thousand tonnes CO2e 3,355 6,185 (46 %)Scope 3 (excl. natural gas sales) Thousand tonnes CO2e 1,769 3,674 (52 %)GHG emissions outside of scope 1-3Direct biogenic carbon emissions 4Thousand tonnes CO2e 3,544 3,961 (11 %)1   Our targets to reduce scope 3 emissions from sold products by  67 % in 2030 and 90 % in 2040 relate to wholesale buying and  selling of natural gas from the base year 2018.2   Total GHG emissions including scope 2 GHG emissions measured using the location-based method.3   Total GHG emissions including scope 2 GHG emissions measured using the market-based method.4   According to the GHG Protocol, the carbon emissions from burning biomass are net-zero for scope 1 direct emissions, since the amount of carbon absorbed by the biomass during the growth phase is equivalent to the amount of carbon released through combustion.Scope 1Scope 1 greenhouse gas (GHG) emissions decreased by 37 % from 2022 to 2023. The main driver was the 43 % decrease in the use of coal, partly offset by the 158 % increase in the use of natural gas.In 2023, fossil fuel-based heat and power generation was accountable for 97 % of the total scope 1 emis-sions. Fuel for vessels are the main contributor to the remaining  3 %.Scope 2Location-based scope 2 emissions increased by 107 % from 2022 to 2023. The main source of location-based scope 2 emissions was power purchased for the gener-ation of heat in electric boilers at our CHP plants.All power purchased and consumed by Ørsted is  certified green power. Therefore, our market-based scope 2 GHG emissions from power consumption amounted to zero tonnes carbon dioxide equivalents, and the remaining one thousand tonnes carbon dioxide equivalents came from our heat consumption.Scope 3Scope 3 greenhouse gas emissions decreased by 49 % from 2022 to 2023, primarily driven by the 47 % reduction in scope 3 emissions from natural gas sales ( category  11). Scope 3 emissions from capital goods (category 2) decreased by 94 % as we only commissioned four onshore wind farms (totalling 253 MW) in 2023, whereas we commissioned more wind farms in 2022, including the offshore wind farm Hornsea 2 (1,320 MW). The scope 3 impact from the partly-commissioned solar farm Old 300 will be reported when the solar farm is fully commissioned, expectedly in 2024. Scope 3 emissions from fuel- and energy-related activ-ities (category 3) decreased by 28 % due to the 37 % reduction in regular power sales to end customers and the 21 % reduction in fuel consumption at the CHP plants in 2023.GHG emissions outside of scope 1-3Direct biogenic carbon emissions were 11 % lower in 2023 than in 2022 as a result of the 11 % reduction in the use of sustainable biomass as fuel. Greenhouse gas (GHG) emissions   GHG intensityData point Unit Target 2023 2022 ΔGHG intensity (scope 1 and 2) g CO2e/kWh10 (2025),  GHG intensity, energy generation g CO2e/kWh6 (2030), 1 (2040) 38 60 (37 %)Offshore g CO2e/kWh 2 2 0 %Onshore g CO2e/kWh 0 0 -Bioenergy &amp; Other g CO2e/kWh 141 200 (30 %)GHG intensity, revenue g CO2e/DKK 20 22 (9 %)GHG intensity, EBITDA g CO2e/DKK 85 78 9 %75 (2030),  GHG intensity (scope 1, 2, and 3) g CO2 180 147 (46 %)e/kWh2.9 (2040)1   Our GHG intensity (scope 1, 2, and 3) targets exclude scope 3 emissions from use of sold products (natural gas sales). GHG intensity (scope 1 and 2)Our GHG intensity (scope 1 and 2) of energy genera-tion decreased by 37 % in 2023 compared to 2022. The decrease was the result of a 37 % decrease in scope 1 emissions due to lower coal consumption (numerator) and unchanged total heat and power generation (denominator).The GHG emissions intensity of revenue was reduced by 9 %, and the GHG emissions intensity of EBITDA increased by 9 % following the 37 % reduction in GHG emissions (denominator), the 31 % reduction in reve-nue, and the 42 % reduction in EBITDA (denominators).GHG intensity (scope 1, 2, and 3)Scope 1, 2, and 3 GHG intensity (excluding emissions from natural gas sales) decreased by 46 % from 2022 to 2023. The decrease was mainly driven by the 37 % reduction in scope 1 and the 52 % reduction in scope 3 emissions, excluding natural gas sales (numerator), in addition to an unchanged total heat and power gener-ation (denominator).§  Accounting policiesDirect GHG emissions (scope 1)Scope 1 emissions are reported based on the Greenhouse Gas (GHG) Protocol and cover  all direct emissions of greenhouse gases from Ørsted: carbon dioxide, methane, nitrous oxide, and sulphur hexafluoride. The direct carbon emissions from the combined heat and power plants are determined based on the fuel quan-tities used in accordance with the EU Emissions Trading System (ETS). Carbon dioxide and other greenhouse gas emissions outside the EU ETS scheme are primarily calculated as energy  consumption multiplied by emission factors.Indirect GHG emissions (scope 2)Scope 2 emissions are reported based on the GHG Protocol and include indirect GHG emis-sions from the generation of power, heat, and steam purchased and consumed by Ørsted. Scope 2 emissions are primarily calculated as the power volumes purchased multiplied by country-specific emission factors. Loca-tion-based emissions are calculated based on average country-specific emission factors.  Market-based emissions take into account renewable power purchased and assume that regular power is delivered as residual power. Indirect GHG emissions (scope 3)Scope 3 emissions are reported based on the GHG Protocol, where the scope 3 inventory is split into 15 subcategories (C1-C15): C1 is categorised spend data multiplied by rele-vant spend-category-specific emission factors.C2 includes upstream GHG emissions (cradle to operations) from acquired and installed wind and solar farms in the month when the wind or solar farm has reached commercial operation date (COD).C3 is calculated based on actual fuel con-sumption and power sales to end customers multiplied by relevant emission factors. We use separate emission factors for green and regular power sales.C4 only includes fuel for helicopter trans-port. Emissions from other transport types are included in the emission factors we use for  purchased goods and services.C5 is calculated based on actual waste data multiplied by relevant emission factors.C6 is calculated based on mileage allowances for employee travel in own cars and GHG  emissions from plane travel provided by our travel agent.C7 is calculated based on estimates of the dis-tance travelled and travel type (e.g. car or train).C9 is calculated based on volumes of residual products, estimated distances transported, and relevant emission factors for transport.C11 is calculated based on actual sales of gas to both end customers and wholesalers as reported in our ESG consolidation system. The different types of gas sold have specific upstream and downstream emission factors. The subcategories C8, C10, and C12-C15 are not relevant for Ørsted.GHG emissions outside of scope 1-3Carbon emissions from burning biomass are net-zero for scope 1 emissions, according to the GHG Protocol, as the amount of carbon absorbed by the biomass during the growth phase is equivalent to the amount of carbon released through combustion. To ensure full transparency of all our activities, we document these emissions separately from the scopes, as recommended by the GHG Protocol. The direct biogenic carbon emissions are calculated by multiplying the volume of used biomass with the corresponding carbon emission factors.GHG intensity (scope 1 and 2)This is calculated as total scope 1 and scope 2 (market-based) emissions divided by total heat and power generation, revenue, and EBITDA, respectively.GHG intensity (scope 1, 2, and 3)This is calculated as total scope 1, scope 2 (market-based), and scope 3 (excluding natural gas sales) emissions divided by total heat and power generation.ESRS E4 Biodiversity and ecosystemsEnergy projects with net-positive  biodiversity impactOur approach and policiesOur nature is under increasing pressure, and biodiver-sity loss presents a potentially devastating threat to society. We depend on diverse, healthy ecosystems for the air we breathe, the food we eat, our economic prosperity, limiting climate change, and protecting those communities most at risk. At Ørsted, we believe that the renewable energy transition can be part of a solution to the biodiversity  crisis, provided we do it right. Achieving this requires that we first and foremost identify and proactively address the potential adverse effects that the build-out itself has on wildlife, habitats, and ecosystems. As we continue our renewable energy build-out, we are determined to leave nature as a whole in a better state than we found it. Therefore, our ambition is to take direct action to be able to achieve a net-positive biodiversity impact in projects commissioned from 2030 onwards. We strive to optimise how we work with and integrate biodiversity protection and restora-tion into the way we develop, construct, and operate renewable energy projects. We have established an offshore wind biodiversity policy addressing direct impacts from our operations on biodiversity, ecosystem protection, and sustainable  ocean practices. With accountability lying with the Head of Global Stakeholder Relations, the policy sets out the principles that underpin our efforts to  protect the natural environment in the areas where we con-struct and operate offshore wind farms. We will develop our biodiversity policy further to encompass all renewable energy technologies, both onshore and offshore. The revised policy is expected to be finalised in 2024.As we develop, construct, and operate more renew-able energy assets, we follow four core principles to effectively manage our impacts on biodiversity and work towards achieving a net-positive biodiversity impact for future projects:1   Science-based  decarbonisation   Our biodiversity policy recognises the significant threat that climate change poses to biodiversity.  To address the interconnected challenges of bio- diversity loss and climate change, we must shift  away from fossil fuels and set science-based  decarbonisation targets across the value chain  (see section E1 on climate change). 2  Avoid and mitigate negative impacts based  on the best available science   We follow the mitigation hierarchy, emphasising avoidance, minimisation, and mitigation of impacts on biodiversity. Additionally, we prioritise reduction of any residual negative impacts. We ensure this through environmental and social impact assess-ments and studies, and through implementation of technologies for impact management, mitigation, and reduction. We actively expand our knowledge in these areas by addressing knowledge gaps and uncertainties to ensure we can deploy solutions that are based on the best available science, local expert knowledge, and the latest effective techno-logical advancements.3  Set targets and deliver positive impacts   To deliver on our 2030 ambition of achieving net- positive biodiversity impact, we depend on appro-priate measurement and reporting frameworks. Our goal is to establish clear targets with specific, transparent, and recognised metrics. We are involved in the Science Based Targets Network's (SBTN)  Corporate Engagement Program and have become Early Adopters of the Taskforce on Nature-related Financial Disclosures (TNFD), contributing to the development of a standardised methodology for assessing corporate-level impacts on nature.4  Holistic sustainability action   We adopt a holistic approach, addressing ecologi-cal, climate, and social sustainability. This includes implementing the mitigation hierarchy, including delivering ecosystem-wide restoration projects where feasible, resource circularity (see section E5 on resource use and circular economy), and support-ing local communities (see section S3 on affected communities).2023 actionsDuring the year, we have taken significant steps towards our 2030 ambition by following our four prin-ciples for a biodiversity-positive energy transition:1  Science-based decarbonisation·   See section E1 on climate change.2  Avoid and mitigate negative impacts based  on the best available science·   As part of the ecological compensation meas-ures for our offshore wind farm Hornsea 3, we have started the work of providing artificial nesting structures for the kittiwake bird species along the east coast of England. The offshore artificial nest-ing structures are the first of their kind, and we are working on new and innovative designs for future structures. These nesting structures are needed to support this important and vulnerable species and will enable Hornsea 3 to be built and generate renewable electricity.·   We have progressed research studies on critical environmental topics. For instance, we have devel-oped a bat and bird monitoring guidance docu-ment to support protection of vulnerable bat and bird species in the acceleration of the offshore wind industry.3  Set targets and deliver positive impacts·   We have continued the development of a measure-ment framework to assess biodiversity net gains and losses at our assets, utilising data from five operational assets for practical testing. In 2023, we successfully piloted this framework across renewable projects to evaluate its effectiveness in being able to report overall biodiversity impacts for future projects. The aim of the framework is to ensure consistency, transparency, and informed decision-making by having a standardised method-ology with reliable data. ·   We have become Early Adopters of the TNFD  Recommendations, and in 2023, we made our first TNFD-aligned disclosures. For more information, see our TNFD reference table in the appendix. In addition, we have continued a strong collaboration with TNFD, SBTN, and other key stakeholders, aimed at facilitating the development of an industry stand-ard. As part of these efforts, we have aligned our data collection approach to ensure our readiness for active participation once global frameworks are established. This will hopefully contribute to a higher level of comparability and credibility of biodiversity measure-ments in the renewable energy sector.4  Holistic sustainability action ·   On World Ocean Day, we became the first energy company in the world to issue blue bonds, with the aim of raising blue financing to increase investments that specifically target offshore biodiversity and sustainable shipping. This allows us to further incen-tivise biodiversity action as part of offshore wind development.·   We have released a white paper titled ‘Uniting action on climate and biodiversity.’ This paper high-lights the crucial role renewable energy plays in addressing both the climate and biodiversity crises. It emphasises the necessity of incorporating biodi-versity considerations into renewable energy expan-sion and outlines the essential steps for achieving this goal. The paper is a call to action to policy-makers and civil society to drive further progress in this field and build this into the development of future renewable targets.·   We have taken steps to contribute to saving the cod stock in the Baltic Sea through a collaboration with BalticWaters and the ReCod project. The pro-ject involves releasing cod larvae in places where the cod previously spawned. The aim is to improve the survival rate of cod and at the same time  collect valuable data on how the cod stock can be strengthened in the Baltic Sea.·   In collaboration with The Nature Conservancy, we have set out to protect almost 1,000 acres of threatened native prairie at our Mockingbird Solar Center in northeast Texas, US. Prairies are  valuable, productive ecosystems that provide numerous  benefits, from flood prevention and water filtration to carbon storage. Native prairies provide habitat for populations of birds, monarch butterflies, bees, and other pollinators.·   We have launched the BioReef marine restoration project in collaboration with WWF and DTU Aqua to contribute to ocean biodiversity in the Danish North Sea. The project aims to develop methods to establish biogenic reefs of European flat oysters and horse mussels. We hope that learnings from BioReef will inform best practices for global bivalve reef restoration.