Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2024-12-31	298786000000	dkk
ifrs-full:Assets	2023-12-31	281136000000	dkk

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2024-01-01	2024-12-31	71034000000	dkk
ifrs-full:Revenue	2023-01-01	2023-12-31	79255000000	dkk

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   <mrv:SustainabilityReport contextRef="ctx-1" id="s9__9__5-1" xml:lang="en">// ESRS 2, SBM-1Our strategic aspirationOur strategic aspiration is to be the world’s leading green energy major. This aspiration builds on three strategic pillars, illustrated to the right. First, we aspire to be one of the world’s leading developers, constructors, and generators of renewable assets. This includes our focus on optimising our projects in construction as well as our generation,  revenue, and trading businesses. Currently, we have 18.2 GW renewable energy installed across our three regions: Europe, Americas, and APAC. In offshore wind, our core business area, we are present in our three regions, with projects in the UK, Northern Europe, Northeastern USA, Taiwan, Korea, and Australia. Our onshore renewables plat-form consists of onshore wind, solar, and storage, with projects in the UK, Ireland, Germany, Spain, and the US. Finally, our bioenergy and carbon capture and storage (CCS) platform is focused in Denmark. We will continue to be active across our three regions, but we will focus our capital allocation. Thus, when we pursue new development opportunities, we will first and foremost prioritise the most financially attractive offshore wind opportunities in regions and countries where we see the most attractive framework conditions and investment environment, and where we have the most distinct competitive differentiation and ability to leverage and unfold our business model. We remain committed to onshore wind, solar PV, battery energy storage solutions, and carbon capture.  //// ESRS 2, IRO-1Sustainability-related risksManaging and evaluating sustainability-related risks as part of ongoing risk management activities is essential for all companies, not least for those in the renewable energy sector. While we have worked with and reported on sustainability risks for many years, we support the added transparency and standardisation provided by the Corporate Sustainability Reporting Directive (CSRD) – and see it as a way of working in addition to being a reporting framework. For several years, we have used the Task Force on Climate-related Financial Disclosures (TCFD) recommendations as a foundation for building our climate risk assessments. These assessments, as well as our EU taxonomy reporting, are now integrated into the climate change section in our sustainability statements. //// ESRS 2, IRO-1Based on the DMA performed in 2024, the magnitude of the identified sustainability-related financial risks were below the magnitude of the enterprise risks presented on the previous page. During 2025, we will further align the sustainability risk assessment between the DMA and enterprise risk framework. //// ESRS 2, GOV-1ExperienceHighly experienced in  managing listed companies from her former position as CFO of Coloplast and current position as CEO of Lundbeckfonden where she serves as a non-executive director of portfolio companies of Lundbeckfonden.Managerial functions in other enterprisesCEO  Lundbeckfonden and Lundbeckfond Invest A/S Chair  LFI Equity A/S1  Deputy Chair  ALK-Abelló A/S1, H. Lundbeck A/S1, Falck A/S1, and Nordea Bank Abp.Board committee memberships in other enterprisesMember of the Remuneration and Nomination Committee of Falck A/S, member of the Nomination &amp; Remuneration Committee and the Scientific Committee of ALK-Abelló A/S, member of the Nomination &amp; Remuneration Committee and the Scientific Committee of H. Lundbeck A/S, and member of the Audit Committee of Nordea Bank Abp. //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity   Social  People management and equity, diversity &amp; inclusion · Health &amp; safety  Governance Business conduct //// ESRS 2, GOV-1ExperienceExtensive international executive experience  from leading positions in large global organisations,  operations, and projects with both Shell (ExCom)  and Galp (CEO) and from his former position as  interim COO of Ørsted. Also, non-executive  experience as Vice Chair of SBM Offshore.Other positionsAdvisor of ZeroAvia Inc. and President of the council  of the Energy Institute (EI). //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment Decarbonisation  Social People management and equity, diversity &amp; inclusion · Health &amp; safety · Human rights · Community impact  Governance   Business  conduct //// ESRS 2, GOV-1ExperienceExtensive industrial and leadership experience from global listed companies within the forestry, paper, and packaging industry, from her former positions as  President and CEO of Stora Enso and as CEO of Holmen  Iggesund Paperboard. A deep knowledge of sustainability transformation and policy development in the EU and globally.Managerial functions in other enterprisesChair  Permascand Top Holding AB  Member Vaisala Oyj, Fagerhult Group AB (publ), Nordstjernan AB, and Stegra AB.Board committee memberships in other enterprisesMember of the Nomination Committee and the  People and Sustainability Committee of Vaisala Oyj and member of the Risk, Audit, and Sustainability Committee of Stegra AB.Other positionsMember of the Royal Swedish Academy of Engineering Sciences (IVA). //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity ·  Circularity  Social  People management and equity, diversity &amp; inclusion · Health &amp; safety · Human rights · Community impact  Governance  Business conduct //// ESRS 2, GOV-1ExperienceStrong 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  government policy perspectives from positions, among others, as member of the Committee on  Climate Change and non-executive director of the Green Investment Bank.Managerial functions in other enterprisesChair  The Carbon Trust and Frontier IP Group Plc.   Non-executive director  Ceres Power Holdings Plc (Senior Independent Director).Board committee memberships in other enterprisesChair of the ESG Committee and member of the  Remuneration Committee and the Nomination Committee of Ceres Power Holdings Plc and member of the Remuneration Committee of Frontier IP Group Plc. Other positionsCrossbench Peer in the UK House of Lords, and Chair of the Adaptation Committee of the Committee on Climate Change. //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity · Circularity  Social  People management and equity, diversity &amp; inclusion · Health &amp; safety · Human rights · Community impact  Governance  Business conduct //// ESRS 2, GOV-1ExperienceExtensive 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 his former position as CFO of AAK AB.Managerial 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, United Fintech Group Limited, 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, Projektselskabet Teglbuen A/S, and two-wholly owned subsidiaries of BCHG Holding A/S. Board committee memberships in other enterprisesMember of the Nomination &amp; Remuneration Committee of Flügger group A/S and member of the Remuneration Committee and the Finance, Risk and Audit Committee of Too Good To Go Holding Aps. //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Circularity  Social  People management and equity, diversity &amp; inclusion  Governance Business conduct //// ESRS 2, GOV-1ExperienceHighly experienced in capital markets, investments, and risk management from leading positions within the finance sector, including as former CFO of Allianz and Zurich Insurance.Managerial functions in other enterprisesChair  Marco Holding, plc and one wholly-owned  subsidiary of Marco Holding, plc. //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment Decarbonisation Social  People man-agement and equity, diversity &amp; inclusion · Human rights · Community impact  Governance Business conduct //// ESRS 2, GOV-1ExperienceBenny Gøbel has worked in Ørsted since 2005.PositionSenior Mechanical Specialist, Commercial. //// ESRS 2, GOV-1ExperienceLeticia Francisca Torres Mandiola has worked  in Ørsted since 2018.PositionLead Strategy Consultant, Commercial. //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation Social People management and equity, diversity &amp; inclusion //// ESRS 2, GOV-1ExperienceIan McCalder has worked in Ørsted since 2014.PositionRadio Communication Project Specialist, EPC //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesSocial  People management and equity, diversity &amp; inclusion · Health &amp; safety  Governance Business conduct //// ESRS 2, GOV-1ExperienceAnne Cathrine Collet Yde has worked in Ørsted  since 2 017.PositionHead of HR Business Partners Europe,  People &amp; Culture. //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesSocial  People management and equity, diversity  &amp; inclusion · Health &amp; safety · Human rights ·  Community impact //// ESRS G1, GOV-1The Chair of the Audit &amp; Risk Committee is responsible for managing our whistleblower scheme. Internal Audit receives and handles any reports submitted. //// ESRS 2, GOV-1Professional experience2025: Ørsted, Group President and CEO 2024: Ørsted, Deputy CEO and Chief Commercial  Officer (CCO)2023: 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-LawBoard committee memberships in other enterprisesMember of the Main Board of the Confederation  of Danish Industries (DI). //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity   Social  People management and equity, diversity &amp; inclusion · Health &amp; safety · Community impact   Governance  Business conduct //// ESRS 2, GOV-1Professional experience2024:  Ørsted, Executive Vice President and Group Chief Financial Officer (CFO)2017-2019:  VEON, Group CFO2010-2016:  A.P. Moller-Maersk, Group CFO and member of  the Executive Board2004-2009:  Telenor, Group CFO and Executive Vice President1997-2004:  Aker Group, most recently as Group CFO and Executive Vice President in Aker KvaernerManagerial functions in other enterprisesChair: Arendals Fossekompani //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Circularity  Social   People management and equity, diversity &amp; inclusion · Health &amp; safety · Human rights · Community impact Governance  Business conduct //// ESRS 2, GOV-1Professional experience2022: Ørsted, member of the Executive Board 2019: Ørsted, Executive Vice President and Chief HR Officer (CHRO) 2014 – 2019: Danske Bank A/S, most recently as Chief HR Officer2007 – 2014: SAS AB, most recently as Deputy CEO, Executive Vice  President, HR &amp; Communication1998 – 2007: TDC A/S, most recently as Senior Executive Vice President, Chief of Staff, member of the Executive Management Team19 92  –  1998 : Peptech (Europe) A/S and Mercuri Urval A/S:  Various positionsManagerial positions in other enterprisesBoard member: NV Bekaert SA (member of the Nomination &amp; Remuneration Committee) and SAS AB (Chair of the Remuneration Committee). //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity  Social   People management and equity, diversity &amp; inclusion · Health &amp; safety · Human Rights  Governance Business conduct //// ESRS 2, GOV-1Professional experience2024: Ørsted, Chief Operating Officer (COO) and member  of the Group Executive Team, Head of EPC 2016-2024: Ørsted, most recently as Head of European Execution Programmes 2012-2016: Centrica, most recently as Head of Solar and Managing Director of the British gas solar business2005-2011: EDF Energy, most recently as Electrical Systems Project Manager //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity ·  Circularity Social  People management and equity, diversity &amp; inclusion · Health &amp; safety · Human rights · Community impact  Governance  Business conduct //How to read the  sustainability statements Our management report consists of two parts: the management’s review and the sustainability statements. Our  sustainability statements are structured according to the four overall sections in the European Sustainability  Reporting Standards (ESRS): ‘General’, ‘Environment’, ‘Social’, and ‘Governance’. Most of our ESRS disclosures can be found in these four sections. However, some of the disclosures from the cross-cutting standard ESRS 2 are best suited to be read in the management’s review and remuneration report and therefore have been ‘incorporated by reference’.The specific ESRS disclosure requirements are marked throughout the sustainability statements and manage-ment’s review, starting and ending with ‘//’. In our data tables with metrics, we have also included the data point reference from the ESRS standards. We provide additional entity specific data points where necessary, marked with ‘entity spec.’. Information on where we have reported on ESRS  disclosure requirements can be found on pages 60-62.GeneralBasis for preparation// ESRS 2, BP-1 General basis for preparation  of sustainability statementsFrameworks and data selection The sustainability statements are prepared in  accordance with the ESRS standards adopted by the EU Commission. All the disclosures included in the E, S, and G sections have either been assessed as material according to our double materiality assessment (DMA) or are mandatory according to the ESRS standards.// ESRS 2, BP-2All greenhouse gas emissions (GHG scopes 1-3) are reported based on the Greenhouse Gas Protocol. //ConsolidationThe sustainability statements have been prepared on a consolidated basis. The data is consolidated accord-ing to the same principles as the financial statements and thus comprises the parent company Ørsted A/S and subsidiaries controlled by Ørsted A/S. Joint oper-ations are included with Ørsted’s proportionate share. Associates and joint ventures are not included in the consolidated data. For the reporting of absolute scope 1 and 2 GHG emissions, we also report the  difference between total scope 1 and 2 GHG  emissions using operational control of the sites we operate as  consolidation principle compared to scope 1 and 2 totals using our standard financial  consolidation of the entities, as per ESRS disclosure requirement E1-6, data point 50. Consolidation of all data follows the principles above, unless otherwise specified in the accounting policies. Value chainThe sustainability statements cover our upstream and downstream value chain as the related impacts, risks, and opportunities have been identified and assessed in our DMA. Selected policies, actions, and targets extend to our value chain, where relevant. Measurement basisThe accounting policies have been applied consist-ently in the financial year and for comparative figures. Calculation factors used are listed on the pages with the relevant metrics, together with references. External reviewOur auditor PwC has performed limited assurance of our sustainability statements (please see the auditor’s limited assurance report on page 255). // // ESRS 2, BP-2Disclosures related to  specific circumstancesSources of estimation and outcome uncertainty (including value chain estimation)We make assessments and estimates for the  reporting of some data points using indirect sources, including sector-average data and proxies. This includes our resource inflow metrics and EU taxonomy KPIs. For our scope 3 GHG emissions reporting, we use estimates in the way that we generally use activity data com-bined with emissions factors. It is not feasible to obtain  accurate supplier-specific data and emissions factors for all of our scope 3 GHG emissions cate-gories.  Therefore, in some cases, we use broader, more generic activity data or emissions factors and  extrapolate these to cover data gaps that we might have. We describe the basis for preparation of these estimates in our accounting policies.We regularly reassess our use of estimates and  judgements based on experience, the development of ESG reporting, and several other factors. Changes in estimates are recognised in the period in which the estimate in question is revised. Changes in preparation or presentation  of sustainability informationFor adjustments to financial numbers presented in the sustainability statements, we follow the financial statements. We have a policy for adjustments to ESG metrics to support our assessment as to whether we should restate previously reported numbers in case we discover an error or change the accounting policy. If we assess that a restatement is necessary based on materiality, we clearly indicate what the restatement is in the relevant table with the metric.Changes in 2024We have updated parts of our EU taxonomy accounting policy in 2024, which has triggered a restatement of some of our 2023 data.Firstly, in 2023, we reported our natural gas-based thermal energy generation activity as non-eligi-ble, despite recognising that it was an activity in the  Complementary Climate Delegated Act, as it accounted for less than 1.0 % of revenue, EBITDA, CAPEX, and OPEX, and therefore was assessed as not material to report as taxonomy-eligible. However, we have decided to report the activity as taxonomy- eligible (but not taxonomy-aligned) in 2024, reflecting official EU taxonomy reporting guidance that states materiality levels may not be used. For transparency and comparability reasons, we have also applied this updated accounting policy to the 2023 numbers for revenue, EBITDA, CAPEX, and OPEX.Secondly, we have updated our accounting policy regarding taxonomy-aligned revenue and CAPEX adjusted for green bonds financing. Previously, we have adjusted both the numerator and denominator in the KPIs, but we have updated our approach in 2024, so only the numerator is adjusted, reflecting offi-cial EU taxonomy reporting guidance. We have also applied this updated accounting policy to the 2023 numbers, which has triggered a restatement of these two KPIs. // ESRS disclosure requirementsContent indexThe tables to the right and on the following pages list all of the ESRSdisclosure requirements in ESRS 2 and the seven topical ESRS standards which are material to Ørsted, and which have guided the preparation of our  sustainability statements. They can be used to navigate to information relating to a specific ESRS disclosure requirement (e.g. BP-1) or to our ‘entity specific data points’. They also show where to find information relating to specific disclosure require-ments that lie outside of the sustainability statements and is ‘incorporated by reference’. Our remuneration report is published as a separate report.