·   We have initiated a biodiversity initiative near our onshore wind farm Sunflower Wind in Kansas, US, together with The Conservation Fund and The Nature Conservancy. This initiative will support habitat protection and restoration of up to 3,000 acres of tallgrass prairie near the wind farm. ·   We have launched a new research project at Anholt Offshore Wind Farm in Denmark together with the Technical University of Denmark (DTU), with the pur-pose of growing less carbon-intensive foods while contributing to a healthier marine environment.·   We continued our previously launched biodiversity pilot projects, including our large-scale restoration project in the Humber Estuary in the UK, our  ReCoral project in Taiwan, our 3D-printed reef pro-ject in Denmark, and rewilding of ocean biodiversity through our partnership with ARK Nature.Future actionsIn the short term, we aim to integrate our biodiver-sity ambition and measurement framework into all upcoming renewable energy projects that will be commissioned from 2030 onwards, covering offshore wind, onshore wind, solar power, and P2X, alongside ongoing monitoring of our current and upcoming bio-diversity initiatives. In the future, we intend to ensure that every renew-able energy project we commission delivers a net- positive impact through effective avoidance, minimi-sation, mitigation, and where required, offsetting of biodiversity impacts. We also aim to establish precise science-based and measurable biodiversity targets for our direct impacts. We will strive to fully integrate our biodiversity ambition into all facets of our business.We have also begun the work of identifying our key impacts on biodiversity in our upstream value chain, e.g. by identifying which materials have the greatest impact on biodiversity. Going forward, we will work towards mapping out these impacts to a country level and cooperating with our suppliers on mitigating impacts on biodiversity.TargetsThrough our 2030 ambition, we work  on being able to establish specific bio- diversity targets. Substantial progress has been achieved through our bio- diversity pilot projects and our develop- ment of a measurement framework, which has enhanced our understanding of how to improve biodiversity at the asset level. Our biodiversity efforts, ambition,  and approach are influenced by various factors, including the EU's biodiversity strategy for 2030, the Global Bio- diversity Framework, SBTN, TNFD,  the EU Align project, and national  legislation in the countries where we operate. We ensure alignment with  these frameworks, and new regulations guide our continued development and engagement with biodiversity.Biodiversity    Protected areasData point Type of protection Unit 2023OffshoreThe UKOverlaps with protected areasArea of Outstanding Natural Beauty, Heritage Coast, Marine Con-Number 44servation Zone, Marine Protected Area (OSPAR), National Nature Overlaps with key biodiversity areasReserve, Ramsar Site, Site of Special Scientific InterestNumber28DenmarkOverlaps with protected areasBaltic Sea Protected Area (HELCOM), Marine Protected Area (OSPAR), Number 7Ramsar Site, Special Areas of Conservation (Habitats Directive), Spe-Overlaps with key biodiversity areascial Protection Area (Birds Directive)Number8GermanyOverlaps with protected areasLandscape Protection Area, Marine Protected Area (OSPAR), National Number 6Park, Nature Reserve, Sites of Community Importance, Special Areas of Conservation (Habitats Directive), Special Protection Area (Birds Overlaps with key biodiversity areasDirective), Special Protection Area (OSPAR)Number 2The NetherlandsOverlaps with protected areasAreas of Conservation, Marine Protected Area (OSPAR), Nature Con-Number 2servation Act, Ramsar Site, Special Areas of Conservation (Habitats Overlaps with key biodiversity areasDirective), Special Protection Area (Birds Directive)Number 3The USOverlaps with protected areasEasement, Private Conservation Number3Overlaps with key biodiversity areasNumber3OnshoreIrelandOverlaps with protected areasArea of Outstanding Natural Beauty, Area of Special Scientific Inter-Number54Overlaps with key biodiversity areasest, Ramsar SiteNumber9The USOverlaps with protected areasHabitat Area, National Wildlife Refuge, Private Conservation, Number11Overlaps with key biodiversity areasReserve Program, Wildlife Management AreaNumber1In 2022, we changed our data source for our report-ing on biodiversity-protected areas to the Integrated Biodiversity Assessment Tool (IBAT). In 2023, we have combined the information from IBAT with additional biodiversity data collected during a biodiversity risk assessment. The change in the buffer zones applied in 2023 signif-icantly increased the figures reported compared to previous years' reporting.In 2023, we have included our onshore assets in our reporting as well, meaning that we have now added onshore assets in Ireland and the US.Our wind farms in the APAC region do not currently overlap with any protected areas for nature conserva-tion or key biodiversity areas.§  Accounting policiesThe biodiversity data covers offshore and onshore wind farms and solar farms. For offshore wind farms, a buffer zone of 25 km is applied, whereas for onshore wind and solar farms, the buffer zone is 10 km. These buffers have been determined based on best practice rooted in science, and to recognise relevant interactions with protected areas for nature conservation or key biodiversity areas. The figures are reported gross, i.e. we include 100 % of the number of areas irrespective of our ownership share. Data is initially recognised from commercial operation date (COD).In some markets, we install transmission assets for offshore wind farms, which include onshore and offshore export cables and substations. However, these usually have to be divested near to or at commissioning of the wind farm, as required by national legislation. Therefore, the data for export cables represents trans-mission assets not yet divested on some wind farms and does not include onshore parts of offshore wind farms. Protected areasProtected areas and areas of high biodiversity value (key biodiversity areas) follow the Global Reporting Initiative (GRI) Standards, disclosure 304-1. This includes the list of protected areas described, such as IUCN protected area man-agement categories, the Ramsar Convention, and national legislation. The data points are the cumulative number of protected areas for nature conservation or key biodiversity areas, respectively, with which our operational sites interact.Biodiversity    Endangered speciesCritically Near-  Data point UnitendangeredEndangered VulnerablethreatenedOffshore, 2023The UK Number 11 12 61 50DenmarkNumber 7 9 53 41GermanyNumber 6 5 18 10The NetherlandsNumber 7 8 38 21The USNumber 8 28 56 32Onshore, 2023IrelandNumber 10 17 44 36The USNumber 18 28 45 46As outlined in our offshore wind biodiversity policy, we carry out detailed environmental consenting pro-cesses and ongoing environmental monitoring in com-pliance with local regulations on protection of nature conservation to ensure species are considered care-fully. We have similar processes for all our onshore operations as well, which will be defined more clearly in our updated biodiversity policy in 2024. Our assets in the APAC region do not currently overlap with any protected or known areas of critical impor-tance for vulnerable species. In 2023, we have included our onshore assets and have split our reporting into country levels to gain a clearer picture of specific overlaps. We have moved away from reporting across groups of vertebrates and instead report the collective number of IUCN Red List species at a country level. The change in the buffer zones applied in 2023 signif-icantly increased the figures reported compared to previous years' reporting.In 2023, our onshore wind farm Sunflower Wind (201 MW) went into operation, as well as the three smaller onshore wind farms Lisheen 3, Les Dix Huit, and Ballykeel.Sunflower Wind is in proximity to the Flint Hills in central Kansas, a native tallgrass prairie, which is an important habitat to many key species, including the greater prairie chicken, upland sandpiper, Henlow's sparrow, and many other species of grassland birds. To mitigate any possible impacts that Sunflower Wind may have on these species, we have launched a partner ship with The Nature Conservancy and The Conservation Fund to protect and restore native tall-grass prairie within the Flint Hills, protecting a key habitat for many species found here.§  Accounting policiesBiodiversity data covers all of our operational assets, both offshore and onshore, and includes the protected areas described in the table about protected areas.The overlap with species ranges has been assessed using a buffer of 25 km for offshore assets and 10 km for onshore assets. These buffers have been determined based on best practice rooted in science, and to recognise  relevant interactions with any species in prox-imity to our operations. The reporting considers these total asset footprints for completeness. The figures are reported gross, i.e. we include 100 % of the number of areas irrespective of our ownership share. Data is initially recognised from commercial operation date (COD). Endangered Red List speciesThis data point follows the Global Reporting Initiative (GRI) Standards, disclosure 304-4, and lists the number of threatened species. We report by level of extinction risk according to the International Union for Conservation of Nature's (IUCN) ‘Red List of Threatened Species’ – an inventory of the global conservation status of plant and animal species. ESRS E5 Resource use and  circular economyCircular resource useOur approach and policiesWe are reliant on significant amounts of critical raw materials to meet the scale and pace needed for the renewable energy build-out. However, renewable energy supply chains are under pressure, and bottle-necks and material scarcities are already defining the pace of the energy transition in many markets. We can reduce some of these pressures through circu-larity efforts. By considering the provenance and mix of materials and increasing recycling and reusing, we can reduce the demand for virgin materials and reduce volatilities in our supply chain while minimising neg-ative impacts throughout the value chain, including carbon emissions. The dominant share of our upstream carbon emissions comes from the extraction and processing of  materials for our assets (approximately 75 %) – steel alone accounts for approximately 50 %. By incorporating circular principles across our business we can reduce carbon emissions to help reach our science-based net-zero target while ensuring responsible waste manage-ment. We mainly work across three circularity levers: 1  Circular design and materials   We take measures to reduce and optimise resource usage by rethinking the design of our new renew-able energy assets. We want to engage with key suppliers to promote the use of recycled and  recyclable materials, particularly in high-impact categories like steel. 2  Operations and late-life strategies   We strive to maximise the value of our compo-nents and assets. We investigate opportunities for  repairing, refurbishing, and reusing key components to prolong their lifetime, and we aim to extend the operational lifetime of our wind farms by up to 10 years, beyond the expected lifetime.3  Resource recovery and recycling   Our ambition is to ensure that all materials, when they reach their end-of-life stage, can be effectively recovered and recycled into new supply chains. To support the promotion of circularity and waste management in our business, we have a resource management policy covering all Ørsted activities and locations. The objective of the policy is to address our aim of minimising the use of virgin resources and to provide the direction for sustainable sourcing of resources. Accountability for our circularity efforts lies with our Chief Operating Officer. 2023 actionsDuring the year, we have taken significant steps by launching partnerships and initiatives for circularity and sustainable resource management, of which the most prominent are:1  Design and supply chain·   We have partnered with Vestas and pledged to procure a minimum of 25 % wind turbine towers produced using scrap steel for all joint future off-shore projects. These new towers will reduce the carbon footprint from offshore turbine towers with approximately 25 %. We have also pledged to pro-cure blades made from recycled materials at all future joint offshore wind farms, when commercially available. This new blade technology addresses the industry's biggest circularity challenge, namely the many blades in operation today that need to be recycled at their end of life. With this pledge, we help scale the technology further.·   Our co-founded industry-wide recycling project DecomBlades has achieved a significant develop-ment by extracting and processing glass fibres from old wind turbine blades. The extracted fibres maintain a quality that enables their reuse in the manufacturing of new blades. This breakthrough represents a crucial step in mitigating our industry's largest waste problem and advancing towards a more sustainable and resource-efficient future.2   Operations and late-life strategies·   We have joined the Coalition for Wind Industry Cir-cularity (CWIC) to contribute to the establishment of a circular supply chain focused on reusing and refurbishing old wind turbine components. The ini-tiative aims to collaborate with industry peers and supply chain partners to develop capabilities for refurbishing and reusing wind turbine parts in the UK. Emphasising reuse and refurbishment can allevi-ate pressure on supply chains, decrease the carbon footprint of wind farms, and offer socio-economic benefits through the generation of new jobs.·   We have formed a partnership with Renewable Parts, a specialist in supply chains and refurbishment within the wind energy industry. Through the optimi-sation of maintenance and parts supply, specifically by refurbishing our offshore wind turbines, our goal is to decrease costs, enhance availability levels of materials, and reduce the overall carbon footprint of wind farms. 3  Resource recovery and recycling·   We have entered a partnership with SOLARCYCLE, a technology-based solar recycling company, to  handle the processing and recycling of end-of-life solar modules sourced from our projects throughout the US. This collaboration not only helps us divert materials from landfills but also ensures the recov-ery of high-value materials crucial to the green energy transition. By reintroducing these materials into our supply chain, we are actively contributing to a more sustainable and circular approach to managing solar technology waste. ·   Our commitment to achieving 100 % reuse and recycling of solar panels within our US portfolio has now been expanded to encompass our entire global portfolio. By proactively making this commitment, we are laying the groundwork for the early develop-ment of capabilities and the maturation of recycling markets. ·   We have entered into a partnership with Plaswire in Northern Ireland with the aim of maturing recyling solutions for onshore wind farms. In a pilot project initiated at our onshore wind farms Owenreagh 1 and 2, three blades were recycled by shredding and remoulding their materials for the produc-tion of construction materials. Beyond material reutilisation, this partnership is supposed to gen-erate employment opportunities within the local communities. ·   In 2023, we were part of DNV's pilot programme ReWind, a digital tool designed to evaluate mate-rial breakdown and circularity rates in decom-missioned wind farms. We are confident that this industry-leading platform will assist us in accurately calculating the residual value of our assets and optimising the circularity of our projects. Future actions·   Moving forward, we will start engaging our key suppliers on circularity as part of our procurement processes with the goal of incentivising more circu-lar methods in our supply chain.  