// E2, IRO-1; E3, IRO-1Immaterial ESRS standardsWe have omitted all the disclosure requirements in the topical standards ESRS ‘E2 Pollution’, ESRS ‘E3 Water and marine resources’, and ESRS ‘S4 Consumers and end-users’, as these topics were deemed immaterial in our DMA. For ESRS E2 and ESRS E3, we identified and assessed impacts, risks, and opportunities following the same methodology and process steps as for the topics deemed material. This was informed by environmental impact assessments, risk registers, reported data, and other documentation, such as asset-specific conditions for management of pollution and water imposed by local authorities, which is particularly relevant for our CHP plants. However, none of the identified IROs were assessed as material for these two topics due to the high minimum environmental requirements imposed by authorities in the countries where we operate our assets. //// ESRS 2, IRO-2 and BP-2Cross-cutting standardsESRS 2  ·  General disclosures (incl. incorporation by reference)BP-1General basis for preparation  of the sustainability statementsSUS · page 59BP-2Disclosures in relation to  specific circumstancesSUS · pages 59-62GOV-1The role of the administrative, management, and supervisory bodiesMR · pages 46-48, 52SUS · pages 63-64, 130, 134-135GOV-2Information provided to and sustainability matters addressed by the undertaking’s administrative, management, and supervisory bodiesSUS · pages 63-64GOV-3Integration of sustainability- related performance in  incentive schemesREM · page 7 · Performance of the Executive BoardGOV-4Statement on sustainability due diligenceSUS · page 77GOV-5Risk management and internal controls over sustainability reportingSUS · page 64SBM-1Strategy, business model,  and value chain MR · page 21SUS · pages 65-66, 68, 103, 133SBM-2Interests and views  of stakeholdersSUS · pages 75-76SBM-3Material impacts, risks,  and opportunities and their interaction with strategy  and business modelSUS · pages 68-72, 82-83, 85-88, 109-110, 117, 125, 138, 146-147, 154IRO-1Description of the process  to identify and assess  material impacts, risks,  and opportunitiesMR · page 28SUS · pages 73-74IRO-2Disclosure requirements in ESRS standards covered by the undertaking’s   sustainability statementsSUS · pages 60-62, 74, 78-79BP   Basis for preparationGOV   GovernanceSBM   Strategy and business modelIRO   Impacts, risks, and opportunitiesMR  Management’s reviewSUS  Sustainability statementsREM  Remuneration report   Disclosure  requirements partly or fully incorporated by referenceStructure of the ESRS topics in our report Each topical chapter in the ‘Environment’ and ‘Social’ sections follow the below structure:Value chain illustrationVisualisation of our material impacts, risks, and opportunities (IROs) resulting from our DMAFurther details of our IROsTables describing the IROs and how we manage them (incl. link to strategy and business model)Transition planResilience of our strategy and business model to our IROs (for E1 and E4)Policies and approachesRelevant policies per topic and approaches to e.g. stakeholder engagement (for S1, S2, and S3) ActionsActions taken in the reporting year and planned for the future, where relevant, to address our IROs TargetsTargets adopted to track effectiveness  of our policies and actions (if applicable)MetricsPerformance data, primarily disclosed  in data tables, including accounting policiesEnvironmental standardsESRS E1  ·  Climate change (incl. incorporation by reference)E1, GOV-3 (ESRS 2)Integration of sustainability- related performance in  incentive schemesREM · page 7 · Performance  of the Executive BoardSUS · pages 88, 134E1-1Transition plan for climate change mitigationSUS · pages 83-85E1, SBM-3 (ESRS 2)Material impacts, risks,  and opportunities, and their interaction with strategy  and business modelSUS · pages 82, 85-88E1, IRO-1 (ESRS 2)Description of the processes to identify and assess material climate-related impacts, risks, and opportunitiesSUS · pages 85-88E1-2Policies related to climate change mitigation and adaptationSUS · page 88E1-3Actions and resources in  relation to climate change policiesSUS · pages 88-90E1-4Targets related to climate change mitigation and adaptationSUS · pages 91-92E1-5 Energy consumption and mixSUS · pages 93, 102E1-6 Gross scope 1, 2, 3, and total GHG emissionsSUS · pages 94-95Entity-specific data points·  Energy consumption and mix·   Gross scope 1, 2, 3, and total GHG emissions·  Overview by country·  Renewable capacity·  Generation capacity·  Energy business drivers·  Energy generation and sales·   Total heat and power generation by sourceSUS · pages 93-95, 97-102Environmental standardsESRS E4  ·  Biodiversity and ecosystemsE4-1Transition plan and conside- ration of biodiversity and  ecosystems in strategy  and business modelSUS · page 110E4, SBM-3 (ESRS 2)Material impacts, risks,  and opportunities and their interaction with strategy  and business modelSUS · pages 111-112, 114E4, IRO-1 (ESRS 2)Description of processes  to identify and assess material biodiversity and ecosystem- related impacts, risks, depend-encies, and opportunitiesSUS · pages 110-111E4-2Policies related to biodiversity and ecosystemsSUS · pages 112-113E4-3Actions and resources related to biodiversity and ecosystemsSUS · page 113E4-4Targets related to biodiversity and ecosystemsSUS · page 113E4-5Impact metrics related to biodiversity and ecosystems changeSUS · page 114Environmental standardsESRS E5  ·  Resource use  and circular economyE5, IRO-1 (ESRS 2)Description of the processes to identify and assess material resource use and circular  economy-related impacts, risks, and opportunitiesSUS · page 118E5-1Policies related to resource  use and circular economySUS · page 118E5-2Actions and resources related to resource use and circular economySUS · pages 118-120E5-3Targets related to resource  use and circular economySUS · page 120E5-4Resource inflowsSUS · page 121E5-5Resource outflowsSUS · page 122Social standardsESRS S1  ·  Own workforceS1, SBM-2 (ESRS 2)Interests and views  of stakeholdersSUS · page 75S1, SBM-3 (ESRS 2)Material impacts, risks,  and opportunities and their interaction with strategy  and business modelSUS · pages 125-126S1-1Policies related to  own workforceSUS · pages 126-129S1-2Processes for engaging  with own workers and workers’ representatives about impactsSUS · pages 129-131S1-3Processes to remediate nega-tive impacts and channels for own workers to raise concernsSUS · page 131S1-4Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effec-tiveness of those actionsSUS · pages 128-129S1-5Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunitiesSUS · pages 131-132S1-6Characteristics of the  undertaking’s employeesSUS · pages 133, 135S1-9Diversity metricsSUS · page 135S1-14Health and safety metricsSUS · page 136S1-16Compensation metrics (pay gap and total compensation)SUS · pages 134-135S1-17Incidents, complaints,  and severe human rights impactsSUS · page 129Entity-specific data points· People·   Group Executive Team  and Board of Directors·  Diversity and pay gap· SafetySUS · page 133-136Social standards ESRS S2  ·  Workers in the value chainS2, SBM-2 (ESRS 2)Interests and views  of stakeholdersSUS · page 75S2, SBM-3 (ESRS 2)Material impacts, risks,  and opportunities and their interaction with strategy  and business modelSUS · pages 138-139S2-1Policies related to value  chain workersSUS · pages 139-140S2-2Processes for engaging  with value chain workers  about impactsSUS · pages 140-141S2-3Processes to remediate  negative impacts and channels for value chain workers to  raise concernsSUS · pages 141-142S2-4Taking 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 actionsSUS · pages 140-143S2-5Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunitiesSUS · page 143Entity-specific data pointsSupply chain due diligenceSUS · page 144Social standardsESRS S3  ·  Affected communitiesS3, SBM-2 (ESRS 2)Interests and views  of stakeholdersSUS · page 75S3, SBM-3 (ESRS 2)Material impacts, risks,  and opportunities and their interaction with strategy  and business modelSUS · pages 146-148S3-1Policies related to affected communitiesSUS · pages 148-149S3-2Processes for engaging with affected communities about impactsSUS · pages 149-150S3-3Processes to remediate  negative impacts and channels for affected communities to raise concernsSUS · page 150 S3-4Taking action on material impacts on affected commu- nities, and approaches  to managing material risks  and pursuing material oppor- tunities related to affected communities, and effective-ness of those actionsSUS · pages 149-151S3-5Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunitiesSUS · page 151Governance standards ESRS G1  ·  Business conduct(incl. incorporation by reference)G1, GOV-1 (ESRS 2)The role of the administrative, supervisory, and management bodiesMR · pages 46-49, 52G1, IRO-1 (ESRS 2)Description of the pro-cesses to identify and assess material impacts, risks, and opportunitiesSUS · page 155G1-5Political influence and  lobbying activitesSUS · pages 155-156Entity-specific data pointsWhistleblower casesSUS · page 156Sustainability governance// ESRS 2, GOV-1Our sustainability governance enables us to deliver on sustainability matters. In 2024, we redesigned our sustainability governance. The new set-up ensures clear executive accountability for our sustainability matters and stronger ownership of material sustainability impacts, risks, and opportunities throughout Ørsted. The new governance was approved by our Group Executive Team in 2024 and will be fully implemented in 2025.Board of DirectorsØrsted’s Board of Directors is the highest governing body for sustainability. The Board ultimately approves the strategic direction and targets, oversees our per-formance on material sustainability impacts, risk, opportunities (IROs), and approves the double materi-ality assesssment (DMA) results annually. // // ESRS 2, GOV-1 and GOV-2The Board is presented with a progress update annually across material IROs and strategic priorities and targets, and engages in deep dives on sustainability topics, when needed. // // ESRS 2, GOV-1As a whole, the Board possesses expertise across our material sustainability IROs. Based on the seven ESRS topics that have been assessed as material to Ørsted through our DMA, we have mapped the Board’s sustainability competences to ensure that they have the relevant expertise to oversee material sustainability matters. For more details, see pages 46-48 in the  management’s review. Audit &amp; Risk CommitteeThe Audit &amp; Risk Committee reports to the Board of Directors. The committee is responsible for the integrity and statutory compliance of Ørsted’s CSRD reporting.The Audit &amp; Risk Committee meets six times a year and annually reviews our CSRD reporting, including the DMA results, before the Board of Directors approves it.For description of the Nomination &amp; Remuneration Committee, the Asset Project Committee, and Internal Audit, please see page 49.Group Executive TeamThe Group Executive Team steers and approves the strategic direction on sustainability and is account-able for oversight and performance on material  sustainability  IROs. Ørsted’s Chief Commercial Officer (CCO) has the over-all responsibility for ensuring that the business delivers on our sustainability targets and actions, in line with our sustainability ambition. Our Chief Financial Officer (CFO) is responsible for our sustainable finance report-ing, including our CSRD reporting. // // ESRS 2, GOV-1 and GOV-2The Group Executive Team discusses material sustain-ability IROs twice a year. They approve our strategic direction and targets on sustainability, including links to our corporate strategy, and are accountable for our performance ambitions on sustainability topics. The Group Executive Team discusses and reviews the DMA ahead of the Board of Directors’ approval as well as performance on material sustainability matters and progress towards targets. The Group Executive Team has always considered material sustainability matters when  overseeing our corporate strategy, and going forward, the IROs resulting from our DMA will further inform their decision- making and support that the IROs are con-sistently considered in decisions, ranging from what we source to how we develop, construct, operate, and decommission our projects. The material IROs addressed during the year are described in the topical ESRS chapters under the actions section. // // ESRS 2, GOV-1As a whole, the Group Executive Team possesses expertise across our material IROs. For more details, see page 52 in the management’s review. Group Executive Team accountable personsIn 2024, we strengthened the Group Executive Team’s accountability for sustainability and delegated accountability of material sustainability areas to individual members of the Group Executive Team in alignment with the sustainability topics defined in the ESRS standards. The new governance integrates responsibility into the line organisation in Ørsted to ensure a focused set-up with a strong mandate to execute on sustainability topics. The new accountable persons in the Group Executive Team are individually accountable for driving progress on the assigned sustainability topic according to road-maps, including defining key actions and allocating resources to secure progress on targets and ambitions. They will be supported by supportive decision forums as well as internal experts from the support functions on sustainability topics.Supportive decision forumsThe Decarbonisation Core Group and the  Biodiversity &amp; Community Impact Core Group will support the accountable persons in the Group Executive Team in delivering on our strategic sustainability priority areas. The two new groups will kick off in 2025 and consist of the Group Executive Team accountable person and senior leaders from functional areas with a clear role in delivering on the material sustainability matters. The groups have a tactical responsibility and decide on new sustainability initiatives needed to deliver on our ambitions and targets, guide implementation in the organisation, and act on IROs. The core groups will meet two-three times a year or pending need.We are in the process of establishing a human rights task force, specifically focused on strengthening our due diligence systems to ensure compliance with the upcoming EU Corporate Sustainability Due Diligence Directive (CSDDD). The task force will enable the implementation of a human rights management  system and oversee its integration into relevant business processes to reach compliance. The task force will kick off in 2025 and consist of the Group Executive Team accountable person as well as senior leaders representing Ørsted’s value chain to ensure the value chain-wide approach of integrating human rights into management systems and processes. The task force will meet twice a year.The Compliance Committee monitors compliance with laws, rules, standards, and internal codes of conduct for all business areas. The QHSE Committee oversees our quality, health, safety, and environment (QHSE) priorities and has a special focus on these aspects in relation to sustainability topics.Business functionsThe business functions are responsible for executing on material sustainability IROs. They deliver concrete actions on the ground to progress on our targets and ambitions while managing risks and capturing performance data. Support functionsThe key support functions are Corporate Strategy, Global Sustainability, and Group Finance. The support functions assist all the accountable persons in  facilitating the sustainability work and oversight and guides and enables the accountable persons in the Group Executive Team and the business in setting ambition levels and delivering on sustainability matters. // // ESRS 2, GOV-5 Risk management and internal controlsIn preparation for the CSRD, a plan was estab-lished to perform walkthroughs to identify risks, reassess existing controls, and identify additional controls for sustainability reporting. This initiative started in 2024 and will continue until the end of 2025. These walkthroughsof sustainability reporting processes were priori-tised based on the results of the DMA performed in 2023 with reference to the draft ESRS. Priority is given to the quantitative data points related to our material ESRS topics.The walkthroughs are facilitated by the Internal Control Assurance team (second line of defence) in collaboration with functions involved in the sustainability reporting processes and data collection processes. The risks associated with the completeness, accuracy, and timeliness of the data as well as results of estimations and calculations are assessed based on materiality of the individual data points and process complexity. The walkthrough of the ESRS ‘E1 Climate change’ topic was finalised in 2024. It was con-firmed that main risks in data collection and reporting processes for material data points within this area have been mitigated by rele-vant controls. Some controls required formal-isation, which has been completed in 2024. Since January 2025, formalised controls for this area have been included in our ‘Internal con-trol framework’ for financial and sustainability reporting processes to further monitor their design and operating effectiveness.The Audit &amp; Risk Committee monitors our  sustainability reporting processes, including the plans for improvements, risks, internal controls, and their operating effectiveness. //Our business model and  how we create value // ESRS 2, SBM-1We create value by developing, constructing,  operating, and owning renewable assets and by providing sustainable energy products to our  customers. Our portfolio includes offshore and onshore wind farms, solar farms, energy storage, and CHP plants.Key inputs and what we depend onNatural resources Our business relies on natural resources, such as wind and sun, for our assets to generate the renewable energy we sell to our customers. To deliver on our renewable capacity target, we also depend on materials such as steel and copper and on critical raw materials. We secure those inputs through volume agreements and a thorough process for vetting new suppliers.Human and financial capitals We depend on human capital through our talented 8,000+ employees, working to create value every day while adhering to our core values. Our business model depends on financial capital where our partnership model plays a key role in recycling cash flow through farm-downs.Stakeholder relationships We depend on political support for the continued renewable energy build-out, and we rely on a construc-tive dialogue with authorities, suppliers, investors, and joint venture partners.Key outputs and benefits createdCustomers We help countries and companies meet their climate targets. We enter into long-term agreements to give customers certainty about the costs and origin of their renewable power supply.Communities We ensure people in the regions where we operate benefit from and support the build-out of renewable energy, thereby driving a lasting, positive change for communities.Shareholders We will invest in value-creating growth opportunities and operate our portfolio in a cost-effective way to create value for our shareholders.Employees We ensure a safe and inclusive workplace focused on employees’ skills development and their well-being.Our business model in relation to sustainabilityWe have made it a core commitment to develop, construct, and operate our renewable assets in an environmentally and socially sustainable way, which helps de-risk projects, enhance our license to operate, and drive a lasting, positive change for society. //Our strategy and impact on sustainability matters// ESRS 2, SBM-1We develop, construct, and operate our renewable energy assets in an environmentally and socially sustainable way. We work continuously to integrate sustainability into our strategy and business model and to respond to the main challenges and opportunities ahead of us and in our industry.We have three strategic sustainability priorities – decarbon-isation, biodiversity, and community impact – which play an enabling role in our commercial and project  delivery. These priorities were confirmed by the result of our 2024 double materiality assessment (DMA) and reflect where strategic value is gained in our business model by creating positive impacts on nature and society. At the same time, we acknowledge the aspects of our strategy and business model that bring vulnerabilities and risks. Renewable energy requires significant amounts of natural resources, such as steel, with negative impacts on climate and the environment. The build-out also affects people and local communities. We therefore focus our efforts on making sure that we mitigate negative impacts while creating positive impacts by decarbonising societies, helping to protect nature, and making sure the build-out brings benefits to people, workers, and local communities. // Double materiality  assessment We have conducted a double materiality assessment (DMA) according to the double materiality criteria defined in ESRS 1 and implementation guidance from EFRAG. In our DMA, we have identified and assessed our impacts on the environment and society as well as the sustainability- related financial risks that we are exposed to and the opportunities we leverage. In total, 40 impacts, risks, and opportunities (IROs) have been assessed as material, comprising of 7 positive impacts, 23 negative impacts,  8 risks, and 2 opportunities (see pages 69-72).A high-level outcome of our DMA is shown in the matrix, aggregated per ESRS topic. Seven ESRS topics are material to Ørsted, with six of these topics having ‘double materiality’, i.e. they have both material impacts and financial risks or opportunities. Climate change (E1), biodiversity and ecosystems (E4), resource use and circular economy (E5), and affected communities (S3) are our most material sustainability matters, and the IROs within these topics are closely linked to our strategic aspiration to be the world’s leading green energy major.The highest-scoring IRO within a topic determines the placement of that topic in the matrix. ‘E1 Climate change’ is e.g. placed in the quadrant shown due to a positive impact and an opportunity scored as ‘crucial’. However, this topic also has negative impacts and risks scored as ‘significant’, which are not shown in the matrix. If multiple topics are placed within the same quadrant, e.g. E4, E5, S3, they are listed in chronological order, and this does not indicate differing degrees of materiality.// ESRS 2, SBM-3E1 Climate changeØrsted impact, risk, and opportunity (IRO)  IRO +/- A/P OO/VC Materiality level1 Climate change mitigationRenewable energy deployment I + A OO CrucialRenewable energy deployment O OO CrucialCarbon removal through nature-based projects I + P OO SignificantScope 1 and 2 GHG emissions from our operations I - A OO Significant Scope 3 GHG emissions from the renewable energy I - A VC Significantsupply chain Scope 3 GHG emissions from regular power sales and I - A VC Significantnatural gas sales Climate-related transition risks due to changes in political  R OO Significantsupport for the renewable energy build-out2 Climate change adaptationClimate-related physical risks (chronic and acute) R OO Significant3 EnergyEnergy consumption, mainly at our CHP plants I - A OO SignificantMaterial impacts, risks,  and opportunities (IROs)Overview of our material IROsIn the following tables, we list our IROs that were identified and assessed as material in our DMA, i.e. they were scored with either a ‘crucial’ or ‘significant’ level of materiality. Within each ESRS topic, we specify which sub-topics the IROs relate to, e.g. in ESRS ‘E1 Climate change’, the sub-topics are ‘climate change mitigation’, ‘climate change adaptation’, and ‘energy’. Brief descriptions of the material IROs are also included in the tables, alongside an indication as to whether the IROs are in our own operations (OO) or value chain (VC). For impacts, we also show whether they are positive (+),  negative (-), actual (A), or potential (P). More information  on each IRO, including how we manage them, is included  in the topical sections under ‘Environment’, ‘Social’,  and ‘Governance’.Inherent risks and impactsOur DMA is based on inherent risks and impacts but also accounts for actions that have been fully integrated in our governance, management, and daily operations to reduce or mitigate their effects.I ImpactR RiskO Opportunity + Positive– NegativeA ActualP PotentialOO  Own operationsVC  Value chain// ESRS 2, SBM-3E4 Biodiversity and ecosystemsØrsted impact, risk, and opportunity (IRO)  IRO +/- A/P OO/VC Materiality level1 Direct impact drivers of biodiversity lossNatural resources exploitation and land-use and freshwater-use  I - A VC Crucialchange from miningEcotoxicity from mining I - A VC SignificantLand-use and sea-use change from coal and gas extraction I - A VC Significant2 Impacts on the extent and condition of ecosystemsHabitat loss from land degradation from mining I - A VC CrucialBiodiversity restoration, research, and innovation initiatives I 1+ A OO SignificantBiodiversity restoration, research, and innovation initiatives O 1OO SignificantTemporary disturbances to habitats during construction I - A OO Significant3 Impacts on the state of species1Species population size decrease, and extinction risk increase  I - A VC Crucialdue to mining Temporary displacement or loss of species during construction I - A OO Significant1  The positive impact and opportunity also fall under the sub-topic ‘Impacts on the state of species’.// ESRS 2, SBM-3E5 Resource use and circular economyØrsted impact, risk, and opportunity (IRO)  IRO +/- A/P OO/VC Materiality level1 Resource inflows, including resource useUse and depletion of virgin materials I - A VC CrucialIncreased demand for scarce critical raw materials and necessary R VC Significantmaturation of supply chains for lower-emissions alternatives2 WasteMaterials wasted during construction, operation, and I - A OO Significantdecommissioning// ESRS 2, SBM-3S1 Own workforceØrsted impact, risk, and opportunity (IRO)  IRO +/- A/P OO/VC Materiality level1 Working conditionsFlexible working conditions I + A OO SignificantWork-induced stress I - A OO SignificantPossible work-related injuries and fatalities I - P OO SignificantIncreased voluntary turnover, potentially due to perceived  R OO Significantinternal risks or uncertainties2 Equal treatment and opportunities for allUnequal gender distribution in management I - A OO Significant// ESRS 2, SBM-3S2 Workers in the value chainØrsted impact, risk, and opportunity (IRO)  IRO +/- A/P OO/VC Materiality level1 Working conditionsExcessive working hours for supply chain workers I - A VC SignificanPossible work-related injuries and fatalities for supply chain workers I - P VC Significan2 Other work-related rightsDebt bondage and withholding of passports I - A VC SignificantState-imposed forced labour in the solar PV supply chain I - P VC SignificanForced labour allegations or misconduct in major supply chains for R VC Significantrenewable energy materials and components// ESRS 2, SBM-3S3 Affected communitiesØrsted impact, risk, and opportunity (IRO)  IRO +/- A/P OO/VC Materiality level1 Communities’ economic, social, and cultural rightsPollution from mining may impact communities’ health I - P VC CrucialLocal jobs and educational opportunities I + A OO CrucialImprovement to public infrastructure improving living standards I + A OO SignificantLocal communities’ resistance and concerns with renewable R OO Significantenergy projects Increasing local content and social impact requirements  R OO Significantin tender processes2 Rights of Indigenous Peoples Indigenous Peoples’ rights and livelihoods possibly disrespected  I - P VC Crucialor disrupted by suppliersIndigenous Peoples’ rights and livelihoods disrespected or disrupted I - A OO Significantduring development and constructionConsent of Indigenous communities R OO Significant// ESRS 2, SBM-3G1 Business conductØrsted impact, risk, and opportunity (IRO)  IRO +/- A/P OO/VC Materiality level1 Political engagement and lobbying activitiesConstructive political engagement through lobbying I + A OO SignificantMethodology and process// ESRS 2, IRO-1 We developed our double materiality assessment (DMA) methodology and process steps based on the ‘IG1: Materiality Assessment Implementation  Guidance’ published by EFRAG in May 2024. In addition, we developed scoring tools to operationalise the parameters and criteria set out and to document the process steps, including rationales and supporting documentation for our scoring assessments.Methodologies  and assumptionsScopeWe have considered all the sub-sub-topics listed in ESRS 1 when identifying our impacts, risks, and opportunities (IROs). For impacts on people and the environment (inside-out), we considered both positive and negative impacts related to sustainability matters, which can be both actual and potential. In our financial assessment (outside-in), we assessed potential sustainability-related risks that could trigger a negative financial effect on our business and opportunities that could benefit our business positively. We considered activities within our own operations as well as from our business relationships and value chain. Our value chain assessment mainly focused on our first-tier suppliers, and beyond that, we relied on industry-wide value chain assessments,  industry knowledge, and internal knowledge based on our engagement in various forums. We had  particular focus on the upstream value chain focusing on sourcing of materials and exposure to certain geographies that might give rise to a heightened risk of adverse human and labour rights and of environmental impacts due to the nature of our industry.Stakeholder engagementUnderstanding which stakeholders are affected by our business is fundamental. This is managed continuously through ongoing dialogues to understand stakeholders’ positions, concerns, and expectations. The insight gained from these continuous dialogues also served to inform our DMA as we used our in-house  subject-matter experts as a valid proxy for bringing the interests and views of our stakeholders into the DMA. They used their professional judgement when applying the scoring criteria and were informed by publicly available evidence of circumstances, determining that a matter is material without further analysis. Our continuous engagement activities in the communities where we are present were also a solid basis for assessing our material impacts and risks.ScoringImpactsAs per ESRS 1 and the guidance from EFRAG, three parameters of ‘scale’, ‘scope’, and ‘irremediable charac-ter’ have been used in the scoring of the ‘severity’ of our actual and potential negative impacts:1   When scoring ‘scale’, we assessed how great the impact is or could be on the environment or people. For actual negative impacts, the scale depends on successful mitigation that has taken place before or during the event. Therefore, when scoring ‘scale’, the current mitigation actions were considered, including the ‘license to operate’ conditions required by authorities.2   When scoring ‘scope’, we assessed how widespread the impact is based on parameters, such as the percentage 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 actual negative impacts, these three dimensions were scored and weighted equally for ‘severity’. For potential negative impacts, an additional parameter of ‘likelihood’ was scored. This ‘likelihood’ score was weighted 1:1 with the ‘severity’ score. However, for a human rights potential negative impact, ‘severity’ took precedence over ‘likelihood’ (3:1 weighting, respectively). This weighting was applied on all potential negative impacts in S1, S2, and S3 across all sub-topics. For actual positive impacts, ‘scale’ and ‘scope’ were scored and weighted equally for ‘severity’. For potential positive impacts, ‘likelihood’ was also scored and weighted 1:1 with the ‘severity’ score, as it was for potential negative impacts.Risks and opportunitiesWhen scoring sustainability risks and opportunities, we assessed the potential ‘magnitude’ of possible financial effects on, for example, revenue, CAPEX or OPEX, which constitutes one part of the score, and the ‘likelihood of occurrence’, which constitutes the other part. The possible financial effects of the  individual risks and opportunities were assessed through sustain-ability-matter-specific scenarios, operationalised through stress tests. Mitigation measures put in place are reflected in either the magnitude or  likelihood of the assessed scenarios. Some scenarios were assessed quantitatively. In cases where a quantitative assessment was not possible or insufficient, qualitative assessments were used to supplement or inform the magnitude of the risk or opportunity. This approach was necessary due to the complexity of defining exact values for potential sustainability scenarios.Time horizonsPotential impacts, risks, and opportunities were assessed across three time horizons: short term ( covering the current reporting year and the next year), medium term (from the end of the short term period to five years), and long term (more than five years).For risks and opportunities, we consolidated the score by assigning weights over the short-, medium-, and long-term horizons. The weights were evenly distributed or adjusted to emphasise either the short term or medium and long term. // // ESRS 2, IRO-2ThresholdsOur calibration group discussed where to set the thresholds for materiality, and their recommendation was submitted to the Group Executive Team when the final DMA results were presented to them for approval. There were five degrees of materiality for the IROs: the highest level was ‘crucial’, then ‘significant’, ‘important’, ‘informative’, and lastly ‘minimal’ as the lowest level. The materiality threshold was set at ‘significant’, meaning that IROs scored as ‘significant’ or ‘crucial’, and their associated ESRS standard, were material. // // ESRS 2, IRO-1ProcessWe defined five process steps for conducting the DMA. In addition, there was a fundamental initial step of ‘understanding the context’ as suggested in the ESRS IG1. Our work with mapping our sustainability-related impacts builds on the approach we have used for over a decade for assessing the materiality of sustainability-related matters. Furthermore, our daily work with sustainability is supported by benchmark reports, studies, and internal projects, including regulatory landscape understanding, media monitoring, peer analysis, etc. 1  Engagement of stakeholders2  Scoping of IROs3  Assessment of IROs4  Validation of results and calibration5  Final review and approval 1. Engagement of stakeholdersWe identified subject-matter experts with extensive insight and knowledge into each ESRS standard and set-up DMA workshops with them. These experts included a variety of employees working with sustain-ability impacts and risks at corporate level and in the business as well as employees working with  regulatory and public affairs. Onboarding sessions helped to get a common understanding of the new CSRD regulation and objectives of the DMA. 2. Scoping of IROsAs preparation for the workshops, we identified IROs relating to environmental, social, and governance matters. We consulted relevant internal information (e.g. previous materiality assessments, internal impact reports, internal risk memos, and stakeholder findings) to scope and pre-define relevant matters per ESRS sub-topic and sub-sub-topic. This gross list of IROs formed the starting point for verification and assess-ment at the workshops. 3. Assessment of IROsAt the workshops, the experts reviewed the predefined IROs and adjusted wording and classification of these, where relevant. Secondly, they assessed each IRO, and scoring rationales were documented, including relevant reference documents. Lastly, participants added additional IROs if they found that a relevant matter was not captured in the pre-defined list. The experts were introduced to the assessment criteria at the workshops to ensure a consistent approach and understanding of the scoring methodology. Where relevant, additional experts were identified and consulted following the initial workshops to capture insights for a specific matter or regional perspectives. 4. Validation of results and calibrationResults from the workshops were systematically captured and aggregated using a scoring tool in order to calculate the degree of materiality of each IRO. The tool was organised to clearly link the ESRS topics, sub-topics, and sub-sub-topics to each IRO identified and assessed in the workshops. The tool provided an overview of the scores which constituted the preliminary results. Workshop participants were consulted again for validation of the preliminary results. If any adjustments were needed, the relevant expert provided the rationale for adjustment in order to document any changes. As a next validation step, a calibration group calibrated the preliminary results before the final review and approval step. This group consisted of the head of Group Finance, the head of Global Sustainability, and leads from Investor Relations and Global Regulatory &amp; Public Affairs. The group specifically focused on bringing their insights from external stakeholders, including investors, to bridge the results to our strategic sustainability priorities. 5. Final review and approval In the final step, the results were reviewed and approved by relevant leaders. Any necessary adjust-ments were incorporated before their final sign-off. After their approval, the DMA process and results were presented to the Group Executive Team. Finally, the results were approved by the Board of Directors. //Interests and views  of stakeholders// ESRS 2, SBM-2 Stakeholder engagementOur ‘Stakeholder engagement policy’ underscores our commitment to actively listen to and engage with our stakeholders. Through ongoing dialogue, we gain insight into their positions, concerns, and expectations. The insights gained from these dialogues inform our due diligence processes and double materiality assessment. This allows us to align our sustainability priorities, projects, and processes with the interests and views of our stakeholders. Guided by principles of openness, transparency, and integrity, our Stakeholder engagement policy adheres to international norms and codes, including the UN Guiding Principles on Business &amp; Human Rights, the UN Declaration on the Rights of Indigenous Peoples, and the IFC Performance Standards on Social &amp; Environmental Sustainability.We ensure that the views and interests of affected stakeholders regarding our sustainability-related impacts, risks, and opportunities are regularly com-municated to the relevant accountable person in the Group Executive Team through periodic  meetings. For more information on our new sustainability  governance, please see pages 63-64.In the following table, we outline examples of how we engage with key stakeholders. //// S1, SBM-2Employees How engagement is organised·   Employment relations and occupational health and safety representatives·   Inclusion and enterprise social networks·   Employee-elected board members·   Personal development dialogues·   Employee satisfaction surveys, workplace assessments, and town hallsPurpose of engagements·   Understanding employees’ perceptions, experiences, challenges, and suggestions for improvement·   Raising awareness of internal policies  and changes ·   Contributing to a sustainable workplace and working life, including physical and psychological health and safety ·   Increasing employee retention and attraction Examples of outcomes from the engagements·   Internal policy updates, e.g. labour and employment rights policy·   Global initiatives and campaigns for e.g. employee well-being // S2, SBM-2 Suppliers·   Interviews and assessments for supplier due diligence·   Workshops and industry collaborations, e.g. DecomBlades·   Ensuring compliance with our code of conduct·   Promoting responsible sourcing, incl. of minerals and metals·   Protecting human and labour rights of workers ·   Ensuring a respectful working environment ·   Decarbonising our value chain and promoting circular solutions for resource use ·   Understanding supplier needs and concerns·   Streamlined supplier expectations ·   Supplier improvement plans to comply with code of conduct·   Informed procurement decisions ·   Investments in test pilots and early offtake agreements for low-carbon solutions // S3, SBM-2 Local communities·   Consultations, public forums, and  informational events ·   Direct communication through project staff and liaison officers ·   Interviews during environmental and  social impact assessments ·   Whistleblower Hotline and other  grievance mechanisms·   Addressing community concerns,  questions, and feedback·   Building trust and relationships with local stakeholders affected by renewable energy projects ·   Ensuring community benefits and our social license to operate·   Design of tailored community benefits  and projects ·   Support of local projects for job creation, economic development, and environmental preservationCorporate  customersHow engagement is organised·   Customer support inquiries ·   Periodic reviews and meetings with account managers ·   Assessments for business partner  due diligencePurpose of engagements·   Understanding customer needs and expectations ·   Building trust and providing transparency ·   Enabling customers to achieve their renewable energy targets Examples of outcomes from the engagements·   Product or service improvements for e.g. power purchase agreements (PPAs)·   Adaptation of marketing strategies, e.g. by providing ESG rating scorecards for customers Investors ·   ESG ratings and assessments·   One-on-one investor relations meetings, questionnaires, and inquiries ·   Quarterly earnings calls·   Capital market days and annual general meetings ·   Understanding investor concerns and addressing questions·   Building trust and demonstrating long-term value of renewable energy investments ·   Discussing performance, risk management, and strategic direction·   Action plans to improve ESG performance·   Increased disclosure to ESG rating agencies ·   Alignment of investment strategy with sustainable finance frameworks, e.g. the EU taxonomy Governments, policy- makers, and regulators·   Participation in public hearings and  regulatory processes ·   Consultations and policy roundtables·   White papers, studies, and thought leadership related to renewable energy deployment ·   Ensuring compliance with regulatory frameworks and standards·   Promoting a sustainable build-out of renewable energy·   Addressing climate-related