Acknowledging the complexity of circularity in the renewable energy industry, we will continue to seek out industry- wide and cross-sector collaborations to achieve increased circularity. ·   As described in the ‘Strategy and business’  section, we have ceased development of our offshore wind projects Ocean Wind 1 and 2 in the US. We are closely assessing whether and how components that have been fabricated for those projects can be reused or repurposed to preserve their material and financial value. This includes evaluating opportu-nities such as reusing components in other Ørsted  projects, or selling them for reuse or refurbishment to our suppliers or other developers in the industry.Sustainable use of biomassOur approach and policiesWe are committed to sourcing sustainable wooden  biomass verified by independent third-party bodies. Biomass plays an important role in the Danish energy system, delivering efficient energy with a remarkable yield of up to 90 % when integrated into district heat-ing. Furthermore, it serves as an alternative energy source during periods of suboptimal solar and wind conditions. While biomass is a renewable source, we recognise the need for responsible utilisation of bio-mass to ensure the preservation of its climate benefits. Our wooden biomass only originates from well- managed production forests with an ongoing refor-estation effort. We only procure wood pellets and chips from residues and low-grade wood, typically sourced from sawdust, regular forest thinning, har-vesting  residues, or diseased trees. With our biomass efforts, we adhere to the UNEP  Convention on Biological Diversity, FOREST EUROPE, and relevant certification schemes (FSC®, PEFC,  and SBP). We also intend to capture the biogenic carbon  emissions from biomass incineration. Read more in the ‘Strategy and business’ section.2023 actions·   We operate five combined heat and power (CHP) plants fuelled by biomass, providing dis-trict  heating and electricity to approximately 400,000 households. ·   In 2023, 94 % of our total biomass  consumption came from wooden biomass, of which 100 % was certified sustainable wooden biomass, inde-pendently verified by FSC®, PEFC, or SBP, ensuring the origin of the biomass on an annual basis. In addi-tion to the certification requirements, we maintain ongoing engagement with our biomass suppliers to ensure they align with our sustainability standards. ·   The remaining 6 % of our biomass came from  residual straw sourced from Danish agriculture. While straw biomass lacks a specific certification scheme, our supplied straw is sourced as a waste product from local farms, preventing the disposal  of the resource.Future actionsIn the future, we anticipate a reduction in our bio-mass usage as other renewable energy sources are expected to increase. Nevertheless, biomass will most likely continue to play a role in the Danish energy sys-tem, serving as a storable energy solution to comple-ment solar and wind, as well as being employed in P2X to produce renewable hydrogen. Responsible sourcing of  minerals and metalsOur renewable energy assets rely on various metals, including rare earth elements for wind turbine mag-nets, copper for transmission cables, and lithium for batteries. We have implemented activities to promote responsible supply chains for the key metals that fuel the renewable energy transition. For more information about our sourcing of minerals and metals, see section S2 on workers in the value chain.TargetsWe have a commitment to continue to use 100 % certified sustainable wooden biomass.We commit to either reuse, recycle, or recover all of the wind turbine blades in our global portfolio of onshore and offshore wind farms. Similarly, we commit to reuse or recycle all solar panels from our global portfolio of solar farms.Ban on landfilling→  Zero wind turbine blades to landfill→  Zero solar panels to landfill Waste Data point Unit Target 2023 2022 ΔHazardous waste Thousand tonnes 3 2 50 %Diverted from disposal 1Thousand tonnes 1 1 0 %Directed to disposal 2Thousand tonnes 2 1 100 %Non-hazardous waste Thousand tonnes 118 87 36 %Diverted from disposal 1Thousand tonnes 101 64 58 %Directed to disposal 2Thousand tonnes 17 23 (26 %)Total waste Thousand tonnes 121 89 36 %Diverted from disposal 1% 84 72 12 %pDirected to disposal 2% 16 28 (12 %p)Wind turbine blades taken down Number 2 12 (83 %)Of which, put in temporary storage Number 2 11 (82 %)Of which, directed to landfill Number 0 (ongoing) 30 1 (100 %)1   Reuse, recycling, composting, and recovery.2   Energy recovery, incineration, and landfill.3   Effective from 2021, our target is to not landfill any wind  turbine blades from our wind farms in operation and upon decommissioning.The increase in hazardous waste from 2022 to 2023 was mainly due to increased amounts of sludge from the treatment of wastewater at the oil terminal in Fredericia in Denmark and oil waste from a change of oil products used during start-up at one of our CHP plants. The 36 % increase in non-hazardous waste was primar-ily due to increased ashes from the CHP plants.In 2023, two wind turbine blades were taken down and put in temporary storage for future recovery. We started to send some of the wind turbine blades from the temporary storage to recovery.§  Accounting policiesWaste by type and disposal methodThe Global Reporting Initiative (GRI) Standards, disclosures 306-3, 306-4, and 306-5, have been used as guidance in developing the reported data points.Waste is generally reported on the basis of invoices received from waste recipients, sup-plemented with plant-specific measurement methods for commercial facilities, including construction activities.Part of the oil-contaminated wastewater from the North Sea oil pipeline has been treated as waste and therefore reported as waste and not wastewater.Waste treated at the Renescience plant,  which converts household waste into biogas, recyclables, and waste fuel, is included as well as ashes from the combined heat and power (CHP) plants.Residual products, e.g. gypsum from the CHPs, which are not handled as waste but sold as products, are not included. Soil from excavation projects is not included.Wind turbine blades taken down include all blades taken down due to decommisioning, repowering, or malfunctioning during their operational lifetime.ESRS S1Own workforceHuman and labour rightsOur approach and policiesWe see human rights as fundamental principles for protecting people's dignity and ensuring freedom and respect both in our own operations, in the companies we work with, and in the communities we are part of. Our commitment to upholding human rights, including labour rights and local communities' rights, is outlined in our sustainability commitment, global human rights policy, stakeholder engagement policy, just transition policy, and code of conduct for business partners. All our policies have been approved by the Board  of Directors and are governed by our Sustainability Committee, chaired by the Chief Financial Officer.  All employees, contractors, suppliers, and business partners, as well as the communities affected by our operations, are covered by the policies. We respect key international human and labour rights standards included in the International Bill of Human Rights and the International Labour Organization's (ILO) Declaration on Fundamental Principles and Rights at Work. Our policy on human rights explicitly  highlights our dedication to ensuring freedom of asso-ciation, the right to collective bargaining, elimination of forced or compulsory labour, effective abolition of child labour, and elimination of discrimination in employment and occupation, among other critical issues. In our work with human rights, we are guided  by the authoritative global frameworks, UN Guiding  Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises.We firmly believe that these principles are integral to fostering a just transition to green energy. Therefore, it is our priority to ensure that adequate management systems are in place to identify, prevent, mitigate, and remedy any potential adverse human rights impacts, whether they are related to our own workforce, value chain workers, or affected communities. In cases where we identify potential adverse human rights impacts, we are committed to promptly and  effectively providing and enabling remedies. Our grievance and remediation approach includes addressing any adverse human rights impacts on individuals, workers, and communities that we have caused or contributed to.Furthermore, we are dedicated to safeguarding the labour conditions of our employees through social protection. This encompasses support for circum-stances such as sickness, unemployment, employment injury, parental leave, and retirement. We have established a global minimum standard  of benefits for caregivers, irrespective of gender or  marital status. In addition, we offer various other paid or unpaid family-related leaves, according to country provision and collective bargaining agreements, such as marriage leave, compassionate leave, childcare leave, and nursing care leave. We have a commitment to offer immediate assistance and financial security  to employees facing severe illness, with a focus on facilitating a timely return to work. Aligned with local practices, our basic insurance for unemployment and disability ensures equitable com-pensation. Retirement benefits are incorporated in our overall remuneration package, and, unless local laws dictate otherwise, all employees are enrolled in a  pension scheme through their employment at Ørsted. Actions·   We actively monitor compliance with internationally recognised human rights standards by continuously collecting information and engaging with our business  partners to ensure timely identification and remedy of potential violations. ·   We conduct regular human rights impact assess-ments of our own operations, supply chain, and projects. The assessments involve interviews with employees, document and policy reviews, and discussions with rightsholders, stakeholders, and experts. These assessments guide the development and implementation of mitigating action plans,  and we continually monitor their progress.·   To foster a sustainable, safe, and inclusive working environment where all employees can thrive,  we are in the final stages of developing a new global labour and employment rights policy. This policy aims to enhance transparency for our employees by articulating our commitment to actively safeguarding labour, employment, and human rights standards within our own workforce.·   We have launched a new internal global policy on parental leave with the purpose of supporting and including all types of family structures, irrespective of gender or marital status. Health and safetyOur approach and policiesAt Ørsted, we prioritise and protect the physical, social, and psychological safety of everyone in the workplace. We believe that personal health and well- being are fundamental drivers for living a balanced life where people can realise their potential. There-fore, it is fundamental to our operations that we have a robust health and safety management system in place and that we foster a culture that promotes our employees' health and safety. We have established a policy for quality, health, safety, and environment (QHSE), setting the standards for how we protect and ensure the well-being of our employees  and the sustainability of our operations. The policy covers all our employees and facilities, with account-ability lying with our Head of QHSE. We aim to incor-porate quality, health, safety, and environment in all our decisions and actions, and we have implemented workplace accident prevention procedures to ensure the safety and well-being of our employees. We comply with various ISO standards, including  ISO 9001 (quality management system), 14001  (environmental management system), and 45001 (occupational health and safety management  system), to maintain a robust management system that aligns with international best practices. Additionally, we have an internal policy on mental well-being for all employees, with a focus on en- hancing the mental well-being of our workforce,  mitigating mental strain, such as work-related stress and anxiety, and providing guidance to employees and leaders on addressing these concerns. We have  a range of support systems and offer our employees  a health insurance, including access to psychologists  and other mental health professionals and crisis counsellors as well as support on topics such as stress, relationships, family issues, and lifestyle  management. Accountability for our well-being  lies with the Chief Human Resources Officer.Actions·   We are continuously working to preserve our  robust health and safety record while expanding  our business activities. This entails continuing  preventive and mitigating efforts such as safety days, internal audits, inspections, personal risk  dialogues, emergency drills, and safety trainings. ·   To foster a workplace where everyone feels em- powered to voice their thoughts, share innovative  ideas, and express themselves freely, we have launched a series of dynamic psychological safety workshops. The objective of these workshops is  to cultivate a shared understanding and provide practical techniques for nurturing psychological safety, with the ultimate goal of fostering an open, creative, and inclusive culture.·   We continue to explore approaches to support our employees in leading fulfilling lives, both within and outside the workplace. This includes promoting greater flexibility in working conditions, employee benefits, revaluating expectations regarding the definition of a typical workweek, and upgrading office facilities.·   We have rolled out a Fitness &amp; Health for Frontliners project, which is an initiative designed to enhance the physical well-being of our workforce, boost their work ability, and proactively manage issues such as musculoskeletal concerns. The project includes a fitness testing protocol, upgrades to our on-site training facilities, the introduction of tailored  physical exercise programmes, and optimisation  of physical demands and ergonomics.Diversity and inclusionOur approach and policiesAt Ørsted, we recognise that diversity drives innovation  and is essential for a thriving workplace. To support this, we have established a global diversity and inclu-sion policy covering all Ørsted employees, including executive and managerial positions, and with account- ability lying with our Chief Human Resources Officer. The policy is centred on three key pillars: 1   Providing equal opportunities for all employees,  emphasising recognition and respect for all individuals.2   Acknowledging that diversity and inclusion are  essential for our success in the global market.3   Aspiring to make Ørsted a positive force for social  sustainability across all our locations.We aim to create an inclusive environment at all mana-gerial levels to attract and retain talented people from all backgrounds and cultures. We are dedicated to offer-ing equal opportunities regardless of ethnic background, race, religion, age, gender, disability, sexual orientation,  outlook, or social status. For all employees across Ørsted,  we have set an ambition of having an equal gender distribution by 2030, i.e. at least 40 % women and 60 % men. We are committed to diversity in top management, and we are working towards increasing the share of women in executive and managerial positions through talent programmes and leadership training.We have also established an internal policy on bullying, discrimination, and harassment outlining our commit-ment to providing an inclusive working environment with equal opportunities. Accountability for this policy lies with our Chief Human Resources Officer. Together, our policies describe commitments related to initiatives for people from vulnerable groups, such as inclusive recruitment and promotion, coaching, mentoring, and sponsorships. We adopted the UN's LGBTI Standards of Conduct for Business in 2018, and we aim to support equal rights for the LGBTQ+ community. Actions·   We have introduced an internal ‘global accessibility  toolkit’ to assist employees and people leaders in enhancing the accessibility of our workplace for everyone. This toolkit offers guidance on physical accessibility, technology accessibility, and everyday behaviours that foster an inclusive environment for employees with disabilities.·   We have continued working towards increasing the share of women in executive and managerial posi-tions through targeted development programmes for female talents and our ‘Female Spotlight Initi-ative’, which prepares talented women for senior leadership positions.·   We have implemented a new training programme that educates participants on creating an equitable and inclusive workplace. This programme includes quarterly trainings and a self-learning platform for continuous development.·   We have continued our work with Ørsted IN, a global hub for our inclusion networks with dedicated chan-nels for anyone identifying with a specific group or serving as an ally supporting equality and inclusion. These networks provide psychologically safe com-munities for members to share ideas, seek advice, and learn about inclusion of diversity. Current active networks include Race and Ethnicity IN, Gender IN, Disability IN, LGBTQ+ IN, and 50+ IN, each working towards fostering inclusivity within Ørsted.·   We are committed to equal pay and have a  constant focus on ensuring equal pay for equal positions and competences when hiring or promot-ing employees. To raise awareness, we conduct an annual gender pay gap report for all the countries where we operate with more than 250 employees. For more information, please see table ‘Gender pay gap‘ on page 118.Training and skillsOur approach and policiesAt Ørsted, we are committed to cultivating and ex- panding a skilled workforce that can drive the global green energy transition. We firmly believe that for employees to thrive, perform effectively, and experi-ence growth, it is essential for them to comprehend their role within the organisation and be aware of future opportunities that may arise.We believe that we learn most effectively from expe- rience and through interactions with other people.  In Ørsted, we have implemented the 70:20:10 learning model, meaning that approximately 70 % of our learning and development comes from experience, 20 % comes from working with others, and 10 % comes from training. Actions·   We are working on enhancing Ørsted's career  pathways to empower employees to take owner-ship of their career progression, supported by their leaders. Our goal is to facilitate competence growth and ensure fair access to career develop-ment opportunities. ·   We have implemented a global career map designed to assist employees in driving their own development by outlining pathways for career ful-filment. This map also serves as a shared framework for discussing aspirations with people leaders. ·   We have hosted career pathway webinars for employees and people leaders. These sessions aim to encourage better ownership of career develop-ment by utilising various tools, such as career cards. These cards contain descriptions of the generic key competences required in each job, aiding employees in comparing roles across Ørsted.·   To live out our 70:20:10 learning model, we offer and encourage our employees to use a variety of solu-tions, including catalogues and tools for on-the-job  learning, mentoring programmes, knowledge sharing, courses, workshops, e-learnings, and much more. Engaging with  our own workforceWe are committed to creating a culture where everyone feels psychologically safe to voice important matters. This includes encouragement to freely express views, also to colleagues in higher hierarchical positions. To support this, we conduct an annual People Matter (satisfaction and motivation) survey globally, providing  insights into employees' perceptions of Ørsted as a workplace, daily work experiences, relationships with people leaders and senior management, and other fac-tors impacting their working life. Survey results serve  as a valuable foundation for initiating dialogue and identifying actions to further improve our workplace.Additionally, we have established an easily accessible  site on our company intranet that outlines various options for employee representation on both global and local levels. These include alternative channels for employees to voice their opinions, such as HR  business partners, reporting systems, a whistleblower hotline, works councils, employment relations repre-sentatives, and personal development dialogues. Remediation and channels  to raise concernsAccess to remedy helps ensure fairness, justice, and protection for individuals and communities. It allows people to seek recourse and find a solution when they believe that their rights have been violated, pro-moting a more equitable and fairer workplace. If any employee feels they have experienced an instance of  bullying, discrimination, or harassment, they are  encouraged to seek support. Employees can also make an  official report to their HR contact or  utilise Ørsted´s global whistleblower hotline. For more infor-mation on our whistleblower hotline and how we pro-tect whistleblowers against retaliation, see section G1 on business conduct.We take proactive steps to ensure that our employees are aware of and reminded about the grievance mech-anisms available. This awareness is built into various aspects of our employee experience, including:·   Code of conduct training:  As part of our training programme, we include  specific modules on our grievance and complaints handling policy. ·   Internal information campaigns: We regularly communicate with our employees through various internal channels, including emails, newsletters, and our intranet, to remind them about the availability of grievance channels and encour-age their use.We are dedicated to ensuring that our employees  not only have access to these channels but also have the knowledge, confidence, and psychological safety to utilise them when necessary. Ørsted as an organi-sation has the responsibility to take all reported cases seriously and provide fair outcomes for investigated cases that take all parties' needs into consideration. We also maintain secure and confidential records of reports and outcomes.People Data point UnitTarget2023 2022 ΔNumber of employeesTotal number of employees (as of 31 December) FTEs 8,905 8,027 11 %DenmarkFTEs 4,3544,2203 %The UKFTEs 1,3111,2535 %The USFTEs 74664316 %MalaysiaFTEs 76957434 %PolandFTEs 77651950 %GermanyFTEs 38533116 %TaiwanFTEs 1931854 % 123 %OtherFTEs 371302Average number of employees during the year FTEs 8,666 7,428 17 %Sickness absence % 2.1 2.2 (0.1 %p)TurnoverTotal employee turnover rate % 9.6 11.7 (2.1 %p)Voluntary employee turnover rate % 7.2 8.8 (1.6 %p)Employee satisfaction survey resultsEmployee satisfaction Index 0-100Top  25 % 276 76 0Employee loyalty Index 0-100 84 85 (1)Employees experiencing stress % 13.7 13.5 0.2 %pEmployees experiencing bullying, harassment, threats, or violence % 2.7 2.5 0.2 %p§  Accounting policiesNumber of employeesEmployee data is recognised based on records from the Group's ordinary registration systems. The number of employees is determined as the number of employees at the end of each month converted to full-time equivalents (FTEs). Employees who have been made redundant are recognised until the expiry of their notice period, regardless of whether they have been released from all or some of their duties during their notice period.Sickness absenceSickness absence is calculated as the ratio between the number of sick days and the planned number of annual working days.TurnoverThe employee turnover rate is calculated as the number of permanent employees who have left the company relative to the average number of permanent employees in the financial year.Employee satisfaction survey resultsØrsted conducts a comprehensive employee satisfaction survey once a year. With a few exceptions, all Ørsted employees are invited to participate in the survey. The following  employees are omitted from the survey results: employees who joined the company shortly before the employee satisfaction  survey, employees who resigned shortly after the employee satisfaction survey, interns, consultants, advisors, and external temporary workers who do not have an employment  contract with Ørsted.1   FTE distribution in other countries in 2023: the Netherlands (114),  Ireland (105), France (70), Singapore (22), Korea (21), Japan (19),  Sweden (11), and Spain (9).2   Our target is to have an employee satisfaction survey result in the top 25 percentile compared to an external benchmark group.The number of employees was 11 % higher at the  end of 2023 compared to 2022. The main contributors  to the absolute increase in number of full-time  equivalents (FTEs) were Poland, Malaysia, Denmark,  and the US.Ørsted's total turnover rate decreased by 2.1 percent-age points to 9.6 % in 2023. The voluntary turnover rate decreased by 1.6 percentage points to 7.2 %  in 2023.The score for employee satisfaction in the yearly employee survey was 76, which is at the same level  as last year. The score is above the Ennova benchmark of 73, and in line with our Ennova benchmark top  25 %  target.Group Executive Team and Board of Directors Data point Unit 2023 2022 ΔGroup Executive TeamMembers Number 10 11 (1)Danish Number 6 7 (1)Non-Danish Number 4 4 0Average age Years 50 48 2Average seniority Years 1 1 0CEO pay ratio 1Ratio 21 27(22 %)Remuneration of the Group Executive Team 2DKK million 134 103 30 %Incentivised pay directly ascribed to ESG targets 3% 30 30 0 %pBoard of DirectorsMembers Number 8 8 0Danish Number 3 4 (1)Non-Danish Number 5 4 1Average age Years 61 63 (2)Average seniority Years 4 5 (1)Independent board members % 88 88 0 %pBoard meetings Number 16 13 3Attendance % 94 96 (2 %p) 2DKK thousand 6,907 6,807 1 %Remuneration of the Board of DirectorsNomination &amp; Remuneration  CommitteeMembers Number 3 3 0Meetings Number 3 6 (3)Attendance % 100 89 11 %pAudit &amp; Risk  CommitteeMembers Number 3 3 0Meetings Number 10 8 2Attendance % 100 96 4 %p1   CEO pay ratio based on awarded remuneration. More details on  CEO pay ratio based on awarded (and expensed) remuneration can  be found in the remuneration report 2023.2   For more information on the remuneration of the Group Executive Team and Board of Directors, see note 2.7 ‘Employee costs‘ in the financial statements. 3   Our Executive Board has ESG targets related to our CDP climate  score, GHG emissions intensity (scope 1 and 2), employee satisfaction, gender diversity targets, and safety (TRIR). You can find more details in our remuneration report 2023 and in the ‘Corporate Governance’ section. Overview regarding gender diversity pursuant to  Section 99b of the Danish Financial Statements Act 2023The Board of DirectorsTotal number of members elected by  the general meeting 8Underrepresented gender (percentage) 37.5 %Target (percentage) and year to meet target — no target as Ørsted A/S has equal representation  on the Board of Directors -Other managerial levels — the Executive Board and people managers employed by Ørsted A/S reporting to the Executive BoardTotal number of members 3Underrepresented gender 33.3 %Target (percentage) and year to meet target  — no target. In the recent financial year, Ørsted A/S had an average number of full-time employees below 50. Furthermore, Ørsted A/S has equal representation on “other managerial levels”. -Pursuant to Section 99b of the Danish Financial Statements Act, the table above reports the number of individuals and gender composition in the three highest management levels. The parent company Ørsted A/S falls below the employee threshold of  50 employees. For information on policies and actions taken on diversity in the Ørsted Group please see  page 113.§  Accounting policiesAverage seniorityAverage seniority is calculated as the average number of years the Group Executive Team (GET) members have been part of the GET.RemunerationThe CEO pay ratio is calculated as the ratio between the CEO's total awarded remunera-tion (fixed salary, including personal benefits, such as a company car, free telephone, etc.,  a variable salary, and share-based payment  at grant value) and the average FTE salary.  The remuneration of the GET is the total  remuneration of the Executive Board and the other members of the GET.Board of DirectorsIn this section, the Board of Directors only  covers the members elected at the annual  general meeting (AGM), with the exception  of remuneration for the Board of Directors, which also includes members elected by  the employees. For independents, we follow the Recommen- dations on Corporate Governance. Gender with lowest representation is reported under ‘Gender diversity’.Gender diversity and pay gapData point UnitTarget2023 2022 ΔBoard of Directors, Ørsted A/S, members Number 8 8 0 %Gender with lowest representation (female) % 38 38 0 %  pGroup Executive Team, members Number 10 11 (9 %)Gender with lowest representation (female) % 30 27 3 %pSenior directors and above Number 175 170 3 %Gender with lowest representation (female) %40 (2030)22 22 0 %pPeople leaders Number 1,053 938 12 %Gender with lowest representation (female) %40 (2030)33 31 2 %pAll employees Number 8,905 8,027 11 %Gender with lowest representation (female) %40 (2030)34 33 1 %pGender pay gapGender pay gap, median % 10 10 0 %pGender bonus pay gap, median % 34 31 3 %pGender bonus distributionProportion of women receiving bonus % 30 25 5 %pProportion of men receiving bonus % 33 28 5 %pWe have equal representation for our Board of Directors. We have a gender diversity target of at least 40 % women across Ørsted by 2030. The target is tracked at three levels: senior directors and above, people leaders, and all employees.We are committed to equal pay and have a constant focus on ensuring equal pay for equal positions and competences in relation to all aspects of the salary- relevant processes from hiring to promotion.The presented 2023 gender pay data is based on data from Denmark (54 %), Germany (5 %), Malaysia (9 %), Poland (8%), the UK (16 %), and the US (8 %).The median gender pay gap remains unchanged in 2023 compared to 2022, while the bonus pay gap has increased by 3 percentage points compared to 2022. Both the proportion of women and men receiving bonus increased by 5 percentage points to 30 % and 33 %, respectively, in 2023.The differences in pay and bonus between men and women are highly impacted by differences in gender mix across levels in the organisation, where there is a trend towards the share of women not increasing at the same pace in the higher-level leadership positions as we see in the remaining part of the organisation.