transition  risks and opportunities ·   Operational adjustments to ensure compliance ·   Informed decisions for renewable energy deployment and financingCivic and non-profit  organisations·   Collaboration and consultations on community projects and impact assessments ·   Contributions to research projects·   Contributing to local initiatives ·   Ensuring transparency and responsiveness to public concerns ·   Understanding our local license to operate and public expectations ·   Pooling efforts to address supply chain challenges, e.g. decarbonisation and human rights ·   Informed project planning and site-specific initiatives, e.g. for biodiversity conservation or community development ·   Alignment of projects with best practice for community engagement Industry and sustainability  associations·   Workshops, knowledge sharing, and  industry conferences ·   Joint initiatives and industry research on e.g. biodiversity impact or life cycle assessments ·   Consultations with trade unions on e.g. worker welfare and rights ·   Enabling the industry to engage policymakers and promoting the build-out of renewable energy·   Developing industry standards for sustainability·   Pooling efforts to decarbonise hard-to-abate sectors in our supply chain·   Understanding the views of value chain workers’ representatives ·   Industry-led life cycle assessment methodology for offshore wind farms·   Launch of the Responsible Renewables Infrastructure Initiative·   Design of tailored initiatives for value chain workers trough unions Sustainability due diligenceOur due diligence approachFor over a decade, we have been following the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights to integrate due diligence into our procurement, operations, and local communities. This work has set a strong foundation for our future ambitions, as we prepare to meet the anticipated requirements of the EU Corporate Sustainability Due Diligence Directive (CSDDD). Guided by these frameworks, we have implemented a risk-based due diligence approach centered around accountability, transparency, collaboration, and proactive engagement with stakeholders across our value chain. At the core of our approach is the Sustainability Due Diligence &amp; Compliance team, established to ensure that all business partners and suppliers adhere to Ørsted’s ethical, social, and environmental standards, as defined in our ‘Code of conduct for business partners’. This code sets out specific requirements and expectations related to human rights, labour conditions, anti-corruption, and environmental protection.Our processesWe perform risk screenings and code of conduct assessments to ensure that our business partners meet the requirements in our code of conduct.We are also developing corrective actions and tailored improvement plans together with our suppliers, where necessary. This is an ongoing effort that includes audits, supplier training, and regular follow-ups to address any gaps identified.Partnerships and cross-industry collaboration are also fundamental if we want to succeed with our due diligence approach. We are therefore collaborating with key industry organisations, such as the International Responsible Business Conduct (IRBC) Agreement for the Renewable Energy Sector, the Initiative for Responsible Mining Assurance (IRMA), Ethical Trade Denmark, and WindEurope. These collaborations provide access to best practices, shared knowledge, and support the continuous improvement of our due diligence processes in the renewable energy value chain.GovernanceWe are in the process of establishing a Human Rights Task Force specifically focused on strengthening our due diligence systems and governance. For more information about this task force, see pages 63-64.Next stepsAs we look forward, we are continuously refining our due diligence practices. This includes enhancing pre-contractual screenings to identify potential risks early, especially for complex and large-scale projects, such as offshore wind farms. Additionally, we are investing in tools to improve traceability throughout our supply chain. For example, we have conducted a blockchain pilot project to trace origin for key metals in one of our projects, and we are evaluating the application of blockchain opportunities with other suppliers and on other metals as well as exploring steel origin reporting for wind turbines.Through these efforts, we are dedicated to continuously enhancing our due diligence approach in line with the CSDDD and OECD Guidelines’ principles of ongoing monitoring, learning, and improvement. On the right is a mapping detailing where in our sustainability statements we provide further infor-mation about our due diligence process, including how we apply the main aspects and steps of our due diligence process. // ESRS 2, GOV-4 Core elements of due diligencea) Embedding due diligence in governance,  strategy, and business modelOur Human Rights Task Force oversees the integration of due diligence across procurement, operations, and communities. Read more:General · pages 63-66b) Engaging with affected stakeholders  in all key steps of due diligenceWe maintain continuous dialogue and collabora-tion with employees, value chain workers, local communities, and at-risk groups. Read more:General · pages 75-76Social · pages 129-131, 140-141, 149-150c) Identifying and assessing adverse impactsOur double materiality assessment (DMA) identifies material adverse impacts in our business and value chain. We also conduct systematic impact assessments, risk screenings, and code of conduct assessments in our value chain. Read more:General · pages 68-72Social · pages 125-126, 138-139, 141, 144, 146-148d) Taking actions to address adverse impactsWe take specific action to address  material impacts identified in our DMA. We also collaborate with business partners to identify performance gaps, develop and implement corrective action plans, work on strengthening pre-contractual screenings, and engage in  partnerships to enhance adherence to our code of conduct. Read more:Social · pages 128-129, 142-143, 150-151e) Tracking the effectiveness of these  efforts and communicatingWe annually report on key metrics and work to enhance supply chain traceability. Read more:Social · pages 131-136, 142, 144// ESRS 2, IRO-2ESRS data points from other EU legislation The following tables include all of the data points  that derive from other EU legislation as listed in ESRS 2, appendix B, indicating where the data points can be found in the sustainability statements, and which data points are assessed as ‘not material’ (NM), ‘not stated’ (NS), or ‘not relevant’ (NR). Legislation SFDR   Sustainable Finance Disclosure Regulation P3   EBA Pillar 3 disclosure requirementsBRR   Climate Benchmark Standards RegulationEUCL  EU Climate Law Other short formsNR  Not relevantNS  Not statedNM  Not materialDisclosure requirement Data point Legislation PageESRS 2, GOV-1 21 (d) Board’s gender diversity SFDR/BRR page 13521 (e) Percentage of board members who are independent BRR page 134ESRS 2, GOV-4 30 Statement on due diligence SFDR  page 77ESRS 2, SBM-1 40 (d) (i) Involvement in activities related to fossil fuel activities SFDR/P3/BRR page 8140 (d) (ii) Involvement in activities related to chemical production SFDR/BRR NR40 (d) (iii) Involvement in activities related to controversial weapons SFDR/BRR NR40 (d) (iv) Involvement in activities related to cultivation  BRR NRand production of tobaccoESRS E1-1 14 Transition plan to reach climate neutrality by 2050 EUCL pages 83-8516 (g) Undertakings excluded from Paris-aligned benchmarks P3/BRR page 84ESRS E1-4 34 GHG emission reduction targets SFDR/P3/BRR page 91ESRS E1-5 38 Energy consumption from fossil sources disaggregated  SFDR page 93by sources (only high climate impact sectors)37 Energy consumption and mix SFDR page 9340-43 Energy intensity associated with activities in high  SFDR page 93climate impact sectorsESRS E1-6 44 Gross scope 1, 2, 3, and total GHG emissions SFDR/P3/BRR page 9453-55 Gross GHG emissions intensity SFDR/P3/BRR page 95ESRS E1-7 56 GHG removals and carbon credits EUCL NRESRS E1-9 66 Exposure of the benchmark portfolio to climate- BRR page 87related physical risks66 (a);  Disaggregation of monetary amounts by acute and  P3 NS (phase-in)66 (c)chronic physical risk; location of significant assets  at material physical risk67 (c) Breakdown of the carrying value of its real estate  P3 NS (phase-in)assets by energy-efficiency classes69 Degree of exposure of the portfolio to climate- BRR page 88related opportunitiesESRS E2-4  28 Amount of each pollutant listed in annex II of the  SFDR NME-PRTR regulation emitted to air, water, and soilDisclosure requirement Data point Legislation PageESRS E3-1  9 Water and marine resources SFDR NM13 Dedicated policy SFDR NM14 Sustainable oceans and seas SFDR NMESRS E3-4 28 (c) Total water recycled and reused SFDR NM29 Total water consumption in m3 per net revenue on own operations SFDR NMESRS E4, SBM-3 16 (a) (i) Activities negatively affecting biodiversity-sensitive areas SFDR page 114(ESRS 2)16 (b) Land degradation, desertification, or soil sealing SFDR page 11216 (c) Threatened species SFDR page 111ESRS E4-2  24 (b) Sustainable land/agriculture practices or policies SFDR NR24 (c) Sustainable oceans/seas practices or policies SFDR page 11224 (d) Policies to address deforestation SFDR NRESRS E5-5  37 (d) Non-recycled waste SFDR page 12239 Hazardous waste and radioactive waste SFDR page 122ESRS S1, SBM-3 14 (f) Risk of incidents of forced labour SFDR page 126(ESRS 2)14 (g) Risk of incidents of child labour SFDR page 126ESRS S1-1  20 Human rights policy commitments SFDR pages 126-12721 Due diligence policies on issues addressed by the fundamental BRR page 126International Labor Organisation Conventions 1 to 822 Processes and measures for preventing trafficking  SFDR page 126in human beings23 Workplace accident prevention policy or  SFDR page 128management systemESRS S1-3  32 (c) Grievance/complaints-handling mechanisms SFDR page 131ESRS S1-14  88 (b) and (c) Number of fatalities and number and rate of work-related SFDR/BRR page 136accidents88 (e) Number of days lost to injuries, accidents, fatalities, or illness SFDR NS (phase-in)ESRS S1-16  97 (a) Unadjusted gender pay gap SFDR/BRR page 13597 (b) Excessive CEO pay ratio SFDR page 134ESRS S1-17  103 (a) Incidents of discrimination SFDR page 129104 (a) Non-respect of UNGPs on Business &amp; Human Rights,  SFDR/BRR page 129ILO principles, or OECD guidelinesDisclosure requirement Data point Legislation PageESRS S2, SBM-3 11 (b) Significant risk of child labour or forced labour  SFDR page 139(ESRS 2)in the value chainESRS S2-1  17 Human rights policy commitments SFDR page 13918 Policies related to value chain workers SFDR pages 139-14019 Non-respect of UNGPs on Business &amp; Human Rights,  SFDR/BRR page 140ILO principles, or OECD guidelines19 Due diligence policies on issues addressed by the fundamental BRR page 140International Labor Organisation Conventions 1 to 8ESRS S2-4  36 Human rights issues and incidents connected to its  SFDR page 140upstream and downstream value chainESRS S3-1  16 Human rights policy commitments SFDR page 14817 Non-respect of UNGPs on Business &amp; Human Rights,  SFDR/BRR page 148ILO principles, or OECD guidelinesESRS S3-4  36 Human rights issues and incidents SFDR page 149ESRS S4-1  16 Policies related to consumers and end-users SFDR NM17 Non-respect of UNGPs on Business and Human  SFDR/BRR NMRights and OECD guidelinesESRS S4-4  35 Human rights issues and incidents SFDR NMESRS G1-1  10 (b) United Nations Convention against Corruption SFDR NR10 (d) Protection of whistleblowers SFDR NRESRS G1-4  24 (a) Fines for violation of anti-corruption and anti-bribery laws SFDR/BRR page 15524 (b) Standards of anti-corruption and anti-bribery SFDR page 155EnvironmentE1 Climate change //ESRS 2, SBM-3Our material impacts, risks, and opportunities (IROs)// ESRS 2, SBM-3; E1, SBM-3Our material impacts, risks,  and opportunities (IROs)In the tables to the right and on the next page are descriptions of our material IROs related to climate change, including how we manage them. These IROs are closely tied to our strategic decision over 15 years ago to transform our business model from fossil-based to renewable energy and to expand our portfolio to include offshore and onshore wind, solar, and storage solutions.While deploying renewable energy is  essential for the transition to a sustainable energy  system, we recognise that it has associated GHG emissions from resource extraction,  manufacturing, and service operations. There-fore, we also focus our efforts on decarbonising our supply chain to mitigate these impacts.The impacts are highly connected to our strategy and business model and occur through our contruction and operation activities as well as through business relationships with suppliers. The resilience of our business to potential  negative impacts and risks is shaped by the broader political framework for  renewable energy deployment as well as effective  collaboration across the value chain to achieve our commercial and sustainability ambition. While we continue to monitor developments and adapt as needed, our strategy and  business model have been assessed as capable of addressing these challenges and leveraging climate- related  opportunities.Climate change mitigationMaterial IRO description How do we manage the IRO?Renewable energy deploymentPositive impact (own operations)Opportunity (own operations)The positive impact and opportunity arise from our deployment of Deploying renewable energy renewable energy. Generally, risks associated with the transition to a is at the core of our business, low-carbon economy present opportunities for Ørsted, as our vision and we address this  material and long term ambitions are closely aligned with this transition. opportunity and positive impact through our business We create environmental and societal benefits by developing and model and strategy.  operating renewable energy assets, which are critical technologies for decarbonising society and limiting global warming to 1.5 °C.Carbon removal through nature-based projects  Potential positive impact (own operations)This potential positive impact arises from carbon removal achieved We have taken several actions through our nature-based projects, which complement our efforts to pursue this positive impact to reduce emissions by supporting climate action beyond our value related to carbon removal chain and are not a substitute for direct emission reductions.through nature-based projects, which support broader  climate Initiatives such as mangrove reforestation in the Gambia remove action and sustainability carbon dioxide from the atmosphere, supporting efforts to limit objectives.global warming to 1.5 °C. The impact is expected to materialise over a medium timescale of three to five years as mangrove forests mature.Scope 1 and 2 GHG emissions from our operationsNegative impact (own operations)This negative impact arises from our scope 1 and 2 GHG emissions. We have strategic targets Scope 1 emissions primarily result from fossil fuel-based heat and aimed at reducing our scope 1 power generation at our CHP plants, with a smaller contribution and 2 GHG emissions intensity. from operation and maintenance activities. Scope 2 emissions These are supported by actions stem from the purchase and consumption of electricity and heat. such as transitioning away We fully cover our electricity consumption with renewable energy from fossil fuel-based power  certificates, effectively reducing our net scope 2 emissions. generation, increasing the While our scope 1 and 2 emissions are relatively low compared to use of renewable energy, and other industries, they still negatively impact the environment by improving energy efficiency contributing to global warming.across our operations. Material IRO description How do we manage the IRO?Scope 3 GHG emissions from the renewable energy supply chain  Negative impact (upstream value chain)Scope 3 GHG emissions from regular power and natural gas sales Negative impact (upstream and downsteam value chain)These negative impacts relate to activities that result in scope 3 GHG We have strategic targets to emissions, contributing to global warming. They include: reduce our scope 1-3 GHG emissions intensity, our scope 3 (a) upstream emissions in our renewable energy supply chain, including GHG emissions from gas sales, material extraction and manufacturing (category 2) and actions to decarbonise (b) upstream and downsteam emissions from power sales stemming our value chain.from extraction, processing, transportation, and energy generation within the residual energy mix (category 3) (c) upstream and downstream emissions from gas sales, covering both biogas and natural gas (category 11). Climate-related transition risks due to changes in political support  for the renewable energy build-outRisk (own operations)This climate-related transition risk arises due to possible changes in the We are actively engaged in political and regulatory landscape, which could result in insufficient climate- related advocacy, call-support for renewable energy deployment or the removal of existing ing our stakeholders to action subsidies and incentives. for activities that will accelerate the renewable energy build-out This risk specifically concerns investment subsidies (e.g. capital grants) and help manage this risk. and production subsidies (e.g. feed-in tariffs or tax credits). It could impact our operations, potentially influencing project viability.We continuously monitor emerging or evolving geopoliti-cal and macroeconomic risks.→Climate change adaptionMaterial IRO description How do we manage the IRO?Climate-related physical risks (chronic and acute)Risk (own operations)The chronic physical risks relate to the dependency of renewable We assess the resilience of all new assets energy generation on natural resources, such as wind patterns, and towards the occurrence of climate-related the acute physical risks relate to a potential increase in the severity hazards.and frequency of extreme weather events.EnergyEnergy consumption, mainly at our CHP plantsNegative impact (own operations)We have identified a negative impact associated with energy  We target reductions in our scope 1 and consumption at our combined heat and power (CHP) plants, which 2 GHG emissions. In 2024, we closed  includes the use of fossil-based fuels.  Esbjerg Power Station, our last coal-fired CHP plant, advancing our decarbonisation The use of fossil-based fuels contributes to greenhouse gas  efforts.emissions, which negatively affect the environment by contributing  to global warming.This section outlines our approach to managing climate- related impacts, risks, and opportunities, ensuring  resilience and alignment with global  sustainability goals. While the transition to a green economy offers significant growth opportunities, it also presents  challenges, particularly in decarbonising supply chains.We have already made substantial progress, transitioning from a fossil fuel-based utility to a global leader in renewable energy. Our policies, strategic actions, and other initiatives highlight our continued efforts towards a low-carbon economy.For an overview of how we have structured this  chapter, please see page 61. Our IROs are highlighted in italics.// E1-1Transition plan Ørsted’s transition plan outlines the company’s overall pathway to achieving net-zero emissions by 2040, aligned with the 1.5 °C goal of the Paris Agreement. The plan is substantiated by science-based targets, includes key decarbonisation levers, and identifies strategic actions that have driven the transformation of our business model towards renewable energy and will continue to shape our ongoing transition. The plan supports broader policy priorities, including the European Union’s 2050 climate neutrality goals formalised in the European Green Deal and associated regulations (e.g. the EU taxonomy and the EU Green Bonds Standard). These goals represent both an opportunity and a responsibility to align our business strategy with global decarbonisation efforts, contributing to the renewable energy transition and broader sustainability objectives. First transition wave: Shift from fossil fuels to renewable energyOver the past 15 years, we have undergone a significant transformation, evolving from a fossil fuel-based utility to a global leader in renewable energy deployment. This transformation has been driven by substantial investments in offshore wind, onshore wind, solar PV, and storage assets, achieving material progress in decarbonising energy production. Additionally, our shift to biomass-fuelled combined heat and power (CHP) generation has played a pivotal role during this period. This shift continues to be characterised by the following:·   Growth in renewable capacity: In 2024, we continued to expand our renewable energy portfolio, reaching a total of 18.2 GW of installed  capacity, with a pipeline of 7.6 GW in decided (FID’ed)  capacity, reinforcing our commitment to advancing the global shift to renew-able energy in line with our long term ambition. ·   An increase in renewable energy generation and the phase-out of coal: We are on track to meet our 2025 target of a 99 % share of energy genera-tion coming from renewables. Our coal generation  activities were ceased in 2024.·   Capital alignment with climate goals: Since the entry into force of the EU Climate Delegated Act, 99 % of Ørsted’s capital expenditures (CAPEX) have been allocated to activities classified as sustainable. For 2024, these expenditures include DKK 37,867 million for the deployment of offshore and onshore wind capacity, DKK 6,097 million for the deployment of solar PV and energy storage technologies, and DKK 2,836 million for hydro-gen, carbon capture and storage, and bioenergy activities.·   A measurable performance: We track and disclose progress of our renewable energy portfolio by monitoring progress towards our installed capacity ambition. In addition, we track and disclose pro-gress towards our decarbonisation efforts through a suite of SBTi-validated climate targets, including near-term targets for 2025 and 2030 as well as long term targets for 2040. As part of the SBTi valida-tion process of our interim targets, we updated the baseline year for our scope 1-2 emissions intensity target to 2018, replacing the original targets of reducing the scope 1-2 emissions intensity by 98 % by 2025 and by 99 % by 2030 from a 2006 base-line. From the updated 2018 baseline, we now aim to achieve a 93 % reduction in scope 1 and 2 GHG  emissions intensity by 2025 and progress towards a 96 % reduction by 2030. Our interim scope 1-3 GHG emissions intensity target outlines a reduction  trajectory of ~77 % by 2030. These interim targets serve as critical waypoints that chart our overall pathway to achieving net-zero by 2040.·   Climate advocacy: As part of our efforts to advance policies and frameworks that accelerate the transi-tion to renewable energy, we actively engage with policy-makers and industry peers.Addressing transition risks from locked-in emissionsLocked-in emissions refer to future emissions resulting from existing or planned infrastructure and assets. In our case, such emissions are tied to our gas sales  activities. This is primarily due to our binding contractual obligations for offtake volumes of natural gas from the gas fields operated by the Danish  Underground Consortium (DUC).We recognise the importance of tackling the impacts of our legacy business, as locked-in emissions pose  a significant transition challenge if left unadressed. To guide progress toward our net-zero goals, we have set an absolute emissions reduction target for scope 3 emissions from gas sales, aiming to reduce emissions by ~67 % by 2030 (baseline 2018) and by ~90 % by 2040. To mitigate potential risks associated with locked-in emissions, we focus on the following:·   Measurable performance: We track and disclose progress towards our absolute reduction targets for gas sales. The targets are aligned with the 1.5 °C pathway, and we aim to remain on track to deliver on our net-zero ambition.·   Avoiding additional locked-in emissions: We do not enter into new gas sourcing agreements that would contribute to additional locked-in emissions.As a renewable energy company committed to driving the energy transition, we aim to address the challenges posed by our legacy business. These efforts reflect our commitment to achieving net-zero emissions by 2040 and making a meaningful contribution to the global renewable energy transition.As of 31 December 2024, we are not excluded from the Paris-aligned Benchmark (PAB), providing further evidence for the successful transition away from fossil fuels.Second transition wave: Decarbonising our supply chainsHaving shown substantial progress in transitioning away from fossil fuels to renewable energy gener-ation, we are now entering the second wave of our transformation: addressing emissions from our value chains. Already today, power from offshore wind farms has 99 % lower GHG emissions than power from coal. However, the large scale of renewable energy projects creates both a need and an opportunity to further decarbonise, particularly by addressing emis-sions, such as steel production, maritime fuels, and manufacturing processes. Achieving our 2040 net-zero target will require close collaboration with suppliers and industry peers.This wave is characterised by the following:·   Value chain decarbonisation road map: We con-tinuously revise and improve our company-wide decarbonisation roadmap to stay aligned with the latest developments and support informed decision-making.·   Active supplier engagement: We work closely with key suppliers to drive the integration of decarboni-sation into their strategies and operations.·   Partnerships: We work to establish strong partner-ships and collaborate with key suppliers to support the decarbonisation of our value chain. Strategic partnerships, such as our collaboration with  Dillinger, play a vital role in securing access to lower-emissions steel for critical components like offshore wind monopile foundations.·   Tracking and measuring: We continue to improve our in-house life cycle assessment capabilities to  measure and monitor value chain emissions reductions effec-tively. We maintain detailed emissions reporting both internally and externally, with external reports being subject to limited assurance.Governance and oversight of the transition planMatters related to the transition plan are addressed within our sustainability governance framework. The elements of our transition plan are fully disclosed in our annual report, which is presented to shareholders for approval at the annual general meeting (AGM), providing them with an opportunity to offer feedback.The way forwardOur vision supported by our strategic ambition remains clear: to create a world that runs entirely on green energy. Achieving this ambition requires us to remain attuned to a market environment increasingly shaped by national climate ambitions, regulatory developments, and the need to proactively identify and manage material sustainability impacts, risks, and opportunities that influence our long term resilience and competitiveness.As the interlinkages between rising global tempera-tures, biodiversity loss, resource scarcity, and affected communities become more pronounced, they are driving shifts in demand, investment priorities, and expectations for corporate action. Managing these sustainability-related dynamics is essential to main-taining our leadership in the energy transition and securing our organisation’s adaptability in a trans-forming market. We continue to leverage advanced technologies and scalable solutions to optimise renewable energy  integration and supply chain decarbonisation, as outlined in our innovation report. Additionally, as highlighted in our first climate advocacy report, we actively engage in shaping policies to align global energy needs with the 1.5 °C goal set by the Paris Agreement. The  climate advocacy report includes an assessment of our most important industry associa-tions in terms of their alignment with this goal. Guided by our ‘Just transition policy’, we are commit-ted to inclusivity by safeguarding workers, support-ing communities, and protecting ecosystems as we advance the global energy transformation. By collab-orating closely with local communities, we strive to create opportunities, foster socio-economic growth, and ensure that the renewable energy transition is fair and brings meaningful benefits to all involved. Through innovation, advocacy, and a focus on equity, we aim to lead this transition responsibly. //// ESRS 2, SBM-3; E1, SBM-3 and IRO-1  Resilience analysisScope of the resilience analysisAs a global leader in renewable energy, we employ a comprehensive approach to assessing and man-aging climate-related transition and physical risks, ensuring not only alignment with evolving regulatory requirements but also the resilience of our business model and strategy. Thus, identifying and addressing climate-related impacts, risks, and opportunities are at the core of our vision to create a world that runs entirely on green energy. Our approach to resilience analysis consists of two main components: 1.  Assessing and managing transition risks and oppor-tunities, which include macroeconomic, political, technological, and market developments associated with the global shift to a low-carbon economy. 2.  Conducting physical climate risk assessments to evaluate how climate-related hazards (chronic and acute), including extreme weather events and long-term climate changes, may impact our operations.Transition risks and opportunities Transition risks stem from a shift to a low-carbon economy and encompass factors such as new regu-lations, technological innovation, changing market dynamics, and shifting consumer preferences. Over the past decades, we have effectively mitigated these risks by transforming our business model from fossil fuels to renewable energy, aligning our operations with a 1.5 °C climate trajectory. This proactive shift has positioned us well to capitalise on the increasing demand for renewable energy deployment. Neverthe-less, we recognise that a key challenge to the overall industry is the possibility of insufficient political support for a continued renewable energy build-out, which is critical to the global energy transition. Insufficient political or regulatory support for renewable energy deployment has also been assessed as part of the financial part of our double materiality assessment. Transition risks are particularly relevant to our opera-tions in the US, where changes in investment conditions, reductions in subsidies, or shifting policy priorities could increase uncertainty for future projects. This is why Transition plan highlightsVision·   To create a world that runs entirely  on green energy.Strategy·   Renewable energy deployment  aligned with global, regional, and national level decarbonisation goals  and a 1.5 °C pathway.Governance·  Board level oversight of transition efforts.·   Executive incentives linked to climate  performance indicators.Scenario analysis·   Addressing climate-related physical  and transition risks, such as extreme weather events and climate variability,  and regulatory and political shifts, respectively.Policy engagement·   Active engagement with policymakers, industry stakeholders, and communities to support the renewable energy transition. Advocacy aligned with the goal of the Paris Agreement.Value chain engagement·   Engaging key suppliers on climate, representing 50 % of procurement spend. Targets·   Comprehensive suite of SBTi-validated near-term and long-term climate targets (intensity and absolute), supported by Ørsted-specific climate targets.Financial planning·   Capital alignment with climate goals and a 1.5 °C world – 99 % of CAPEX allocated in 2024 is classified as sustainable.Scope 1, 2, and 3 accounting  with limited assurance·   Detailed greenhouse gas emissions reporting, which is subject to limited assurance.Risks and opportunities·   We monitor climate-related risks, such as changes in the regulatory and political landscape, and assess design safeguards and business case impacts.·   Renewable energy deployment as a busi-ness model to mitigate climate change.monitoring changes to political and regulatory stability is critical for our long-term planning and investment.Our approach to managing risks ensures that global trends – such as inflation, interest rate fluctuations, supply chain disruptions, and geopolitical uncertainties – are monitored and factored into our strategic planning and day-to-day operations. Please see the section ‘Enterprise risk management’ in this report for more details on how the most material enterprise risks for 2024 are impacted by global trends.Physical climate risksThese risks arise from physical impacts of climate change, including acute events, such as extreme weather (e.g. hailstorms, typhoons, flooding, and heat- and coldwaves), and chronic changes (e.g. changing temperatures and wind patterns).Physical climate risks for us include chronic risks, such as the dependency of renewable energy generation on natural resources like wind patterns, and acute risks, such as the increasing severity and frequency of extreme weather events. Chronic risks may lead to greater uncertainty in production estimates over time, while acute risks could result in, for example, extended temporary shutdowns and increased maintenance and repair requirements. Therefore, we assess the resilience of our assets towards the occurrence of climate-related hazards. Our climate risk assessment links directly to our efforts to ensure fulfilment of the ‘do no significant harm’ requirements of the EU taxonomy for climate change adaptation while also focusing on design  safeguards and business case risks.Methodology of the resilience analysisTransition risks and opportunitiesTransition risks, including macroeconomic, business, and geopolitical risks, are managed through our ‘ Enterprise risk management (ERM) framework’, sup-ported by dedicated teams. This framework provides a high-level, principle-based structure for addressing all risks to which Ørsted may be exposed. The ERM framework sets the standards for individual risk frame-works across the organisation, ensuring that risks are  identified and managed in line with the  appetite for risk. Complementing the ERM framework is the double materiality assessment (DMA), which serves as both an assessment methodology and a focused lens for driving sustainability-related matters. Risks are assessed on an ongoing basis as part of our day-to-day business. The derived insights, including the DMA outcomes, are synthesised to provide a comprehensive view of sustainability-related risks and opportunities, ensuring alignment with our strategy and business model. Emerging risks, such as shifts in the political landscape, are part of the ERM framework and are monitored by dedicated, regionally split teams, which oversee region-specific developments.Physical climate risksIn 2024, we extended our comprehensive analysis, conducted in 2023, to a number of assets that started generating in 2024. This process included mapping climate projections for new assets against 2023 data to identify and assess any significant differences in projected trends. A full reassessment of the portfolio was deemed unnecessary, as the underlying projec-tion data, sourced from CMIP (used in IPCC reports), is only updated every few years. Our latest assessment is based on CMIP6, which we will continue to use until CMIP7 is released. In addition, there have been no sig-nificant changes to either our business case assump-tions for generating assets related to climate change risks or our internal methodology for assessing these risks, which would require a full reassessment.We assess physical risks from two perspectives: design safeguards and business case impacts. The design safeguard evaluation ensures the structural integrity and resilience of assets against climate hazards using region-specific data. Our analysis focuses on offshore, onshore, and bioenergy assets that have reached final investment decision, representing critical components of our portfolio. The business case impact assessment is conducted at a high-resolution, asset-by-asset level under the SSP5-8.5 worst-case scenario. This conservative approach ensures resilience measures address severe climate risks and protect long-term operational and financial stability. The scope includes offshore and onshore assets currently generating across our operating markets, representing the majority of our  climate risk exposure.Our physical climate risk assessment analyses data based on the remaining operational lifetimes of our assets, which extend up to 35 years. This period is  considered medium term in climate projections, as significant climate changes are not typically observed in the short term. The long-term horizon, defined as 2060 onwards, is not applicable under our current methodology, as all existing assets are scheduled for decommissioning before that time.For the purposes of meeting financial materiality assessment requirements, we have also considered the following time horizons: short term (covering the current reporting year and the next year), medium term (from the end of the short-term period to five years), and long term (more than five years). Apply-ing these horizons did not lead to any changes in the results of the assessment. It is important to note that, in the context of climate change, these time horizons are relatively short term and may not fully reflect the scale of risks that develop over extended periods.Results of the resilience analysisTransition risks and opportunitiesTransition risks and opportunities are integral to the business cases for our investments in new assets, tech-nologies, and activities. We actively monitor  market developments and regularly update our business cases to ensure alignment of mitigation actions with evolving conditions, maintaining a focus on delivering value to our investors. In particular, we recognise the potential for political shifts in the US to impact the prioritisation of renew-able energy policies. To address this risk, we maintain continuous monitoring of political developments and regulatory frameworks, adapting our strategies to align with changing circumstances. By closely engag-ing with stakeholders and leveraging our diversified portfolio and global operations, we aim to ensure resil-ience and flexibility in responding to such transitions. This proactive approach allows us to remain well- positioned in the face of evolving political landscapes.Physical climate risksThe results of the physical climate risk assessment show that all our assets are structurally protected against physical risks from climate change. This is achieved through a combination of design safeguards and mitigation measures, including active collabora-tion with wind turbine manufacturers to tailor designs to local conditions, and conducting stress tests for extreme scenarios during the design process. These measures are particularly effective in addressing acute physical risks such as heatwaves, coldwaves, frost, cyclone, and typhoons. From a business case perspective, the most significant climate risks for our portfolio are changes in wind patterns and, to a lesser extent, air temperature, as these factors directly affect energy production. While our analysis indicates only minor deviations in asset values compared to projections based on historical climate data, we recognise the materiality of climate change risks due to their unique nature. These risks develop gradually over time, with impacts that can compound, and are characterised by a fat tail distribution – meaning they involve a low probability of extreme events with potentially severe consequences. This underscores the importance of continuous improvement in assessment methodologies to better capture these dynamics and their potential implications. We therefore acknowledge the need for further investigation going forward as we strive to reduce uncertainties associated with our assessments. In addition, to mitigating risks through design safe-guards and business case considerations, our risk management strategy incorporates estimated  maximum loss (EML) assessments to quantify potential financial exposures and ensure sufficient insurance protection and financial resilience against unfore-seen extreme events.The way forwardBalancing progress and challangesWe have demonstrated the ability to adapt our  strategy and business model to address climate change by aligning projects and their associated financing with the EU taxonomy for sustainable  activities. This approach ensures that financing is directed