§  Accounting policiesBoard of DirectorsConsists of members elected at the annual general meeting. Board members elected by the employees are not included in the data.Group Executive Team (GET)Consists of the CEO, CFO, Chief HR Officer, CEOs of Region Europe, Region Americas,  and Region APAC, Head of Strategy, Innovation, Portfolio, Partnerships &amp; M&amp;A, Head of P2X, Head of EPCO &amp; IT, Head of Legal, and Head of Global Stakeholder Relations.Senior directors and aboveConsists of the GET, our senior vice presidents, our vice presidents, and our senior directors.People leadersPeople leaders are defined as all people with direct reports (responsibilities for staff).All employeesAll employees by gender represent the gender distribution of the total workforce in Ørsted. The reporting covers contractually employed employees in all Ørsted companies. The num-ber of employees is determined as the number of employees at the end of the financial year converted to full-time equivalents.Gender payOur gender pay reporting is inspired by the mandatory gender pay reporting requirements in the UK.Countries with more than 250 FTEs per country are included in the statement.The salaries are reviewed annually and come into effect on 1 June. Countries with more than 250 FTEs on that day are included in the year's reporting.The gender pay gap shows the pay gap between men and women without adjusting  for other factors impacting pay levels  (e.g. career level and work experience).DefinitionsGender pay gap: The difference between  the average earnings of women and men expressed as a percentage.Gender bonus pay gap: The difference between the average bonus payments of women and men expressed as a percentage.Gender bonus distribution: The percentage  of men and women in the workforce who receive bonuses.Safety Data point UnitTarget2023 2022 ΔTotal recordable injuries (TRIs) Number 73 78 (6 %)Own employees Number 23 26 (12 %)Contractor employees Number 50 52 (4 %)Lost-time injuries (LTIs) Number 36 40 (10 %)Own employees Number 12 16 (25 %)Contractor employees Number 24 24 0 %Hours worked Million hours worked 25.8 24.8 4 %Own employees Million hours worked 14.5 12.3 18 %Contractor employees Million hours worked 11.3 12.5 (10 %)Total recordable injury rate (TRIR) Injuries per million hours worked 2.5 (2025) 2.8 3.1 (10 %)Own employees Injuries per million hours worked 1.6 2.1 (24 %)Contractor employees Injuries per million hours worked 4.4 4.2 5 %Lost-time injury frequency (LTIF) Injuries per million hours worked 1.4 1.6 (13 %)Own employees Injuries per million hours worked 0.8 1.3 (38 %)Contractor employees Injuries per million hours worked 2.1 1.9 11 %Fatalities Number 0 0 0 %Permanent disability cases Number 0 0 0 %Both safety injury rates (TRIR and LTIF) were reduced in 2023 compared to 2022.In 2023, our total number of recordable injuries was reduced by five injuries: three injuries among own employees and two injuries among contractor employees.The total number of lost-time injuries (LTIs) decreased by four injuries, all among own employees.The total amount of hours worked in 2023 was 4 % higher than in 2022.Consequently, the total recordable injury rate (TRIR) was 2.8, which was 10 % lower than in 2022.The lost-time injury frequency (LTIF) was 1.4 in 2023, which was 13 % lower than in 2022.To ensure the health and safety of our employees and contractors, we continue to constantly monitor our safety performance and implement relevant and effective actions where and when needed.§  Accounting policiesThe scoping and consolidation of safety data deviate from our general basis for preparation. This means that irrespective of our owner-ship share, we include 100 % of injuries, hours worked, etc. from all operations where Ørsted is responsible for HSE safety, including the safety of our contractors.The lost-time injury frequency (LTIF) is cal-culated as the number of lost-time injuries per one million hours worked. The number of hours worked is based on 1,667 working hours annually per full-time equivalent and monthly records of the number of employees converted into full-time equivalents. For suppliers, the actual number of hours worked is recognised on the basis of data provided by the suppliers, access control systems at locations, or esti-mates. LTIF includes lost-time injuries defined as injuries that result in an incapacity to work for one or more calendar days in addition to the day of the incident.Total recordable injury rate (TRIR) is calculated in the same way as LTIF, but in addition to lost-time injuries, TRIR also includes injuries where the injured person is able to perform restricted work the day after the accident as well as inju-ries where the injured person has received medi-cal treatment.Permanent disability cases are injuries resulting in irreversible damage with permanent impair-ment which is not expected to improve. Fatalities are the number of employees who lost their lives as a result of a work-related incident. Fatalities are included in both LTIs and TRIs.ESRS S2 Workers in the value chainHuman and labour rightsOur approach and policiesThe green energy build-out impacts the lives of many, including people working across renewable energy supply chains. To support a just energy transition,  we expect the companies we work with to run their business and supply chains in compliance with national laws and with respect for international labour and human rights standards. We need to make sure that we respect labour and human rights in everything we do and that we reduce the risk of  people in our value chain being adversely impacted.At Ørsted, we want to support a just transition through the creation of decent jobs in the renewable energy industry. This means jobs providing employees with decent wages, secure employment, safe working conditions, and a working environment where they are free to express their concerns and their right to organ-ise in trade unions is protected. Our commitment to upholding human rights, including labour rights, is outlined in our sustainability com-mitment, global human rights policy, stakeholder engagement policy, just transition policy, and code of conduct for business partners. For more informa-tion on our policies and how they address human and labour rights impacts, see section S1 on our own work-force. For more information on our code of conduct, see section G1 on business conduct.ActionsWe aim at contributing to the creation of decent jobs in the renewable energy sector through our workforce development programmes and active engagement with value chain workers and trade unions. To take care of our value chain workers, we carry out a variety of actions and initiatives:·   We are collaborating with industry partners, asso-ciations, and unions to define quality standards for offshore wind jobs, creating opportunities for skilled workers and building an open, accessible sector.·   We are actively involved in preparing workers for  the demands of the industry. This involves training  programmes for wind turbine technicians and apprenticeships targeted at young and seasoned professionals, with the goal of ensuring that they meet the highest standards for renewable energy development.·   To reinforce the monitoring of supplier performance, we have conducted human rights training with a focus on bullying, discrimination, and harassment for our Marine Inspection Team and expect to per-form similar trainings for our QHSE site represent-atives going forward. These teams have frequent on-site presence during the execution of contracts with our suppliers. ·   We have continued our work with industry peers to improve the rights and welfare of migrant workers in our supply chains, which is central to responsible  business conduct and a just transition. As a first step, the companies drafted a set of principles and guidelines in consultation with suppliers and civil society organisations. The aim is to improve accom-modation and transport for migrant workers, drive the employer pays principle, and implement effec-tive grievance mechanisms. The next step is to pilot the principles and guidelines in fabrication yards in Singapore. ·   We have initiated a Respectful Working Environment campaign aimed at strategic vessel suppliers, with the aim of mitigating the risk of bullying and harassment in our offshore logistics supply chain. A key element  of the campaign is to guide our suppliers on how to prevent, mitigate, and manage cases of bullying,  discrimination, and harassment on board our con-tracted vessels. The format of the campaign not only raises awareness but also ensures that our offshore logistics suppliers are equipped with the necessary policies and procedures to foster a safe and respectful working environment for all crew members.Responsible sourcing of  minerals and metalsOur approach and policiesOur renewable energy assets are dependent on  metals, including rare earth elements for wind turbine magnets, copper for transportation cables, and lith-ium for batteries. A significant share of these metals is mined in countries where the likelihood of adverse impacts on human and labour rights is high, and we must therefore do everything we can to avoid harmful effects. Therefore, we have a specific focus on striving to respect and protect the rights of workers and  communities involved in the minerals and metals  supply chain. Our efforts within sourcing of minerals and metals  focus on the responsible supply chain of metals, acknowledging the challenges inherent in the mining industry's long and complex supply chains. We focus on ten key metals with the highest risk of adverse social and environmental impacts, operating through three strategic pillars:1  Supplier engagement   We work closely with key suppliers, aligning with the OECD due diligence guidance on responsible mining. This involves assessing suppliers' manage-ment systems and supply chain risks and imple-menting response strategies.2  Supply chain transparency   Addressing the challenge of transparency, we collaborate with first-tier suppliers and industry partners, exploring technological solutions to enhance traceability of supply chains for metals.3  Industry partnerships   Engaging with multi-stakeholder initiatives such as the Initiative for Responsible Mining Assurance (IRMA) and the International Responsible Business Conduct (IRBC) Agreement for the Renewable Energy Sector, we leverage partnerships to work on shared solutions to industry-wide impacts and risks.ActionsIn 2023, we continued our engagement with suppliers and industry associations, reinforcing our efforts of mapping our supply chains and enhancing our influ-ence to mitigate social and environmental risks within our minerals and metals supply chain. Key initiatives include:1  Continued engagement with IRMA   Building on our membership since the end of 2022 as the first renewable energy company, we actively participated in the Buyers Group alongside leaders in the automotive, electronics, and gemstone indus-tries. This collaborative effort aims to collectively promote responsible supply chains of minerals and metals and advocate for ethical mining practices. 2  Advancements in transparency   We have started a pilot project applying block-chain technology to enhance the transparency of copper usage at one of our UK wind farms. Also, we have agreed with a supplier to initiate reporting on the origin of steel used in foundations for upcoming projects, a significant step towards increased transparency.3  Signing the IRBC for the Renewable Energy Sector   We joined forces with other wind developers,  industry partners, civil society, and  governmental stakeholders to address and mitigate risks and impacts on people and the environment in the operations and supply chains of the renewable energy sector. The aim of the agreement is to  promote international responsible business conduct  (IRBC), including collaborating with trade unions to address impacts on workers in our minerals and metals supply chain.  As part of our ongoing commitment to transparency  and accountability, we plan to evaluate the results of our blockchain pilot in 2024, exploring potential applications to other suppliers and metals. Moving forward, we will also explore the reporting of the origin of steel for foundations and wind turbines with selected suppliers.Engaging with value  chain workersIn our regular supplier assessments, we actively engage with supply chain workers to obtain insights into labour conditions and the implementation of specific suppliers' management systems. As the pri-mary form of engagement, we conduct worker inter-views during on-site assessments. These assessments are performed for selected high-risk suppliers with a high presence of manual labour and are conducted through our regular supplier assessments, described  in section G1 on business conduct. Through these interviews, we strive to gain insights into the perspectives of workers who may be parti- cularly vulnerable and marginalised, e.g. migrant  workers and minorities. These interviews inform our  ongoing collaboration with suppliers, guiding poten-tial improvement activities that the supplier must work to implement in close partnership with Ørsted. We maintain a strong collaboration with trade unions and civic and non-governmental organisations in the regions where we operate, aiming to foster a diverse and inclusive workforce throughout our value chain. An example is our landmark project labour agreement with North America's Building Trades Unions (NABTU) – the National Offshore Wind Agreement (NOWA).Through NOWA, we have implemented diversity  targets, local training programmes, and performance monitoring for workforce diversity across all of Ørsted's contractors and subcontractors involved in offshore wind farm construction in the US. This agree-ment also establishes project-specific workforce equity committees, which prioritise the recruitment and retention of individuals from communities of  colour, women, gender-nonconforming individuals, and local environmental justice communities.Remediation and channels  to raise concernsOur approach to addressing concerns and grievances within our value chain is built on the principles of transparency, trust, and effective remediation that  is proportionate to the grievance that has occurred. We are committed and continuously work to strengthen  our processes for providing or helping to provide appropriate remediation to harmed workers in situa-tions where we have identified that we have caused  or contributed to a negative impact. Furthermore, through our code of conduct for business partners, we set clear expectations to our suppliers, emphasising the establishment of accessible grievance mechanisms for workers, rightsholders, and stakehold-ers. During our supplier due diligence procedure, we assess suppliers' management systems with a specific focus on their ability to meet these requirements. In cases where we identify shortcomings, we collaborate with our suppliers to develop improvement plans. Additionally, workers in the supply chain have free access to and are encouraged to make use of the Ørsted whistleblower hotline to confidentially report any inappropriate or illegal conduct. For more informa- tion on our code of conduct, whistleblower hotline, and how we protect whistleblowers against retalia-tion, see section G1 on business conduct.ESRS S3 Affected communitiesCommunities' rightsOur approach and policies To succeed in creating a world that runs entirely on green energy, we must ensure an energy build-out that brings benefits to people and local communities while avoiding or mitigating any potential adverse social or human rights impacts. Accordingly, we acknowledge that the success of our business also relies on meaningful engagement with affected com-munities to foster local support and collaboration. By engaging communities in our projects and building them while being mindful of social impacts, we gain valuable insights into community needs, priorities, and local knowledge. These insights help ensure that our projects are not only environmentally sustainable but also socially sustainable.Our approach to managing our impacts on affected communities aims to avoid, mitigate, and remedy neg-ative impacts and to create lasting positive impacts for affected communities. A key element of our approach is the recognition that our social impacts go beyond local content. We aim for positive impacts for affected communities to also materialise through biodiversity actions and local decarbonisation efforts, improving local air quality and public health. We believe the industry should define a framework to measure what a people-positive project looks like, and we are currently taking the lead to achieve this.Our social value creation for affected communities cen-tres on providing job opportunities and fostering skills development, innovation, and local supply chain growth. Due to our ambition to deliver a just and equitable tran-sition, we are also actively exploring how to increase the participation and inclusion of especially disadvantaged groups in our engagement and benefit-sharing actions. Additionally, we are exploring deeper ways of strength-ening community engagement, for example by offering co-ownership of our assets.Our commitment to uphold human rights of everyone and engage with communities is outlined in our sus-tainability commitment, global human rights policy, stakeholder engagement policy, just transition policy, and code of conduct for business partners. For more information on our policies and how they address human rights impacts, see section S1 on our own work-force. For more information on our code of conduct, see section G1 on business conduct.Specifically, our code of conduct and policies on human rights and stakeholder engagement highlight our dedication to:·   respecting Indigenous Peoples, minorities, and other vulnerable groups in line with international law and standards as described in the UN Declaration on the Rights of Indigenous Peoples, including the princi-ples of free, prior, and informed consent (FPIC)·   respecting land rights of legitimate tenure rights holders as set out in the UN Voluntary Guidelines  on the Responsible Governance of Tenure of Land, Fisheries and Forests·   ensuring the safety and protection of human rights, environmental, or Indigenous defenders·   engaging in early dialogue with local communities to understand their perspectives on our projects and the local impacts·   mandating that our business partners take meas-ures to protect environmental and human rights defenders and other interested parties who lawfully exercise their freedom of speech.ActionsWe strive to construct projects with minimal  negative impact on communities. Our current initiatives lay the foundation for integrating this approach across our business functions, markets, and asset projects. We work to go above the minimum regulatory require-ments, believing that these actions are essential for securing and sustaining the social licence necessary for advancing renewable energy development. To take care of affected communities, we have imple-mented a variety of actions and initiatives: Internal integration of standardised processes formonitoring and managing potential adverse humanrights and social impactsWe are working towards establishing a consistent approach across our company for assessing and addressing human rights risks concerning local com-munities throughout the entire lifespan of a renewable energy project. Our initial focus involves the develop-ment and implementation of a global framework, comprised of three tools:1  Social and human rights impact assessments   We have initiated the development of global guid-ance for asset-level social and human rights impact assessments. The purpose of the guidance is to  create a standardised approach for conducting assessments before the construction of every new project, identifying and addressing potential human rights and social risks.2  Company-wide framework for managing  community-level grievances   We have initiated the development of a global standard for community feedback and grievance management. This will facilitate systematic tracking and response to community feedback and griev-ances and help us prevent or mitigate material nega-tive impacts throughout the life cycle of an asset. 3  Internal community engagement guidelines   We are developing corporate-level guidelines to serve as a universal reference for adhering to international best practice standards on community engagement. Emphasising principles such as free, prior, and informed consent (FPIC), these guidelines will have the aim of ensuring our commitment to ethical and respectful engagement, especially with Indigenous Peoples.Creating positive impact·   We continued to work towards further increasing our positive social impacts on local socio-economic development, equity and inclusion,  environmental sustainability, and community empowerment through initiatives such as apprenticeship programmes, com-munity benefit funds, local supplier development, sponsorships, and partnerships. ·   An example is our efforts in Korea, where we are developing co-prosperity programmes for the Incheon and Ongjin County communities after extensive consultation with affected stakeholders. The programmes will guide our relationship with the local communities going forward and include com-mitments to create a profit-sharing scheme with the local communities. They also include commitments to improve island community well-being by creat-ing new business opportunities and promoting wind farm tourism as an additional source of livelihood.Communicating our impacts·   Pursuant to the UK Modern Slavery Act, we release a modern slavery act statement on an annual basis, addressing our modern slavery, human trafficking, and other human rights risks. Developing impact strategy and targets·   We have initiated a new partnership with the Haas School of Business at the University of California, Berkeley, focusing on defining the foundational  elements for measuring the people-positivity of renewable energy projects.Engaging with affected  communitiesWe acknowledge the importance of engaging with affected communities to understand and address actual and potential impacts on them. Engagement occurs at various stages of the project development, construction, and operation through community  liaison officers and project staff, employing different types and frequencies of interaction, such as public meetings and consultations, ensuring a dynamic and responsive approach to community needs. Our engagement approach is responsive to local social contexts, tailored to specific projects and areas. Our community liaison officers often come from the communities we engage with, helping us gain a  profound understanding of the local contexts. When we develop new energy projects, we consider  it our responsibility to assess the impact on local communities, and we consistently adhere to local regulations and guidelines in order to evaluate these projects' effects on the communities in which they are constructed. Therefore, we engage in early dialogue with local stakeholders to understand their perspec-tives on the project and its local impact. After due consideration of the expectations and opportunities within our project's area of operations, we will assess and implement community initiatives  in compliance with applicable laws and tender rules.We recognise the importance of gaining insight into the perspectives of vulnerable or marginalised com-munities. We have actively engaged with Indigenous communities in connection with projects both in the US and Australia. We try to begin conversations early  in the development process, aligning with Indigenous  Peoples' expectations and wishes. Our goal is to secure free, prior, and informed consent (FPIC) for projects impacting Indigenous lands or territories, respecting their cultural, intellectual, religious, and spiritual property. Remediation and channels  to raise concernsWe work actively to improve our abilities to address and remedy negative impacts on communities affected by our operations. Through engagement  via community liaison officers, we are able to actively collect feedback and grievances at the local asset level, particularly during the execution phase.  We employ various methods, including hosting town halls and open forums and setting up post boxes to  collect and address concerns on an ongoing basis. Also, our whistleblower hotline allows all individuals  in affected communities to confidentially report   in- appropriate or illegal conduct. For more information on our whistleblower hotline and how we protect whistleblowers against retaliation, see section G1  on business conduct.We have implemented tailored solutions for different markets to address concerns from local communities  and provide remedy. Notably, in instances where  fishers have been adversely affected during the  construction and operation of our offshore wind farms,  we have taken measures to provide proportional  remedies. Going forward, our efforts to establish a common standard for community feedback and griev-ance management will strengthen and systematise our processes for receiving, addressing, resolving,  and providing remedy to affected communities  where necessary.ESRS G1 Business conductBusiness conduct policies  and corporate cultureAt Ørsted, we face financial, technical, commercial, and ethical challenges on a daily basis, both as a busi-ness and as individuals. Through our good business conduct policy, we strive to uphold a healthy corporate culture with a high level of integrity, providing guidance to all employees on the expected behaviour at Ørsted  and in interactions with stakeholders. The policy addresses topics such as bribery, facilitation payments, sponsorships and donations, political contributions, entertainment, and conflicts of interest. It is overseen by our Head of Legal and our Compliance Committee, chaired by the CEO, which has the overall responsibility for monitoring compliance. Our commitment to business integrity is carried through the whistleblower hotline, which serves both internal and external stakeholders. Our promise to protect whistleblowers against retaliation is outlined in our policy on good business conduct. If whistleblowers choose to remain anonymous, neither Ørsted nor our web service provider can track or identify the reporting individuals. In addition, we have established a standard operating procedure to ensure that allegations are rigorously and objectively investigated. In our organisation, certain functions pose elevated risks for corruption and bribery due to their  involvement in critical financial transactions, interactions with external stakeholders, and sensitivity to regulatory and ethical compliance. These high-risk functions include Procurement, Partnerships &amp; M&amp;A, Asset  Projects, and Regulatory &amp; Public Affairs. In particular, to promote the accelerated build-out of renewable energy and the goals of the Paris Agreement, our  Regulatory &amp; Public Affairs function actively engages policymakers through lobbying and advocacy efforts. We prioritise the implementation of robust anti- corruption and anti-bribery measures in the specific  functions mentioned above to mitigate risks and ensure the highest standards of integrity and compliance.To ensure employee awareness and effective commu-nication of our policies and measures, we conduct peri-odic global awareness campaigns and have the docu-ments readily accessible online. Also, all employees are required to participate in an e-learning course on busi-ness conduct as part of their onboarding process, and the course must be repeated every second year. The training covers a wide range of topics, providing a good understanding of our policy on good business conduct, including anti-corruption and ethical guidelines.Prevention and detection  of corruption and briberyWe have released our anti-bribery and corruption position, emphasising a zero-tolerance policy on  bribery and corruption and describing our processes for identifying and managing bribery and corruption risks in our own operations. To ensure that our suppliers live up to our policy on good business conduct, we conduct know-your-counterparty (KYC) screenings. The KYC process involves screening for anti-bribery and anti-corruption compliance, sanctions, government watch lists, and adverse media coverage. For high-risk partnerships, such as M&amp;As, joint ventures, and similar, we perform a comprehensive partner due diligence, which also encompasses sustainability, credit-worthiness, and branding assessments. Through the KYC process, we conduct thorough inves-tigations of our business partners to prevent, detect, and address allegations or incidents of corruption and bribery within Ørsted. Our policies regarding sponsor-ships, donations, gifts, and entertainment are rigor-ously enforced and monitored through an online tool. In addition to our policy on good business  conduct, KYC process, trainings, whistleblower hotline, and supplier due diligence, our Internal Audit team  conducts regular audits to assess the  effectiveness of our anti-corruption and anti-bribery measures.  Internal Audit acts as an autonomous function, reporting directly to the Audit &amp; Risk Committee, and is not involved in day-to-day management affairs. This  separation aims to ensure impartiality and  integrity  of  investigations. Additionally, we prepare an annual internal fraud  risk report, which analyses potential corruption and bribery risks within Ørsted. This report aids in our ongoing efforts to prevent and address such incidents.Management of relationships  with suppliersWe believe in collaborative partnerships, expecting business partners to actively participate in risk assess-ments, inspections, monitoring, and reporting. Our Responsible Business Partners Programme engages and collaborates with suppliers and business partners on improving their adherence to our social, environ-mental, and ethical expectations. Our work is based on a systematic and risk-based due diligence process used to assess partners' and suppliers' adherence to our code of conduct for business partners.The code of conduct is an integral part of our cor-porate strategy and agreements with our business partners, covering all suppliers, joint venture part-ners, and counterparties. We ensure a strong commit-ment to our code of conduct by incorporating it into all contracts with our business partners and suppliers. In addition to the principles of our code of conduct, we have commenced the incorporation of climate requirements into contractual agreements with key suppliers, which entails reporting to the Carbon Dis-closure Project (CDP), setting science-based climate targets, and covering electricity consumption with renewable electricity. Our strategy to manage relationships with our suppli-ers is guided by a deep understanding of the potential sustainability risks within our supply chain. To evaluate performance and identify any gaps or adverse impacts, we employ a combination of risk screenings, extended risk screenings, and code of conduct assessments, which  may occur both before and after contract signing. This process evaluates suppliers' adherence to our code of conduct and integrates with our global procurement system, encompassing four key steps for real progress and continuous improvement: 1  Commitment   Upon entering a contract with Ørsted, suppliers sign and thereby commit to our code of conduct.2  Risk screening   Based on country risk, category risk, and spend, we prioritise business partners for further engagement.3 Assessment   We evaluate whether business partners adhere to the expectations in our code of conduct, reviewing relevant management systems and practices.4  Improvement   In cases where gaps are identified, we collaborate with business partners to devise an improvement plan followed by regular touch points to ensure the effective implementation of the plan. In cases where we identify that business partners intention-ally fail or repeatedly neglect the improvement plans, we reserve the right to terminate business relationships with the partner in question.In 2023, we evaluated our due diligence approach, and in 2024, we will implement an updated pro-cess focusing on assessing high-risk suppliers prior to contract signing independent of the risk of the project location. This commitment to continuous improve-ment is underscored by regular updates to our  internal risk scoring and the incorporation of evolving stand-ards into our screening tools. As we navigate the dynamic landscape of due diligence, our goal is to meet the highest standards of integrity, transparency, and ethical conduct.Whistleblower cases and good business conduct Data point Unit 2023 2022 ΔWhistleblower casesSubstantiated whistleblower cases Number 18 8 10Cases transferred to the police Number 1 1 0Good business conductEmployees who have completed a course  in good business conduct % 87 84 3 %pThe Chair of the Audit &amp; Risk Committee is responsible  for managing our whistleblower scheme. Internal Audit receives and handles any reports submitted.  Our employees and other associates may report  serious offences, such as cases of bribery, fraud, and other inappropriate or illegal conduct through our whistleblower scheme or our management system.In 2023, 18 substantiated cases of inappropriate  or unlawful behaviour were reported through our whistleblower scheme. Nine cases related to good business conduct policy violations, while six cases concerned the workplace environment, one case concerned IT security, and two cases were classified as ‘other’. None of the reported cases were critical to our business or caused adjustments to our financial results. One case required a police report.