toward sustainable initiatives, support-ing the transition to a low-carbon economy while  maintaining access to affordable financing. Additionally, we work closely with key  stakeholders to support this alignment, reinforcing our capacity to redeploy resources and decommission assets effec-tively as part of our long-term strategy. We remain dedicated to a robust understanding of climate- related risks. To support this, we plan to re-run the full climate risk assessment for our asset port folio in 2025, incorporating updated  methodologies. This approach ensures our climate-related risk  management  practices remain thorough, efficient, and aligned with the observed level of risk.While we are committed to driving a just transition towards renewables, we recognise that various factors, including macroeconomic conditions and technological advancements, influence the pace of progress. To mitigate these risks and capitalise on opportunities, we advocate for political support and initiatives that foster stable macroeconomic conditions, ensuring the continued deployment of renewable energy.Classification of climate-related hazards, cf. the TCFD classification  and the EU taxonomy’s Climate Delegated ActRelation Chronic AcuteTemperature✓   Changing  temperature   ✓ Heatwave(air, freshwater, marine water)✓  Heat stress✓ Coldwave/frost✓  Temperature variability✓ Wildfire×  Permafrost thawingWater✓   Changing precipitation patterns and types  ✓    Drought(rain, hail, snow/ice)✓   Precipitation or hydrological variability✓    Heavy  precipitation   (rain, hail, snow/ice)✓   Ocean  acidification✓    Flood  (coastal,  fluvial,   pluvial, groundwater)✓   Saline  intrusion ×   Glacial lake outburst✓   Sea level rise✓   Water  stressWind✓   Changing wind patterns✓   Cyclone, hurricane, typhoon✓   Storm (including blizzards,  dust, and sandstorms)✓  TornadoSolid mass✓   Coastal  erosion× Avalanche✓   Soil  degradation✓ Landslide✓   Soil  erosion✓ Subsidence✓   Solifluction✓  Hazard included in assessment  ×  Hazard not relevant to include due to geographical location of assetsAdapting to a dynamic landscapeIn addition to the above, we recognise that global transition-related events can alter the foundation for our assumptions. As the global renewable energy market continues to expand in the coming years, advancements in grid management, energy  storage, and emerging technologies are expected to shape the renewable energy landscape. To adapt to this dynamic environment, we actively monitor  political, legal, technological, market, and reputational developments to assess their potential effects on our business.We will continue the ongoing integration of the DMA and our ERM framework to support a consistent and well-anchored assessment of risks across Ørsted. //// E1-2 Policies related to climate changeTo manage our impacts, risks, and opportunities related to climate change, we are guided by our vision to create a world that runs entirely on green energy. As such, climate change mitigation efforts have been at the core of our operations for many years,  eliminating the necessity for a stand-alone climate policy. We continue to focus on delivering measurable change through setting internal targets, milestones, and decision-making mechanisms, tracked through relevant KPIs. The need for the development of  policies will be assessed continuously to ensure the  effectiveness of our efforts. While we do not have a stand-alone climate policy, our commitment to mitigating climate change, deploying renewable energy, and promoting efficient energy sys-tems is embedded in our sustainability   commitment. Introduced in 2016, this commitment reflects a systems- based approach to addressing climate change, recognising that social and governance factors are critical to  successfully delivering reliable and modern energy systems to society. This perspective is applied across our organisation and is also reflected in our  ‘Code of  conduct for business partners’. The sustainability  commitment is overseen by the Group Executive Team.While the sustainability commitment does not out-line the specific steps required to address the identi-fied IROs, it has effectively set the direction for our first transition wave: shifting away from fossil fuels. To ensure continued alignment with our strategy and vision, we have incorporated climate-related KPIs in the remuneration framework of the Group  Executive Team. In 2024, the short-term bonus programme includes metrics linked to scope 1 and 2 emissions reductions and the external climate rating from the Carbon Disclosure Project (CDP). //// E1, GOV-3 Incorporating climate-related considerations into the executive remuneration framework ensures that incentives are aligned with both financial perfor-mance and climate objectives. As a renewable energy company, our financial metrics inherently reflect  climate performance, reinforcing the link between executive pay and our decarbonisation efforts.A key financial metric linked to executive remuneration is EBITDA. The majority of EBITDA (91 %) is taxonomy-aligned, generated through activities that contribute to climate change mitigation under the EU taxonomy framework. This highlights the connection between executive remuneration and renewable energy growth, supporting our long-term decarbonisation ambition.Beyond financial performance, a portion of executive remuneration is linked to climate-specific considerations, including our scope 1-2 emissions intensity target. The proportion of recognised remuneration linked to these climate-specific considerations was 1.9 % for the CEO, with corresponding figures for the Executive Board as  follows: 1.6 % for the CCO, 1.4 % for the CFO, and 1.5 % for the Chief HR Officer. Further details on the methodology, includ-ing how climate-related performance is factored into remuneration, can be found in our remuneration report. //// E1-3Actions related to climate changeOur actions, as outlined in our transition plan, are underpinned by our broader commitment to deploying renewable energy projects and directing capital towards economic activities classified as  sustainable under the EU taxonomy. In 2024, we have  allocated DKK 46,800 million in capital expenditures to taxonomy- aligned activities. Further, we have taken final investment decisions on 1.8 GW of new projects, demonstrating our commitment to growth within the EU sustainable framework. Our actions are organised under key decarbonisation levers – strategic approaches designed to address  climate change impacts, risks, and opportunities. Decarbonisation lever 1:  Deploying renewable energy Our primary decarbonisation lever aligns with a key climate change-related opportunity and a positive impact: the deployment of renewable energy assets. This approach not only supports our core business model by capitalising on financial opportunities but also maximises our positive impact on climate change by increasing the availability of renewable energy.Key action 1.1Renewable capacity installedIn 2024, we continued to expand our renewable energy portfolio, reaching a total of 18.2 GW of installed capacity, with a pipeline of 7.6 GW in decided (FID’ed) capacity. We reached commercial operations for several major projects: the offshore wind farms Greater Changhua 1 and 2a (900 MW), South Fork (132 MW), the solar PV assets Sparta Solar (250 MW) and Mockingbird (471 MW), the remaining part of Old 300 (73 MW), and the combined solar PV (300 MW) and battery storage (300 MW/1,200 MWh) asset Eleven Mile. These projects directly contribute to increasing renewable energy capacity, supporting the growing demand for renew-able electricity. We are committed to deploying renewable energy over the long term as part of our core business strategy, with our build-out ambition serving as a key milestone that underscores our focus on expanding renewable energy capacity and aligning with our long term climate ambitions.Decarbonisation lever 2:  Reducing emissions from operationsOur second decarbonisation lever includes a  number of actions that each address the actual negative impacts on climate change from our own operations (fossil-based energy consumption at our CHP plants, and our scope 1 and 2 emissions). The associated actions undertaken in 2024 are  outlined  below: Key action 2.1Phasing out coalWe achieved a significant milestone in our decarbon-isation journey by shutting down our last coal-fired combined heat and power plant in Esbjerg, Denmark. This marks a major step in reducing fossil-based energy consumption at our CHP plants and lowering our scope 1 and 2 emissions from operations, which have already been significantly lowered. Between 2018 and 2024, we have reduced our scope 1 and 2 emissions intensity by 88 % and remain on track to achieve our SBTi- validated target of 93 % in 2025.We continue to identify additional ways to drive down emissions within our operations. The following actions, although supplementary, are deemed relevant contributions towards our climate objective.Action 2.1Electric vehicles fleetTo support our target of achieving a fully electric vehicle fleet by the end of 2025, we transitioned additional fossil fuel-powered vehicles to electric  vehicles in 2024. As a result, 73 % of our vehicle fleet is now fully electric. This transition is underpinned by a strategic decision to discontinue the acquisition or leasing of fossil fuel-powered vehicles, ensuring alignment with our decarbonisation objectives.Action 2.2Heavy-lift (cargo) drones for offshore maintenance In 2024, we deployed heavy-lift (cargo) drones (HLCD) for the first time during an operational campaign at the Borssele 1 &amp; 2 Offshore Wind Farm to enhance main-tenance efficiency. This innovation delivers significant cost and time savings while reducing GHG emissions by minimising vessel journeys and optimising operations. The use of drones allows cargo to be delivered directly to the nacelle in just four minutes per wind turbine, compared to approximately six hours using conven-tional methods, enabling tasks to be completed 10-15 times faster. Additionally, this approach eliminates the need to shut down turbines during delivery, reducing work disturbances and further improving efficiency. Decarbonisation lever 3:  Reducing emissions from our supply chainStakeholders, including regulators, investors, and customers, are increasingly attentive to emissions across the entire value chain, making it a key area of focus for organisations seeking to align with the evolving sustainability landscape. For us, reducing scope 3 emissions from the renewable energy supply chain is an important step in supporting the global energy transition. It is the second wave of transition efforts towards delivering on our 2040 science- based net-zero target. Addressing emissions in the value chain also offers opportunities to manage risks associated with resource availability and supply chain disruptions. By working with suppliers to explore lower-emissions alternatives and support innovations like circular practices, we can make progress in reducing emissions while contributing to broader sustainability efforts. Although eliminating value chain emissions will largely require systemic changes and long-term efforts by national and regional regulatory advancements, we are committed to making incremental progress in this area. This links directly to our broader decarbonisation strategy and aligns with global  climate goals.Key action 3.1Continued improvement of our company-wide roadmap In 2024, we initiated a project to update our company- wide decarbonisation roadmap to support our ambition of achieving net-zero emissions by 2040. This roadmap will continue to provide clear interim milestones and help identify potential new areas where immediate progress can be achieved. This approach ensures a solid foundation for long-term systematic change through measurable progress and targeted actions. Key action 3.2Offtake agreements for lower-emissions steelDecarbonising our value chain requires close col-laboration with key partners and suppliers. In 2024, we reinforced our partnership with Dillinger, Europe’s largest heavy steel plate producer. Under this agree-ment, Dillinger will offer Ørsted access to the first  production of lower-emission steel, contingent on availability and commercial terms and conditions. The steel plates are a critical component of the off-shore wind monopile foundations. This partnership underscores a long term commit-ment to decarbonise main components for our off-shore assets. We anticipate procuring lower-emissions steel from Dillinger’s plant in Dillingen, Germany, in 2027-2028, reflecting the time required to implement this initiative. Key action 3.3Supplier engagement and procurement strategyWe work closely with suppliers to drive the inte-gration of decarbonisation into their strategies and  operations, a cornerstone of our supplier engagement efforts. Our focus is on key high-impact  suppliers, representing over half of our total procurement spend and encompassing the most carbon-intensive  segments of our supply chain. We extend clear expec-tations to adopt science-based targets (through SBTi), provide transparent climate reporting (through CDP), and transition to renewable electricity for their energy needs. For selected high-impact segments, we have introduced climate requirements into our standard contracts and tender criteria. Our supplier engagement and procurement strategy is an ongoing initiative without a fixed end date, evolving with the growth of our project portfolio and supplier base. This approach ensures that new suppliers in high-impact segments are systematically included in our sustainability efforts.Since the implementation of our strategy, we have nearly doubled the number of key suppliers with whom we actively engage, while also broadening the focus of our collaboration to encompass circularity in addition to decarbonisation. These efforts not only drive progress toward our 2040 net-zero target but also contribute to the resilience of supply chains. To embed sustainability matters into procurement practices, we have a dedicated organisational set-up that enables clear focus on driving sustainable procurement. Action 3.1Uniform methodology for product carbon footprint (PCF) for offshore assetsIn 2024, we continued our collaboration with  Carbon Trust to develop a standardised carbon footprint methodology for offshore assets across the full life cycle. The methodology provides sector-specific  guidance for the application of international PCF and life cycle assessment standards. Establishing an industry-wide uniform  methodology will ensure a consistent approach to measuring the environmental impact of offshore wind projects throughout their entire life cycle, from material sourcing to decommissioning. By supporting such initiatives, we aim to enhance transparency and drive improve-ments across the industry.Decarbonisation lever 4:  Beyond value chain mitigation In addition to reducing our scope 1-3 emissions toward our 2040 net-zero target, we take further steps to finance and develop nature-based projects that  contribute to climate action outside our value chain. These efforts are not a substitute for reducing our scope 1-3 emissions; rather, they complement and reinforce our commitment to achieving emissions reductions as part of our holistic approach to  climate action. By supporting nature-based projects, we also advance our efforts to address a possible positive impact: carbon removal through nature-based projects, which supports broader climate action and  sustainability  objectives.Action 4.1Nature-based projects in the GambiaIn 2024, we have continued to advance our  portfolio of nature-based carbon removal projects by  planting approximately 40 million propagules in the  Gambia, equivalent to around 4,000 hectares, thereby  contributing further to the restoration of vital eco-systems and mitigating climate change. The project is in partnership with the Gambia Department of Parks &amp; Wildlife Management and three local NGOs to restore mangrove populations.To ensure carbon credits contribute meaningfully to climate action, they must meet additionality, i.e. that the project would not occur without financial  support, and permanence, i.e. that the mangroves remain intact. We actively support the Gambia project with a dedicated team and financial backing. Though resource-intensive and time-consuming as mangroves mature, this approach ensures project integrity. //Decarbonisation levers and actions highlightsDecarbonisation lever 1:  Deploying renewable energyKey action 1.1. Installed renewable capapcityExpanded renewable energy portfolio to 18.2 GW  of installed capacity in 2024.  Advanced our pipeline to a total of 7.6 GW in decided capacity (1.8 GW added in 2024).Decarbonisation lever 2:  Reducing emissions from operationsKey action 2.1. Phasing out coalShutting down our last coal-fired combined heat  and power plant in Esbjerg, Denmark.Action 2.1. Electric vehicle fleetAchieved 73 % electrification of our vehicle fleet.Action 2.2. Heavy-lift (cargo) drones  for offshore maintenanceDeployed heavy-lift drones at Borssele 1 &amp; 2  in 2024, boosting efficiency and cutting costs  and emissions.Decarbonisation lever 3:  Reducing emissions from supply chainKey action 3.1. Improvements to company-wide roadmap Launched project in 2024 to update the roadmap  for achieving net-zero by 2040 with clear milestones and targeted actions.Key action 3.2. Offtake agreements  for lower-emissions steel Strengthened partnership with Dillinger in 2024  to secure access to lower-emissions steel, supporting  decarbonisation of offshore wind monopile foundations.Key action 3.3. Supplier engagement  and procurement strategyContinuously engage high-impact suppliers to adopt science-based targets, report climate data, transition to renewable electricity, and meet climate requirements in contracts and tenders.Action 3.1. Uniform methodology for product carbon footprint (PCF) for offshore assets Worked with Carbon Trust in 2024 to standardise  carbon footprint methodology for offshore assets.Decarbonisation lever 4:  Beyond value chain mitigationAction 4.1. Nature-based projects in the Gambia  Continued to advance our nature-based carbon removal projects in 2024, planting 40 million mangrove propagules to restore 4,000 hectares and  support carbon removal and ecosystem restoration.// E1-4Targets related to climate changeDelivering on our 2040 net-zero ambition In 2021, we became the first energy company to set a science-based net-zero target covering scope 1-3 emissions by 2040. Since then, we have made measurable progress and remain on track to meet our near-term scope 1-2 emissions intensity target. To provide a more detailed trajectory for our decarbonisation efforts, we developed a portfolio of new near-term targets for 2030, using the same KPIs as our 2040 targets. In 2024, the Science Based  Targets initiative (SBTi) validated our interim 2030 targets. The SBTi’s target validation team classified the ambition of these  targets across scopes 1-3 as aligned with a 1.5 °C trajectory, reflecting alignment with the most ambitious goal of the Paris Agreement. This validation underscores the credibility of our approach and further reinforces our commitment to leading the energy transition towards a net-zero future.Our portfolio of climate targets outlines a clear pathway to reducing emissions across our value chain. It also includes a cap on emissions from natural gas sales, building on the reductions we have already achieved.Delivering on our strategic ambition:  renewable energy deployment We remain dedicated to advancing the global shift toward renewable energy. We are on course to achieve a 99 % share of renewable energy generation in 2025. This commitment is further supported by our strategic focus on expanding renewable energy capacity, with an ambiton of reaching installed renewable capacity of 22 GW by 2026. //Climate-related targets SBTi ESRS ref. SBTi and entity-specific climate targets Unit Scope Target valuetarget value Target year Baseline year 2024 Baseline value ΔSBTi-validated climate targets// E1-4, 34(a-e) Scope 1-2 GHG emissions intensity 1g CO2e/kWh Own operations  10  93 % 2025 2018 16 136 (88 %)// E1-4, 34(a-e) Scope 1-2 GHG emissions intensity 1g CO2e/kWh Own operations  6  96 % 2030 2018 16 136 (88 %)// E1-4, 34(a-e) Scope 1-2 GHG emissions intensity 1g CO2e/kWh Own operations  1  99 % 2040 2018 16 136 (88 %)// E1-4, 34(a-e) Scope 1-3 GHG emissions intensity (excl. gas sales) g CO2e/kWh Own operations and value chain  75  77 % 2030 2018 127 322 (61 %)// E1-4, 34(a-e) Scope 1-3 GHG emissions intensity (excl. gas sales) g CO2e/kWh Own operations and value chain  &lt;2.9  99 % 2040 2018 127 322 (61 %)// E1-4, 34(a-e) Scope 1-3 GHG emissions intensity (sold electricity) g CO2e/kWh Own operations and value chain  24 90 % 2030 2018 38 244 (84 %)// E1-4, 34(a-e) Scope 3 GHG emissions from gas sales Mt CO2e Value chain  8  67 % 2030 2018 4 24 (83 %)// E1-4, 34(a-e) Scope 3 GHG emissions from gas sales Mt CO2e Value chain  &lt;2.4  90 %  2040 2018 4 24 (83 %)// E1-4, 34(a-e) Scope 3 GHG emissions Mt CO2e Value chain  14  50 % 2030 2018 9 29 (69 %)Other climate targetsEntity spec. Share of renewable energy generation % Own operations  99 - 2025 2018 97 75 22 %pEntity spec. Coal and coal products used in thermal heat and power generation ktonnes Own operations  0  - 2025 2019 228 588 (61 %)Entity spec. Share of electric vehicles in company vehicle fleet % Own operations  100  - 2025 2019 73 21 52 %pBusiness driver targetEntity spec. Installed renewable capacity 2  GW Own operations 22 - 2026 2024 18.2 18.2 01   As part of the SBTi validation process of our interim targets, we updated the baseline year for our scope 1-2 emissions intensity target from 2006 to 2018.2   Renewable capacity installed by Ørsted accumulated over time  and not adjusted for divestmentsEnergy consumptionESRS ref. Energy consumption Unit 2024 2023 Δ// E1-5, 37(a) Total energy consumption from non-renewable sources MWh 2,384,997 4,850,134 (51 %)Entity spec. Non-renewable fuels used in thermal heat and power generation MWh 2,211,856 4,690,323 (53 %)// E1-5, 38(a) Fuel consumed from coal and coal products MWh 1,449,425 3,782,295 (62 %)// E1-5, 38(c) Fuel consumed from natural gas MWh 606,373 745,742 (19 %)// E1-5, 38(b) Fuel consumed from crude oil and petrolium products MWh 156,058 162,286 (4 %)Entity spec. Other fossil sources (oil, gas, and diesel for vessels and vehicles) MWh 168,062 155,309 8 %// E1-5, 38(e) Consumption of purchased or acquired heat from fossil sources MWh 5,079 4,502 13 %// E1-5, 37(c) Total energy consumption from renewable sources MWh 13,620,470 10,718,308 27 %Entity spec. Renewable fuels used in thermal heat and power generation MWh 13,143,806 10,090,651  30 %// E1-5, 37(c)(i) Fuel consumed from biomass MWh 13,131,089 10,074,047  30 %// E1-5, 37(c)(i) Fuel consumed from biogas MWh 12,717 16,604 (23 %)// E1-5, 37(c)(ii) Consumption of purchased or acquired electricity and heat from renewable sources MWh 476,664 627,657 (24 %)// E1-5, 37  Total energy consumption MWh 16,005,467 15,568,442 3 %// E1-5, AR34 Share of non-renewable energy consumption % 15 31 (16 %p)// E1-5, AR34 Share of renewable energy consumption % 85 69 16 %p// E1-5, 40 Energy intensity from activities in high climate impact sectors MWh/DKKm 225 196 15 %Entity spec. Electric vehicles in company vehicle fleet % 73 65 8 %pShare of renewable energy consumption%2024 85692023Total energy consumption increased by 3 % in 2024 compared to 2023.Total energy consumption from non-renewable sources decreased by 51 % in 2024 compared to 2023. This was mainly driven by 62 % lower fuel consumption from coal at our CHP plants. The lower consumption of coal compared to 2023 was mainly driven by the shut down of the coal-based Esbjerg Power Station from September 2024 as well as our other coal-based generation capacity in Q4 2024. In addition, we have resumed biomass usage at Studstrup Power Station, replacing coal consumption since April 2023.Total energy consumption from renewable sources increased by 27 % in 2024 compared to 2023. The increase was primarily driven by 30 % higher fuel  consumption from biomass at our CHP plants, driven by improved spreads from decreasing wood pellet prices as well as increased biomass usage at Studstrup Power Station in 2024, as we have resumed using  biomass after the fire in the wood pellet silo that lead to lower biomass usage in 2023.The 15 % increase in energy intensity from activities in high climate impact sectors is due to a 3 % increase in total energy consumption (numerator) and a 10 % reduction in revenue (denominator). §  Accounting policiesEnergy consumption from non-renewable sourcesEnergy consumption from non-renewable sources includes all fossil fuels used at combined heat and power (CHP) plants (lower caloric values), oil, gas and diesel for  vessels and vehicles as well as consumption of purchased or acquired heat from fossil sources.Energy consumption from renewable sources Energy consumption from renewable sources includes all renewable fuels used at combined heat and power (CHP) plants (lower caloric values) as well as purchased and consumed electricity and heat from renewable sources (electricity used at CHP plants, other facilities, and administrative buildings). For consumption related to administration and other processes, we calculate direct consump-tion on the basis of invoices. Our own electricity consumption is 100 % covered by renewable energy certificates.Heat consumption is split between renewable and non-renewable sources based on a cal-culation using data from Danish heat sources (we only use district heating in Denmark).Energy consumption from high climate impact sectors The total energy consumption of Ørsted falls under NACE code D35 ‘Electricity, gas, steam and air-conditioning supply’ as defined in  Commission Delegated Regulation (EU) 2022/1288. Similarly, the revenue figure used to derive the intensity shown is the total group revenue, given that all revenue is deemed to be derived from activities under NACE code D35 ‘Electricity, gas, steam and air condition-ing supply’.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.Gross scope 1, 2, 3, and total GHG emissions  Scopes 1, 2, and 3ESRS ref. Greenhouse gas (GHG emissions), tonnes CO2e  2024 2023 Δ// E1-6, 48(a), 50(a) Direct GHG emissions (scope 1) 733,299 1,584,822 (54 %)// E1-6, 48(b) Covered by the EU Emissions Trading System, % 92 96 (4 %p)// E1-6, 44(b), 49(a), 50(a) Indirect GHG emissions (scope 2), location-based 58,925 92,960 (37 %)// E1-6, 44(b), 49(b), 50(a) Indirect GHG emissions (scope 2), market-based 1875 701 25 %// E1-6, 44(c) Indirect GHG emissions (scope 3) 9,043,386 5,631,417 61 %// E1-6, 51 C1: purchased goods and services 528,954 327,854 61 %// E1-6, 51 C2: capital goods 3,050,022 91,140 3,247 % // E1-6, 51 C3: fuel- and energy-related activities 1,390,869 1,314,390 6 %// E1-6, 51 C4: upstream transportation and distribution 630 234 169 %// E1-6, 51 C5: waste generated in operations 2,841 2,660 7 %// E1-6, 51 C6: business travel222,972 18,111 27 %// E1-6, 51 C7: employee commuting 12,330 12,577 (2 %)// E1-6, 51 C9: downstream transport and distribution 2,591 2,496 4 %// E1-6, 51 C11: use of sold products 4,032,177 3,861,955 4 %// E1-6, 52(a) Total GHG emissions (location-based) 39,835,610 7,309,199 35 %// E1-6, 52(b) Total GHG emissions (market-based) 39,777,560 7,216,940 35 %Entity spec. Scopes 1, 2, and 3 (excl. gas sales) 5,745,383 3,354,985 71 %Entity spec. Scope 3 (excl. gas sales) 5,011,209 1,769,462 183 %Entity spec. GHG emissions outside of scopes 1-3 44,626,264 3,584,996 29 %// E1-6, AR43(c) Direct biogenic carbon emissions4,598,412 3,544,231 30 %// E1-6 AR45(e) Indirect biogenic carbon emissions27,852 40,765 (32 %)// E1-6, 50(b) GHG emissions not accounted for under the consolidated group // E1-6, 50(b) Scope 1 emissions 30,635 - -// E1-6, 50(b) Scope 2 emissions (location-based) 10,063 - -// E1-6, 50(b) Scope 2 emissions (market-based) 510,063 - -1   We cover 100 % of our own electricity consumption with unbundled renewable electricity certificates.2   We have obtained carbon dioxide emissions data directly from our air travel suppliers, which account for 0.2 % of the total scope 3 emissions.3   Total GHG emissions including scope 2 GHG emissions measured using the location-based and market-based method, respectively.4   According to the GHG Protocol, emissions data for direct carbon  emissions from biologically sequestered carbon (e.g. carbon dioxide from burning  biomass) shall be reported separately from scopes 1-3.5   We do not purchase renewable certificates for the scope 2 emissions not financially consolidated. Scope 1Scope 1 greenhouse gas (GHG) emissions decreased by 54 % from 2023 to 2024. The main driver was the 53 % decrease in the non-renewable fuels used in the heat and power generation, where coal consumption decreased by 62 %.In 2024, 92 % of our scope 1 GHG emissions were  covered by the EU Emissions Trading System. Scope 2Location-based scope 2 GHG emissions decreased by 37 % from 2023 to 2024, primarily driven by less purchased power for the electric boilers at our CHP plants.All electricity purchased and consumed by Ørsted is covered with certificates, ensuring it has been produced using renewable sources. Therefore, our  market-based scope 2 GHG emissions from power consumption amounted to zero tonnes carbon dioxide equivalents. The remaining 875 tonnes carbon dioxide equivalents come from the fossil-based share of our heat consumption.Scope 3Scope 3 GHG emissions increased by 61 % from 2023 to 2024. This increase was primarily driven by the increase in emissions from capital goods (category 2), as we commissioned four large solar farms in the US, two offshore wind farms in Taiwan, and one offshore wind farm in the US in 2024, whereas we only commis-sioned four onshore wind farms in 2023.GHG emissions outside of scopes 1-3Direct biogenic carbon emissions were 30 % higher in 2024 than in 2023 due to the 30 % increase in the use of sustainable biomass as fuel.Indirect biogenic carbon emissions decreased by 33 % in 2024 compared to 2023, driven by the reduction in purchased electricity from renewable sources.GHG emissions not accounted for under  the consolidated groupGHG emissions (scopes 1 and 2) from operating activi-ties that are not accounted for under the consolidated group include emissions associated with our operation of assets over which we have no or partial ownership. These include offshore wind farms where we own part of the wind farm as well as some smaller onshore wind farms where we have no ownership, but over-see  operations. All these assets are renewable assets, implying the key driver of the emissions reported is fuel from the vessels and vehicles used to operate these assets. Gross scope 1, 2, 3, and total GHG emissions GHG emissions intensityESRS ref. GHG emissions intensity Unit 2024 2023 ΔGHG emissions intensity (scopes 1 and 2)Entity spec. GHG emissions intensity, energy generation g CO2e/kWh 16 38 (58 %)Entity spec. Offshore g CO2e/kWh 20 %Entity spec. Onshore g CO2e/kWh 0Entity spec. Bioenergy &amp; Other g CO2e/kWh 61 141 (57 %)Entity spec. GHG emissions intensity, revenue g CO2e/DKK 10 20 (50 %)Entity spec. GHG emissions intensity, EBITDA g CO2e/DKK 23 85 (73 %)GHG emissions intensity (scopes 1, 2, and 3)Entity spec. GHG emissions intensity 1, energy generation g CO2e/kWh 127 80 59 %// E1-6, 53 GHG emissions intensity 2, revenue g CO2e/DKK 138 92 50 %// E1-6, 53 GHG emissions intensity 3, revenue g CO2e/DKK 138 91 52 %1   Excludes scope 3 emissions from gas sales. Calculated using market-based scope 2 emissions.2   Calculated using location-based scope 2 emissions.3   Calculated using market-based scope 2 emissions. GHG emissions intensity (scopes 1 and 2)Our scope 1 and 2 GHG emissions intensity (energy generation), decreased by 58 % in 2024 compared to 2023. The decrease was the result of a 54 % decrease in scope 1 emissions due to lower non-renewable fuels used in thermal heat and power generation ( numerator) and an 8 % increase in total heat and power generation (denominator).Our scope 1 and 2 GHG emissions intensity (revenue) was reduced by 50 %, and our scope 1 and 2 GHG emissions intensity (EBITDA) was reduced by 73 %,  following the 58 % reduction in GHG emissions (numerator), the 10 % reduction in revenue, and the 71 % increase in EBITDA (denominators).GHG emissions intensity (scopes 1, 2, and 3)Our scope 1, 2, and 3 (excluding gas sales) GHG emissions intensity (energy generation) increased by 59 % from 2023 to 2024. The increase was mainly driven by the 183 % increase in scope 3 (excluding emissions from gas sales), partially offset by 54 % lower scope 1 emissions and an 8 % increase in total heat and power generation (denominator). Our scope 1, 2, and 3 GHG emissions intensity  (revenue) increased by 50 % (for intensity based on location-based scope 2 emissions) and 52 % (for intensity based on market-based scope 2 emissions). The increase was mainly driven by a 61 % increase in total scope 3 emissions and a 10 % reduction in  revenue, partially offset by 54 % lower scope 1 emissions.§  Accounting policiesDirect GHG emissions (scope 1)Scope 1 emissions are reported based on the Green-house Gas (GHG) Protocol and cover all direct emissions of greenhouse gases from Ørsted: carbon  dioxide, methane, nitrous oxide, and sulphur hexa-fluoride. The direct carbon emissions from the com-bined heat and power plants are determined based on the fuel quantities 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 emissions 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. Location-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 accounting for scope 3 inventory is split into 15 subcategories (C1-C15): C1 is categorised spend data multiplied by relevant spend-category-specific emission factors.C2 includes upstream GHG emissions (cradle to operations) from acquired and installed wind, solar, and storage assets in the month when they reached commercial operation date (COD).C3 is calculated based on actual fuel consumption 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 transport. 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 distance 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 scopes 1-3Direct carbon emissions from burning biomass is reported outside of scopes 1-3, as per the GHG Protocol. The direct biogenic carbon emissions are calculated by multiplying the volume of used biomass with the corresponding carbon emission factors. The indirect biogenic emissions have been estimated based on our consumption of electricity and heat produced using biomass. GHG emissions not accounted for under  the consolidated groupAs per the ESRS, we include scope 1 and 2 emissions from assets where we have no or only partial owner-ship, but maintain full operational control. The GHG emissions include emissions associated with fuel usage (scope 1) and electricity consumption (scope 2) when operating renewable assets.GHG emissions intensity (scopes 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 emissions intensity (scopes 1, 2, and 3),  generation, and net revenueGHG intensity based on energy generation is calcu-lated as the total scope 1, scope 2 (market-based), and scope 3 (excluding gas sales) emissions divided by total heat and power generation. The calculation of GHG intensity based on net revenue divides the total scope 1-3 GHG emissions (numerator) with the total net revenue as shown in the financial statements (denominator).GHG emissions calculation factorsReferences for calculation factors used in the 2024 data set (page 94)Scope 1 emissions Global warming potential  of greenhouse gases CH4, N2O, SF6Intergovernmental Panel  on Climate Change (IPCC): Climate Change 2021,  The Physical Science BasisCarbon emissions from fossil fuels at CHP plants  Coal, oil, natural gasDanish Energy Agency: Standard-faktorer for brændværdier og CO2-emissioner (Standard factors for calorific value and carbon emissions), 2023Carbon emissions from fossil fuels outside CHP plants  Diesel, petrol, fuel oil, jet fuelAmerican Petroleum Institute (API): Compendium of green-house gas emission methodolo-gies for the natural gas and oil industry, 2021Scope 2 emissionsCarbon emissions from  power purchased  In DenmarkEnerginetDK, 2023: Generel deklaration og Miljødeklaration, 2021 (General declaration and environmental declaration, 2022)Carbon emissions from  power purchased  In other European countriesAssociation of Issuing Bodies (AIB): European Residual Mixes, 2023 (2022 data)Carbon emissions from  power purchased  In countries outside EuropeInstitute for Global Environ-mental Strategies (IGES): list of grid emission factors, 2023US Environmental Protection Agency (EPA): US EPA 2024 (eGRID2022 data)Biogenic emissionsBiogenic emissions from  combustion of biomass   GHG emissions outside of scopes 1-3, biomass and biogasUK Department for Environ-ment, Food &amp; Rural Affairs (DEFRA), UK government GHG conversion factors for company reporting, 2023Scope 3 emissionsUse of sold products(category 11)    Emissions from end-use  of gasUK Department for Environment, Food &amp; Rural Affairs (DEFRA): UK government GHG conversion factors for company reporting, 2023Capital goods (category 2)  Wind farms, offshoreThe model is based on the ISO 14040 Life cycle assessment standard (1) and applied in the openLCA software. The mod-elling is conducted using the Environmental Footprint 3.0 LCIA (life cycle impact assess-ment) method, and the impacts of each activity/material come from the ecoinvent environmen-tal database, version 3.8.  Wind farms, onshoreSiemens, Environmental Product Declaration: a clean energy solution – from cradle to grave. Onshore wind power plant employing SWT-2.3-108  Solar PVCd Te: First Solar, Environmental Product Declaration: Series 6 Photovoltaic Module, NEPD-2993-1671. EPD-Norge, 2021Mono-si: NREL, An Updated Life Cycle Assessment of Utility- Scale Solar Photovoltaic Systems. National Renewable Energy Laboratory, 2021  Battery storagePeralta, M., &amp; Barron, J., "Carbon footprint and energy payback of photovoltaic technologies: A review of trends and gaps,"  Journal of Cleaner Production, Vol. 426, 2024.Fuel- and energy-related activities (category 3)   Emissions from regular power sales and upstream supply chain for fuelsAssociation of Issuing Bodies (AIB): European Residual Mixes, 2023 (2022 data)UK Department for Environment, Food &amp; Rural Affairs (DEFRA): UK government GHG conversion factors for company reporting, 2023Purchased goods and services (category 1)   Supply chain emission  factors depending on  product  categoriesUS Environmental Protection Agency (EPA): Supply Chain Greenhouse Gas Emission Factors, USD 2018Business travel (category 6)   Assumptions: ‘average car’, ‘unknown fuel type’UK Department for Environment, Food &amp; Rural Affairs (DEFRA), UK government GHG conversion factors for company reporting, 2023 Comment(Italic) SourceEntity spec.Overview by country The Other  Overview by country Unit Denmark The UK GermanyNetherlands The US Taiwan Polandcountries 2024 2023 ΔInstalled renewable capacity  MW 3,061 5,795 1,387 752 5,825 945 - 405 18,170 15,731 16 %Offshore wind power  MW 1,006 5,692 1,346 752 162 945 - - 9,903 8,871 12 %Onshore wind power  MW - 83 27 - 3,215 - - 401 3,726 3,717 0 %Solar PV power  MW - - 14 - 2,108 - - 4 2,126 1,028 107 %Battery storage MW 1 20 - - 340 - - - 361 61 492 %Bioenergy MW 2,054 - - - - - - - 2,054 2,054 0 %Decided (FID’ed) renewable capacity  MW - 3,152 1,249 - 2,137 920 - 180 7,638 8,323 (8 %)Offshore wind power MW - 2,852 1,166 - 1,628 920 - - 6,566 6,672 (2 %)Onshore wind power  MW - - 67 - 259 - - 44 370 100 270 %Solar PV power MW - - 16 - - - - 136 152 1,179 (87 %)Battery storage MW - 300 - - 250 - - - 550 300 83 %P2X MW - - - - - - - - - 72 (100 %)Awarded and contracted renewable capacity MW - 2,400 - - - - 2,753 - 5,153 3,720 39 %Sum of installed, FID’ed, and awarded/contracted capacity MW 3,061 11,347 2,636 752 7,962 1,865 2,753 585 30,961 27,774 11 %Power generation capacity MW 2,658 2,908 837 376 5,172 598 - 351 12,900 12,511 3 %Offshore wind power MW 561 2,830 800 376 96 598 - - 5,261 4,986 6 %Onshore wind power MW - 78 22 - 3,215 - - 351 3,666 3,707 (1 %)Solar PVpower MW - - 15 - 1,861 - - - 1,876 1,018 84 %Thermal power MW 2,097 - - - - - - - 2,097 2,800 (25 %)Heat generation capacity, thermal MW 2,864 - - - - - - - 2,864 3,353 (15 %)Power generation GWh 6,583 10,519 2,414 1,333 14,556 2,220 - 811 38,436 35,572 8 %Heat generation GWh 6,919 - - - - - - - 6,919 6,587 5 %Share of renewable energy generation % 91 100 100 100 100 100 - 100 97 93 4 %pGreenhouse gas emissions (scopes 1 and 2) ktonnes CO2e 700 18 7 2 2 5 - 0 734 1,586 (54 %)Greenhouse gas intensity (scopes 1 and 2) g CO2e/kWh 52 2 3 1 0 2 - 0 16 38 (58 %)Entity spec.Renewable capacityBusiness driversRenewable capacity Unit 2024 2023 ΔInstalled renewable capacity  MW 18,170 15,731 2,439Offshore, wind power  MW 9,903 8,871 1,032Onshore MW 6,193 4,785 1,407Wind power MW 3,726 3,717 9Solar PV power 1MW 2,127 1,028 1,098Battery storage 1MW 340 40 300 2MW 2,075 2,075 -BioenergyDecided (FID’ed) renewable capacity  MW 7,638 8,323 (685)Offshore  MW 6,866 6,672 194Wind power MW 6,566 6,672 (106)Battery storage 1MW 300 - 300Onshore  MW 772 1,579 (807)Wind power MW 370 100 270Solar PV power 1MW 152 1,179 (1,027)Battery storage 1MW 250 300 (50)3MW - 72 (72)P2XAwarded and contracted renewable capacityMW 5,153 3,720 1,433Offshore, wind power MW 5,153 3,677 1,476Onshore, wind power MW - 43 (43)Sum of installed and FID’ed renewable capacity  MW 25,808 24,054 1,754Sum of installed, FID’ed, and awarded/contracted renewable capacity  MW 30,961 27,774 3,1871   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   In Q2 2024, we took the decision to cease the development  of our liquid e-fuels project FlagshipONE in Sweden. In 2024, we added 2.4 GW of installed renewable energy capacity. We reached COD for the offshore wind farms Greater Changhua 1 and 2a (900 MW) and South Fork (132 MW), and we commissioned the onshore assets Mockingbird (471 MW), Sparta Solar (250 MW), the remaining part of Old 300 (73 MW), and the Eleven Mile Solar Center with a solar PV capac-ity of 300 MW and a battery storage capacity of 300 MW/1,200 MWh. We took final investment decisions for the offshore wind farm Sunrise Wind (924 MW), the onshore wind farms Badger Wind (259 MW) and Farranrory (43 MW), and the solar farm Ballinrea (55 MW). Additionally, we took final investment decisions for two battery energy storage systems (BESS): a BESS colocated with Hornsea 3 (300 MW/600 MWh) and the BESS at Old 300 (250 MW/500 MWh).