§  Accounting policies Whistleblower casesØrsted's whistleblower hotline is available for internal and external reporting of suspected cases of inappropriate or illegal behaviour. Whistleblower cases are received and handled  by the Internal Audit function, which also re- ceives similar reports through the management system and from compliance officers. All reports are managed in accordance with  the guidelines for the handling of whistle- blower reports approved by the Audit &amp; Risk Committee, which is ultimately responsible for the whistleblower scheme. Only cases which are closed during the financial year, and which have been reported to the Audit &amp; Risk Com-mittee as fully or partially substantiated,  are reported.Course in good business conductThe number of employees who have completed a course in good business conduct is calculated  as the proportion of employees who, as of 31 December, have completed an e-learning course in good business conduct relative to the  number of employees invited to take the course.Supply chain due diligence Data point Unit 2023 2022 ΔRisk screeningsRisk screenings (all contracts above DKK 3 million) Number 363 331 10 %Extended risk screenings Number 62 79 (22 %)Procurement spend that is risk-screened % 78 85 (7 %p)Know-your-counterparty (KYC) screenings Number 1,456 1,421 2 %Due diligence activities conductedCode of conduct (CoC) desktop assessments Number 54 47 15 %Code of conduct (CoC) site assessments Number 9 3 200 %Health, safety, and environment (HSE) desktop assessments Number 130 166 (22 %)Health, safety, and environment (HSE) site assessments Number 117 94 124 %Desktop vessel inspections Number 61 91 (33 %)Physical vessel inspections Number 404 353 14 %1  The number of ‘Health, safety, and environment (HSE) site assess-ments’ 2022 has been restated following a systems review.The number of risk screenings increased by 10 % to 363 compared to 2022. The number of extended risk screenings decreased by 22 % to 62 due to a large number of recurring suppliers having been previously assessed. Procurement spend that is risk-screened decreased by 7 percentage points to 78 % in 2023, mainly because there has been some spend in 2023 on suppliers risk-screened before 2022 who are not in scope of our 2023 reporting. The number of know-your-counterparty (KYC) screen-ings, focusing on suppliers' integrity and legal compli-ance, increased by 2 % in 2023. The increase reflects the additional focus on KYC-screening compliance during 2023 and is in line with expectations. The number of code of conduct (CoC) desktop assess-ments increased by 15 % in 2023, primarily due to the introduction of new suppliers in countries associated with higher CoC risks. The number of CoC site assess-ments increased to 9 in 2023 from 3 in 2022 due to  an increased number of supplier pre-qualifications  as well as the introduction of new high-risk category suppliers in high-risk markets.The number of health, safety, and environment (HSE) desktop assessments decreased by 22 % in 2023 due to the implementation of new sourcing and supplier selection processes. The number of site assessments increased by 24 % in 2023 due to a stronger focus on supplier performance on site. The number of desktop vessel inspections decreased by 33 % in 2023 due to a slowdown of project activities in APAC, where the majority of desktop assessments were performed. The number of physical vessel inspec-tions increased by 14 % in 2023 due to an increase in project activities in the US Northeast and in Germany, where we have commenced the construction of  our offshore wind farms Gode Wind 3 and Borkum  Riffgrund 3.The results from the assessments are managed throughout the different programmes, and improve-ment plans are developed and implemented in collab-oration with the suppliers.§  Accounting policiesThe number of supplier risk screenings and due diligence activities conducted is determined by the time schedule of the individual construction projects and the procurement priorities from year to year.Risk screeningsThe Responsible Business Partners Programme (RPP) team applies a risk-based due diligence framework to identify areas within our code of conduct (CoC) for business partners where sup-pliers need to improve adherence to the code.Risk screenings are conducted by the RPP  team on all new sourcing contracts above DKK 3 million based on country and category risk. Based on the risk screening evaluation, the RPP team conducts extended risk screen-ings of selected contracts with additional risk parameters, including labour characteristics related to e.g. migrant workers' and seafarers' rights. Screenings and extended screenings also take place for suppliers of coal and sustainable biomass as well as top-spend suppliers. Risk-screened procurement spend is also calculated annually. The Business Ethics Compliance (BEC) team conducts know-your-counterparty (KYC) screenings of all new suppliers and business partners to ensure legal compliance.Due diligence activities conductedDue diligence activities are carried out by our RPP, Health, Safety &amp; Environment (HSE), and Marine Inspection teams based on the results  of individual screenings and risk assessments.The activities are conducted either as desktop assessments or inspections or as on-site assess-ments or physical inspections, which often include a visit to the production facilities by Ørsted or a third party.Assessments also include potential suppliers  (i.e. no signed contracts yet) as part of the  tender process.ESRS 2Disclosure requirements and incorporation by referenceThe following tables list all of the ESRS disclosure require-ments in ESRS 2 and the seven topical standards which are material to Ørsted and which have guided the preparation of our sustainability statements. We have omitted all the disclosure requirements in the topical standards E2, E3, and S4 as these are below our materiality thresholds. The tables can be used to navigate to information relating to a specific disclosure requirement in the sustainability statements.The tables also show where we have placed information relating to a specific disclosure requirement that lies out-side of the sustainability statements and is ‘incorporated by reference’ to either the management’s review or the financial statements within this annual report, or to the remuneration report published as a separate report.In cases where we do not yet have any information related to a disclosure requirement, no reference is made. Cross-cutting standardsSection/Disclosure requirement report Page Additional informationESRS 2  ·  General disclosuresBP-1 General basis for preparation of the sustainability statement SUS 69BP-2 Disclosures in relation to specific circumstances SUS 69Datapoints that derive from other EU legislation SUS 136GOV-1 The role of the administrative, management and supervisory bodies MR 52-60GOV-2 Information provided to and sustainability matters addressed by the Audit &amp; Risk Committee;  undertaking’s administrative, management and supervisory bodies MR 57; 59Sustainability CommitteeGOV-3Performance of the Executive Integration of sustainability-related performance in incentive schemes REM 6-7BoardGOV-4 Statement on sustainability due diligence SUS 135GOV-5 Risk management and internal controls over sustainability reporting MR 59 Internal controls environmentSBM-1 Strategy, business model and value chain (products, markets, customers) MR 20-28 Strategy and businessStrategy, business model and value chain (headcount by country) FS 197 Country-by-country key figuresStrategy, business model and value chain (breakdown of revenue) FS 155 Note 2.1 Segment informationSBM-2 Interests and views of stakeholders SUS 79SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model SUS 68; 72-76IRO-1 Description of the process to identify and assess material impacts, risks and opportunities  SUS 77-78IRO-2 Disclosure requirements in ESRS covered by the undertaking’s  sustainability statement SUS 132-135SUS    Sustainability statementsMR    Management’s reviewREM   Remuneration reportFS    Financial statementsEnvironmental standardsSection/Disclosure requirement report Page Additional informationESRS E1  ·  Climate changeESRS 2, Performance of  GOV-3 Integration of sustainability-related performance in incentive schemes REM 6-7the Executive BoardE1-1 Transition plan for climate change mitigation SUS 87-89; 91ESRS 2, Material impacts, risks and opportunities, and their interaction with SUS 73; 87-88SBM-3strategy and business modelESRS 2, Description of the processes to identify and assess material climate-IRO-1related impacts, risks and opportunities - -E1-2 Policies related to climate change mitigation and adaptation SUS 87-88E1-3 Actions and resources in relation to climate change policies SUS 88-89E1-4 Targets related to climate change mitigation and adaptation SUS 91E1-5 Energy consumption and mix SUS 99E1-6 Gross Scopes 1, 2, 3 and total GHG emissions SUS 100E1-7 GHG removals and GHG mitigation projects financed through carbon credits - -E1-8 Internal carbon pricing - -E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related opportunities - -SUS    Sustainability statementsMR    Management’s reviewREM   Remuneration reportFS    Financial statementsEnvironmental standardsSection/Disclosure requirement report Page Additional informationESRS E4  ·  Biodiversity and ecosystemsE4-1 Transition plan and consideration of biodiversity and ecosystems in strategy and business model SUS 102-104ESRS 2, Material impacts, risks and opportunities and their interaction with SBM-3strategy and business model SUS 74; 102ESRS 2, Description of processes to identify and assess material biodiversity and IRO-1ecosystem-related impacts, risks, dependencies and opportunities - -E4-2 Policies related to biodiversity and ecosystem SUS 102-103E4-3 Actions and resources related to biodiversity and ecosystems SUS 103-104E4-4 Targets related to biodiversity and ecosystems SUS 104E4-5 Impact metrics related to biodiversity and ecosystems change SUS 105-106E4-6 Anticipated financial effects from biodiversity and ecosystems-related risks and opportunities - - -ESRS E5  ·  Resource use and circular economyESRS 2, Description of the processes to identify and assess material resource use IRO-1and circular economy-related impacts, risks and opportunities - -E5-1 Policies related to resource use and circular economy SUS 107-109E5-2 Actions and resources related to resource use and circular economy SUS 108-109E5-3 Targets related to resource use and circular economy SUS 109E5-4 Resource inflows - -E5-5 Resource outflows SUS 110E5-6 Anticipated financial effects from material resource use and circular  economy-related risks and opportunities - -Social standardsSection/Disclosure requirement report Page Additional informationESRS S1  ·  Own workforceESRS 2, SBM-2 Interests and views of stakeholders SUS 79ESRS 2, Material impacts, risks and opportunities and their interaction with 75;  SBM-3strategy and business model SUS112-114S1-1 Policies related to own workforce SUS 112-114S1-2 Processes for engaging with own workers and workers’ representatives Engaging withabout impacts SUS 114our own workforceS1-3 Processes to remediate negative impacts and channels for own workers to Remediation and channelsraise concerns SUS 115to raise concernsS1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions SUS 113-114S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities SUS 115S1-6 Characteristics of the undertaking’s employees SUS 116S1-7 Characteristics of non-employee workers in the undertaking’s own workforce - -S1-8 Collective bargaining coverage and social dialogue - -S1-9 Diversity metrics SUS 117-118S1-10 Adequate wages - -S1-11 Social protection SUS 112S1-12 Persons with disabilities - -S1-13 Training and skills development metrics - -S1-14 Health and safety metrics SUS 119S1-15 Work-life balance metrics SUS 113 Only qualitative infoS1-16 Compensation metrics (pay gap and total compensation) SUS 117-118S1-17 Incidents, complaints and severe human rights impacts - -SUS    Sustainability statementsMR    Management’s reviewREM   Remuneration reportFS    Financial statementsSocial standardsSection/Disclosure requirement report Page Additional informationESRS S2  ·  Workers in the value chainESRS 2, SBM-2 Interests and views of stakeholders SUS 79ESRS 2, Material impacts, risks and opportunities and their interaction with 75; SBM-3strategy and business model SUS120-121S2-1 Policies related to value chain workers SUS 120-121S2-2Engaging with valueProcesses for engaging with value chain workers about impacts SUS 122chain workersS2-3 Processes to remediate negative impacts and channels for value chain Remediation and channelsworkers to raise concerns SUS 122to raise concernsS2-4 Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions SUS 120-121S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities - -ESRS S3  ·  Affected communitiesESRS 2, SBM-2 Interests and views of stakeholders SUS 79ESRS 2, Material impacts, risks and opportunities and their interaction with 76; SBM-3strategy and business model SUS123-124S3-1 Policies related to affected communities SUS 123-124S3-2Engaging with affectedProcesses for engaging with affected communities about impacts SUS 124communitiesS3-3 Processes to remediate negative impacts and channels for affected Remediation and channelscommunities to raise concerns SUS 125to raise concernsS3-4 Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions SUS 124S3-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities - -Governance standardsSection/Disclosure requirement report Page Additional informationESRS G1 · Business conductESRS 2, GOV-1 The role of the administrative, supervisory and management bodies MR 52-60ESRS 2, Description of the processes to identify and assess material impacts, risks IRO-1and opportunities - -G1-1 Business conduct policies and corporate culture SUS 127G1-2 Management of relationships with suppliers SUS 128G1-3 Prevention and detection of corruption and bribery SUS 128G1-4 Incidents of corruption or bribery SUS -G1-5 Political influence and lobbying activites SUS -G1-6 Payment practices SUS -SUS    Sustainability statementsMR    Management’s reviewREM   Remuneration reportFS    Financial statementsESRS 2Statement on sustainability  due diligenceSections in the  Core elements of due diligencesustainability statements Pagea)   Embedding due diligence in governance,  Governance 127-128strategy and business modelb)   Engaging with affected stakeholders in  General79all key steps of the due diligenceSocial112-115, 120-125Governance127-128c)   Identifying and assessing adverse impacts Social112-115, 120-122, 123-125Governance127-128d)   Taking actions to address those  Social113, 121-125adverse impactsGovernance127-128e)   Tracking the effectiveness of these  Social113, 121-122, 124efforts and communicatingGovernance127-128The above table provides a mapping to where in our sustainability statements we provide informa-tion about our due diligence process, including how we apply the main aspects and steps of our due diligence process. ESRS 2Datapoints that derive from other EU legislation The table below includes all of the datapoints that derive from other EU legislation as listed in ESRS 2 appendix B,  indicating where the data points can be found in our report and which data points are assessed as ‘Not material’.Benchmark EU Climate  Sustainability statements | AppendixDisclosure SFDR  Pillar 3 regulation Law  requirement Data pointreferencereferencereferencereference Section PageSustainability statements  118ESRS 2 GOV-1 21 (d) Board's gender diversity x xManagement’s review52ESRS 2 GOV-1 21 (e) Percentage of board members who are independent x Sustainability statements  117ESRS 2 GOV-4 30 Statement on due diligence x Sustainability statements 135ESRS 2 SBM-1 40 (d) i Involvement in activities related to fossil fuel activities x x x Sustainability statements 81ESRS 2 SBM-1 40 (d) ii Involvement in activities related to chemical production x x Not relevantESRS 2 SBM-1 40 (d) iii Involvement in activities related to controversial weapons x x Not relevantESRS 2 SBM-1 40 (d) iv Involvement in activities related to cultivation and production of tobacco x Not relevantESRS E1-1 14 Transition plan to reach climate neutrality by 2050 x Sustainability statements 87-89ESRS E1-1 16 (g) Undertakings excluded from Paris-aligned Benchmarks x x Not relevantESRS E1-4 34 GHG emission reduction targets x x x Sustainability statements 91ESRS E1-5 38 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) x Not relevantESRS E1-5 37 Energy consumption and mix x Sustainability statements 99ESRS E1-5 40-43 Energy intensity associated with activities in high climate impact sectors x Not relevantESRS E1-6 44 Gross Scope 1, 2, 3 and Total GHG emissions x x x Sustainability statements 100ESRS E1-6 53-55 Gross GHG emissions intensity x x x Not statedESRS E1-7 56 GHG removals and carbon credits x Not statedESRS E1-9 66 Exposure of the benchmark portfolio to climate-related physical risks x Sustainability statements 86ESRS E1-9 66 (a); 66 (c) Disaggregation of monetary amounts by acute and chronic physical risk; Location of significant assets at material physical risk x Not statedESRS E1-9 67 (c) Breakdown of the carrying value of its real estate assets by energy-efficiency classes x Not statedESRS E1-9  69 Degree of exposure of the portfolio to climate-related opportunities x Management’s review 20-35ESRS E2-4   28 Amount of each pollutant listed in Annex II of the E-PRTR Regulation emitted to air, water and soil x Not materialESRS E3-1  9 Water and marine resources x Not materialESRS E3-1  13 Dedicated policy x Not materialESRS E3-1  14 Sustainable oceans and seas x Not materialESRS E3-4 28 (c) Total water recycled and reused x Not material3 per net revenue on own operations x Not materialESRS E3-4 29 Total water consumption in mESRS 2- SBM 3 - E4 16 (a) i x Sustainability statements 105ESRS 2- SBM 3 - E4 16 (b) x Not statedESRS 2- SBM 3 - E4 16 (c) x Sustainability statements 106Benchmark EU Climate  Disclosure SFDR  Pillar 3 regulation Law  requirement Data pointreferencereferencereferencereference Section PageESRS E4-2  24 (b) Sustainable land / agriculture practices or policies x Sustainability statements 108-109ESRS E4-2  24 (c) Sustainable oceans / seas practices or policies x Sustainability statements 102ESRS E4-2   24 (d) Policies to address deforestation x Sustainability statements 108-109ESRS E5-5  37 (d) Non-recycled waste x Sustainability statements 110ESRS E5-5  39 Hazardous waste and radioactive waste x Sustainability statements 110ESRS 2- SBM3 - S1  14 (f) Risk of incidents of forced labour x Not statedESRS 2- SBM3 - S1  14 (g) Risk of incidents of child labour x Not statedESRS S1-1  20 Human rights policy commitments x Sustainability statements 112-113ESRS S1-1  21 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8 x Sustainability statements 112-113ESRS S1-1  22 Processes and measures for preventing trafficking in human beings x Sustainability statements 112-113ESRS S1-1   23 Workplace accident prevention policy or management system x Sustainability statements 113ESRS S1-3  32 (c) Grievance/complaints handling mechanisms x Sustainability statements 112, 115ESRS S1-14   88 (b) and (c) Number of fatalities and number and rate of work-related accidents x x Sustainability statements 119ESRS S1-14  88 (e) Number of days lost to injuries, accidents, fatalities or illness x Not statedESRS S1-16  97 (a) Unadjusted gender pay gap x x Sustainability statements 118ESRS S1-16  97 (b) Excessive CEO pay ratio x Sustainability statements 117ESRS S1-17  103 (a) Incidents of discrimination x Not statedESRS S1-17  104 (a) Non-respect of UNGPs on Business and Human Rights and OECD x x Not statedESRS 2- SBM3 – S2  11 (b) Significant risk of child labour or forced labour in the value chain x Not statedESRS S2-1  17 Human rights policy commitments x Sustainability statements 112-113, 120-122ESRS S2-1  18 Policies related to value chain workers x Sustainability statements 112-113, 120-122, 128ESRS S2-1  19 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines x x Not statedESRS S2-1  19 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8 x Sustainability statements 112-113, 120-122, 128ESRS S2-4  36 Human rights issues and incidents connected to its upstream and downstream value chain x Not statedESRS S3-1  16 Human rights policy commitments x Sustainability statements 112-113, 123-125ESRS S3-1  17 Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines x x Not statedESRS S3-4  36 Human rights issues and incidents x Not statedESRS S4-1  16 Policies related to consumers and end-users x Not materialESRS S4-1  17 Non-respect of UNGPs on Business and Human Rights and OECD guidelines x x Not materialESRS S4-4  35 Human rights issues and incidents x Not materialESRS G1-1  §10 (b) United Nations Convention against Corruption x Not relevantESRS G1-1  §10 (d) Protection of whistle- blowers x Not relevantESRS G1-4  §24 (a) Fines for violation of anti-corruption and anti-bribery laws x x Not statedESRS G1-4  §24 (b) Standards of anti- corruption and anti-bribery x Not statedCalculation factors 2023Page reference Data point Factor Comment Reference Publication namep. 100 Scope 1 emissions Global warming potential of greenhouse gases CH4, N2O, SF6Intergovernmental Panel on Climate Change (IPCC) Climate Change 2021, The Physical Science Basisp. 100 Scope 1 emissions Carbon emissions from fossil fuels at CHP plants Coal, oil, natural gas Danish Energy Agency Standardfaktorer for brændværdier og CO2-emissioner (Standard factors for calorific value and carbon emissions), 2022p. 100 Scope 1 emissions Carbon emissions from fossil fuels outside CHP plants Diesel, petrol, fuel oil, jet fuel American Petroleum Institute (API) Compendium of greenhouse gas emission methodologies for the oil and natural gas industry, 2009p. 100 Scope 2 emissions Carbon emissions from power purchased In Denmark EnerginetDK, 2022 Generel deklaration og Miljødeklaration, 2021 (General declaration and environmental declaration, 2021)p. 100 Scope 2 emissions Carbon emissions from power purchased In other European countries Association of Issuing Bodies (AIB) European Residual Mixes, 2022 (2021 data)p. 100 Scope 2 emissions Carbon emissions from power purchased In countries outside Europe Institute for Global Environmental Strategies (IGES)List of grid emission factors, 2022US Environmental Protection Agency (EPA)US EPA 2023 (eGRID2021 data)p. 100 Biogenic emissions Biogenic emissions from combustion of biomass GHG emissions outside of scope 1-3, biomass and biogas UK Department for Environment, Food &amp; Rural Affairs (DEFRA) UK government GHG conversion factors for company reporting, 2022p. 100 Scope 3 emissions Use of sold products. Fuel- and energy-related activities Emissions from end use of gas. Upstream supply chain UK Department for Environment, Food &amp; Rural Affairs (DEFRA) UK government GHG conversion factors for company reporting, 2022for fuelsp. 100 Scope 3 emissions Capital goods Wind farms, onshore Siemens Environmental Product Declaration: a clean energy solution – from cradle to grave. Onshore wind power plant employing SWT-2.3-108p. 100 Scope 3 emissions Purchased goods and services Supply chain emission factors depend on product US Environmental Protection Agency (EPA) Supply Chain Greenhouse Gas Emission Factors, USD 2018categoriesp. 100 Scope 3 emissions Business travel in private car Assumptions: ‘average car’, ‘unknown fuel type’ UK Department for Environment, Food &amp; Rural Affairs (DEFRA) UK government GHG conversion factors for company reporting, 2022p. 141 Avoided emissions Carbon emissions from average fossil-fuel mix Average of coal, gas, and oil (countries and US states) International Energy Agency (IEA)IEA Emissions Factors 2022 (2020 data) from green bond US Environmental Protection Agency (EPA)US EPA 2023 (eGRID2020 data)proceedsp. 141 Water stress Baseline water stress Measured at site level, baseline water stress is the ratio World Resources Institute (WRI) Aqueduct Water Risk Atlas v3.0, 2019of total water withdrawals to available renewable supplyNote: The table shows references for calculation factors used in the 2023 data set.Alignment with TCFD recommendationsTheme Recommended disclosures Annual report section/Ørsted report Section PageGovernance a)   Describe the board’s oversight of climate-related risks and opportunities Management’s review Corporate governance 52-61b)   Describe management’s role in assessing and managing climate-related risks and opportunities Management’s reviewCorporate governance52-61Remuneration reportRemuneration of the Executive Board6-7Strategy  a)   Describe the climate-related risks and opportunities the organisation has identified over the Management’s reviewStrategy and business 20-38short, medium, and long termSustainability statementsDouble materiality assessment 70-76Sustainability statementsEnvironment: Climate change87-101b)   Describe the impact of climate-related risks and opportunities on the organisation’s businesses, Management’s reviewStrategy and business 20-38strategy, and financial planningSustainability statementsEnvironment: Climate scenario analysis 86Sustainability statementsEnvironment: Climate change87-101c)   Describe the resilience of the organisation’s strategy, taking into consideration different climate-Sustainability statementsEnvironment: Climate scenario analysis 86related scenarios, including a 2 °C or lower scenarioSustainability statementsEnvironment: Climate change87-101Risk management  a)   Describe the organisation’s processes for identifying and assessing climate-related risks Management’s reviewRisks and risk management 34-37Sustainability statementsDouble materiality assessment methodology 77-78Sustainability statementsEnvironment: Climate scenario analysis86b)   Describe the organisation’s processes for managing climate-related risks Management’s reviewRisks and risk management 34-37Sustainability statementsDouble materiality assessment methodology 77-78 Sustainability statementsEnvironment: Climate scenario analysis86c)   Describe how processes for identifying, assessing, and managing climate-related risks are Management’s reviewRisks and risk management 34-37integrated into the organisation’s overall risk managementSustainability statementsDouble materiality assessment methodology 77-78 Sustainability statementsEnvironment: Climate scenario analysis86Metrics and targets  a)   Disclose the metrics used by the organisation to assess climate-related risks and opportunities Management’s reviewOverview: Strategic ambitions 6 in line with its strategy and risk management processManagement’s reviewOverview: Performance highlights: Environment 8Sustainability statementsEnvironment: Climate change87-101b)   Disclose scope 1, scope 2, and, if appropriate, scope 3 greenhouse gas (GHG) emissions and the Management’s reviewOverview: Strategic ambitions 6related risksManagement’s reviewOverview: Performance highlights: Environment 8Sustainability statementsEnvironment: Climate change87-101c)   Describe the targets used by the organisation to manage climate-related risks and opportunities Management’s reviewOverview: Strategic ambitions 6and performance against targetsSustainability statementsEnvironment: Climate change: Targets91Alignment with TNFD recommendationsTheme Recommended disclosures Annual report section/Ørsted report Section PageGovernance a) Describe the board’s oversight of nature-related dependencies, impacts, risks and opportunities Management’s review Corporate governance 52-61b) Describe management’s role in assessing and managing nature-related dependencies, impacts, risks and Management’s review Corporate governance 52-61opportunities. c) Describe the organisation’s human rights policies and engagement activities, and oversight by the board and Sustainability statementsInterests and views of stakeholders 79management, with respect to Indigenous Peoples, Local Communities, affected and other stakeholders, in the Sustainability statementsEnvironment: Biodiversity and ecosystems 102-106organisation’s assessment of, and response to, nature-related dependencies, impacts, risks and opportunities.  Sustainability statementsSocial: Affected communities123-125Strategy  a) Describe the nature-related dependencies, impacts, risks and opportunities the organisation has identified Management’s reviewStrategy and business 20-38over the short, medium and long term. Sustainability statementsDouble materiality assessment 70-79Sustainability statementsEnvironment81-110b) Describe the effect nature-related dependencies, impacts, risks and opportunities have had on the Management’s reviewStrategy and business20-38organisation’s business model, value chain, strategy and financial planning, as well as any transition plans or Sustainability statementsEnvironment81-110analysis in place.c) Describe the resilience of the organisation’s strategy to nature-related risks and opportunities, taking into Management’s reviewRisks and risk management 34-37consideration different scenarios. Sustainability statementsEnvironment81-110d) Disclose the locations of assets and/or activities in the organisation’s direct operations and, where possible, Management’s reviewOverview: Our footprint 14upstream and downstream value chain(s) that meet the criteria for priority locations. Sustainability statementsEnvironment: Biodiversity and ecosystems102-106Risk and impact management a) i. Describe the organisation’s processes for identifying, assessing and prioritising nature-related dependencies, Management’s reviewCorporate governance 52-61impacts, risks and opportunities in its direct operations. Management’s reviewRisks and risk management 34-37 ii. Describe the organisation’s processes for identifying, assessing and prioritising nature-related dependencies, Sustainability statementsDouble materiality assessment 70-79impacts, risks and opportunities in its upstream and downstream value chain(s).Sustainability statementsGovernance: Business conduct127-130b) Describe the organisation’s processes for monitoring nature-related dependencies, impacts, risks and Management’s reviewRisks and risk management 34-37opportunities. Sustainability statementsDouble materiality assessment 70-79 Sustainability statementsEnvironment: Biodiversity and ecosystems102-106c) Describe how processes for identifying, assessing, prioritising and monitoring nature-related risks are Management’s reviewRisks and risk management 34-37integrated into and inform the organisation’s overall risk management processes.Sustainability statementsDouble materiality assessment70-79Metrics and targets  a) Disclose the metrics used by the organisation to assess and manage material nature-related risks and Management’s reviewOverview: Strategic ambitions 6 opportunities in line with its strategy and risk management process.Sustainability statementsEnvironment81-110b) Disclose the metrics used by the organisation to assess and manage dependencies and impacts on nature.  Management’s reviewOverview: Strategic ambitions 6Sustainability statementsEnvironment81-110c)   Describe the targets used by the organisation to manage climate-related risks and opportunities and Management’s reviewOverview: Strategic ambitions 6performance against targetsSustainability statementsEnvironment81-110Additional data points below materiality thresholds   Data point Unit 2023 2022 ΔWater withdrawalTotal volume of water withdrawn Thousand m3767,643 1,021,206 (25 %)Surface water Thousand m3753 708 6 %Groundwater Thousand m3285 205 39 %Seawater Thousand m3765,226 1,018,828 (25 %)Produced water Thousand m3467 422 11 %Third-party water Thousand m3912 1,043 (13%)Freshwater withdrawal intensity 1m3/GWh 46 47 (2 %)Water withdrawal from water-stressed areasFrom areas with low stress levels % 2 0 2 %pFrom areas with low to medium stress levels % 45 55 (10 %p)From areas with medium to high stress levels % 49 45 4 %pFrom areas with high stress levels % 0 0 0 %pFrom areas with extremely high stress levels % 4 0 4 %pWastewater discharge by destination Total volume of water discharge Thousand m3766,920 1,019,827 (25 %)Surface water Thousand m3226 91 148 %Groundwater Thousand m30 0 -Seawater Thousand m3765,4