§  Accounting policiesInstalled renewable capacityThe installed renewable capacity is calculated as renewable 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 project. 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 combined 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.Entity spec.Generation capacityBusiness driversGeneration capacity Unit 2024 2023 ΔPower generation capacity  MW 12,899 12,511 388Offshore wind  MW 5,260 4,986 274Denmark MW 561 561 -The UK MW 2,830 2,830 -Germany MW 799 673 126The Netherlands MW 376 376 -Taiwan MW 598 516 82The US MW 96 30 66Onshore wind MW 3,666 3,707 (41)The US MW 3,215 3,215 -Ireland MW 351 351 -The UK MW 78 78 -France MW - 41 (41)Germany MW 22 22 -Solar PV MW 1,876 1,018 858The US MW 1,861 1,004 857France MW - 4 (4)Germany MW 15 10 5Thermal, Denmark (CHP plants) MW 2,097 2,800 (703)Heat generation capacity, thermal MW 2,864 3,353 (489)Based on biomass  MW 2,032 2,032 -Based on coal  MW - 1,300 (1,300)Based on natural gas MW 1,574 1,617 (43)Heat generation capacity, electric MW 249 225 24Power generation capacity, thermal MW 2,097 2,800 (703)Based on biomass MW 1,232 1,228 4Based on coal MW - 991 (991)Based on natural gas MW 882 951 (69)Based on oil MW 474 734 (260)Our power generation capacity increased by 3 % to 12,899 MW in 2024. Offshore wind power generation capacity increased by 274 MW, primarily due to the ramp-up of Gode Wind 3 in Germany, Changhua 1 and 2a in Taiwan, and South Fork Wind in the US.Onshore wind power generation capacity decreased slightly due to the divestment of the French assets in Q2 2024.Solar PV generation capacity increased by 858 MW to 1,876 MW in 2024, mainly driven by the commis-sioning of Eleven Mile Solar Center, Sparta Solar, and  Mockingbird in the US.In 2024, thermal power generation capacity decreased by 703 MW, mainly due to the closure of the 373 MW power generation capacity at Esbjerg Power Station. We have also taken the 260 MW unit at Kyndby Peak Load Plant (based on oil) and part of the gas-based capacity at Avedøre Power Station out of operation in 2024.Heat generation capacity (thermal) decreased by 489 MW, mainly due to the closure of Esbjerg Power Station and part of the gas-based capacity at Avedøre Power Station in 2024.§  Accounting policiesPower generation capacityPower generation capacity for an offshore wind farm is calculated and included from TOC of the individual wind turbines. TOC stands for ‘take over certificate’, which is the document signifying transfer of ownership from the contractor to the owner or operator of the asset. Power generation capacities for onshore wind and solar farms are included after commercial operation date (COD) has been reached. Generation capacity is financially consolidated.Heat and power generation capacity, thermalThermal heat and power generation  capacity is a measure of the maximum capability to  generate 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 or into conservation are not included.Fuel-specific thermal heat and power genera-tion capacities measure the maximum  capacity 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  %.Entity spec.Energy business drivers Business driversEnergy business drivers Unit 2024 2023 ΔOffshore windWind speed m/s 10.0 9.8 2 %Wind speed, normal wind year m/s 9.9 9.9 0 %Availability  % 88 93 (5 %p)Load factor % 42 43 (1 %p)Onshore windWind speed m/s 7.2 7.2 0 %Wind speed, normal wind year m/s 7.4 7.4 0 %Availability  % 90 88 2 %pLoad factor  % 37 36 1 %pSolar PVAvailability % 98 98 0 %pLoad factor % 25 24 1 %pOtherDegree days, Denmark Number 2,485 2,585 (4 %)Offshore windOffshore wind speeds in 2024 were 2 % higher than in 2023 and 0.1 m/s higher than in a normal wind year. Availability was 5 percentage points lower in 2024 compared to 2023. The load factor decreased by 1 percentage point in 2024 compared to 2023. Onshore windOnshore wind speeds in 2024 were at the same level as in 2023, which is 0.2 m/s lower than in a normal wind year. Availability was 2  percentage points higher in 2024 compared to 2023. The load factor increased by 1 percentage point in 2024 compared to 2023.Solar PVAvailability in 2024 was at the same level as in 2023, but the load factor increased by 1 percentage point.OtherThe number of degree days in 2024 was 4 % lower than in 2023, indicating that the weather in 2024 was slightly warmer than in 2023. §  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  relative to potential generation, which is pos-sible 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 opera-tors when it is available for generation, but the output cannot be supplied to the grid due to  maintenance or grid interruptions. New  offshore wind turbines are included in the calculations of availability and load factor once the ‘take over certificate’ (TOC) is issued. Onshore wind turbines are included once they have passed commercial 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.Entity spec.Energy generation and sales Business driversEnergy generation and sales Unit 2024 2023 ΔPower generation GWh 38,436 35,572 8 %Offshore wind GWh 18,599 17,761 5 %Denmark  GWh 2,061 1,970 5 %The UK  GWh 10,357 10,887 (5 %)Germany  GWh 2,356 2,076 13 %The Netherlands  GWh 1,333 1,449 (8 %)The US  GWh 272 88 209 %Taiwan GWh 2,220 1,291 72 %Onshore wind GWh 11,959 11,228 7 %The US  GWh 10,939 10,124 8 %Ireland GWh 759 809 (6 %)France  GWh 51 89 (43 %)Germany GWh 49 58 (16 %)The UK GWh 161 148 9 %Solar PV GWh 3,356 2,146 56 %The US GWh 3,346 2,131 57 %Germany GWh 9 11 (18 %)France GWh 1 4 (75 %)Thermal GWh 4,522 4,437 2 %Heat generation  GWh 6,919 6,587 5 %Total heat and power generation GWh 45,355 42,159 8 %Of which, thermal heat and power generation % 25 26 (1 %p)Gas sales GWh 17,372 16,880 3 %Power sales GWh 19,967 21,448 (7 %)Power from renewable sources to end customers 1GWh 813 881 (8 %)Regular power to end customers 2GWh 1,639 1,567 5 %Power wholesale GWh 17,515 19,000 (8 %)1   Power sold with renewable energy certificates (certificates ensuring it has been produced using renewable resources). 2  Power sold without renewable energy certificates.Offshore wind power generation increased by 5 % to 18.6 TWh in 2024. The increase was primarily due to ramp-up capacity in Taiwan, Germany, and the US as well as higher wind speeds.Onshore wind power generation was 12.0 TWh in 2024, an increase of 7 % compared to 2023, mainly driven by higher generation from the US wind farm Sunflower Wind (passed COD in Q3 2023). Solar PV generation increased by 56 % due to the  commissioning of the US solar sites Sparta Solar, Eleven Mile, and Mockingbird.Thermal power generation increased by 2 % in 2024 compared to 2023. The increase was mainly driven by attractive wood pellet spreads and improved technical availability at the power plants compared to 2023. This was partially offset by lower power generation from the closed down Esbjerg Power Station as of August 2024. Heat generation was 5 % higher in 2024 compared to 2023, mainly driven by the colder weather in the beginning of 2024. Gas sales were 3 % higher compared to 2023, mainly driven by higher offtake from DUC, due to ramp-up of production from the Tyra gas field (not owned by Ørsted), partly offset by the expiry of our contract with Equinor.Power sales decreased by 7 % to 20.0 TWh in 2024, partly due to lower volumes from ending third-party contracts for balancing activities in 2024.§  Accounting policiesPower generationPower generation from wind and solar farms is determined as generation sold. 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.Total heat and power generation by source Business driversESRS ref. Total heat and power generation by source 2024 2023 ΔShare of energy generation, % Entity spec. From renewable sources 97 93 4 %pEntity spec. From offshore wind  41 42 (1 %p)Entity spec. From onshore wind  26 27 (1 %p)Entity spec. From solar PV  7 5 2 %pEntity spec. From sustainable biomass  22 18 4 %pEntity spec. From other renewable energy sources 1 1 0 %pEntity spec. From non-renewable sources 3 7 (4 %p)Entity spec. From coal  2 6 (4 %p)Entity spec. From natural gas  1 1 0 %pEntity spec. From other fossil energy sources 0 0 0 %pEntity spec. Total heat and power generation, MWh  45,354,845 42,158,133 8 %// E1-5, 39 From renewable sources 44,141,989 39,217,892 13 %// E1-5, 39 From non-renewable sources 1,212,856 2,940,241 (59 %)The share of renewable heat and power generation increased by 4 percentage points to 97 % in 2024. The increase was mainly due to a 4 percentage point reduction in coal-based generation and a 4 percent-age point increase in biomass-based generation. The coal-based generation decreased due to the shut-down of the coal-based Esbjerg Power Station and the subsequent declining coal usage from Q4 2024. In addition, there was lower coal-based generation at Studstrup Power Station due to the gradual switch back to biomass-based generation from April 2023. The share of solar PV-based generation increased by 2 percentage points due to the new solar farms in the US. However, this was offset by a 2 percentage point decrease in the share of wind-based generation.§  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 by 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 E4 Biodiversity and ecosystems// ESRS 2, SBM-3Our material impacts, risks, and opportunities (IROs)// ESRS 2, SBM-3Our material impacts, risks,  and opportunities (IROs)In the tables to the right and on the next page are descriptions of our material IROs related to biodiversity and ecosystems, including how we manage them. The impacts primarily originate from our renewable energy business activities but also partly from our legacy business relating to coal and gas. These impacts occur both through our busi-ness relationships with suppliers and through our own activities of constructing our renew-able assets. Direct impact drivers of biodiversity loss Material IRO description How do we manage the IRO?Natural resources exploitation and land-use and freshwater-use change from miningNegative impact (upstream value chain)Ecotoxicity from mining Negative impact (upstream value chain)These negative impacts concern natural resources exploitation in We have completed a mapping to our supply chain related to mining and refining processes of metals help us understand potential negative and minerals. impacts on biodiversity that we may have in our value chain. We continue Mining of metals and minerals in our supply chain is a direct impact to explore ways to identify and miti-driver of biodiversity loss through land-use and freshwater-use gate impacts across our value chain, change and ecotoxicity from run-off. It also impacts ecosystems including our first attempt at mapping through land degradation. impacts from high impact commodi-ties (HICs) in our upstream value chain.Land-use and sea-use change from coal and gas extractionNegative impact (upstream value chain)This negative impact concerns natural resources exploitation in  We are working towards  managing our supply chain related to coal and gas extraction. our biodiversity-related negative impacts in our value chain.  Our supply chain has adverse impacts on biodiversity through land-use change due to mining and refining processes of coal and In 2024, we closed our last coal-fired through sea-use change from extraction and refining processes of CHP plant, eliminating the impact gas that we primarily source from the North Sea.from coal from 2025.1  The positive impact and opportunity also fall under the sub-topic ‘Impacts on the state of species’.Impacts on the extent and condition of ecosystemsMaterial IRO description How do we manage the IRO?Habitat loss from land degradation from mining Negative impact (upstream value chain)For details related to this IRO, see ‘natural resources exploitation’ impact.Biodiversity restoration, research, and innovation initiativesPositive impact 1 (own operations)Opportunity 1 (own operations)This positive impact relates to our habitat and ecosystem We have implemented several  restoration efforts, including our efforts to protect and restore biodiversity pilot projects, monitoring wider supportive ecosystems, e.g. salt marshes. We conduct  plans, and innovative initiatives to species restoration efforts as well as research on habitats,  work towards achieving our 2030 species, and innovation, e.g. biodiversity monitoring and track-net-positive ambition. The most ing. The impact positively affects the environment by restoring recent one being the launch of species, ecosystems, and habitats. our ‘Biodiversity measurement framework’, which will allow us to We also see this as an opportunity to attract patient capital measure and assess impacts on and secure favourable conditions when accessing financing on biodiversity at an asset level, across capital markets or through business partnerships. offshore and onshore operations.Temporary disturbances to habitats during constructionNegative impact (own operations)This negative impact concerns the disturbances of habitats At an asset level, we prefer to  during the construction of our renewable energy assets. always have a biodiversity action plan in place, which helps us map Construction of renewable energy projects causes temporary out our negative impacts and disturbances to habitats due to ground preparation and the plan out our mitigating actions presence of infrastructure.accordingly. →Impacts on the state of speciesMaterial IRO description How do we manage the IRO?Species population size decrease and global extinction risk increase due to mining Negative impact (upstream value chain)This negative impact is linked to natural resources exploitation in We have completed a mapping to help us our supply chain related to mining and refining processes of metals understand potential negative impacts to and minerals. biodiversity that we may have in our value chain. We continue to explore ways to identify Mining of metals and minerals in our supply chain impacts ecosystems and mitigate impacts across our value chain, through land degradation, which can lead to habitat loss and impacts including our first attempt at mapping species by causing a decrease in species population size and poten-impacts from high impact commodities tially extinction.(HICs) in our upstream value chain.Temporary displacement or loss of species during constructionNegative impact (own operations)This negative impact concerns the disturbances of species during the At an asset level, we prefer to always have construction of our renewable energy assets. a biodiversity action plan in place, which helps us map out our negative impacts and Construction of renewable energy projects causes temporary displace-plan out our mitigating actions accordingly. ment of species, or, in some instances, loss of species through adverse When we identify overlaps with e.g. an impacts on foraging, breeding, and wintering areas.IUCN Red-listed species, an action plan is developed to ensure that we reduce harm to this species or any threatened species.Transitioning away from fossil fuels to renewable energy is fundamental to solving the biodiversity crisis, as climate change is a main driver of biodiversity loss. The space required for the renewable energy transition is significant, and, with a nature in crisis, it is vital that we make sure our energy projects benefit nature. In 2024, we continued taking action to deliver on our ambition to achieve a net-positive biodiversity impact from all new renewable energy projects from 2030.For an overview of how we have structured this chapter, please see page 61. Our IROs are highlighted in italics.// E4-1  Transition plan At Ørsted, we believe that transitioning to  renewable energy can be part of a solution to the biodiversity crisis, provided it is done correctly. 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 from projects commissioned from 2030 onwards. In 2024, we took the first steps towards this by launching our ‘Biodiversity measurement framework’, further aligning our efforts with global public policy targets like the Global Biodiversity Framework. When developing renewable energy projects, we always adhere to local and national regulations and policies, including those related to biodiversity. This helps ensure that we are also taking our local  stakeholders and their interests into consideration. Through our double materiality assessment (DMA), we have identified material biodiversity-related impacts and an opportunity in our business, both in our own operations and in our value chain. Identifying and assessing these impacts help us to understand how we can continue to strengthen resilience across our operations, which we also assess using the methodology of the Taskforce on Nature-related Financial Disclosures (TNFD). //// E4, IRO-1Processes to identify and assess material impacts, risks, and opportunities Impact assessments of own sites and value chainDuring the project development phase of all our offshore and onshore assets where we are responsible for development, we conduct early risk screenings and develop environmental impact assessments (EIAs) or equivalent plans to assess the potential impacts on biodiversity and ecosystems at the locations of potential new assets. This is then followed by the legally required impact assessment processes, providing data on the biodiversity and ecosystems present at the site location. Based on these findings, we can develop action plans to mitigate our impacts and outline  restoration measures. Insights from the early risk screenings inform the biodiversity and ecosystem- related impacts, risks, dependencies, and opportunities identified and assessed in the DMA for sites in our own operations. This process highlights the importance of early assessments at the beginning of each of our projects to avoid and mitigate potential impacts on biodiversity and ecosystems. We have not identified any material dependencies on biodiversity and ecosystems, although soil stability at our sites constitutes the most significant dependency. Regarding our transitional and physical risks, we have mapped out our exposure and have not found significant risks from biodiversity and ecosystems that are not already covered in our mitigation processes and biodiversity action plans. Additionally, we have not identified any systemic risks to our business model that are not addressed through our established practices or the implementation of measures to reach our biodiversity ambition. A key outcome of our biodiversity programme has been the development of our ‘Biodiversity measurement framework’, which will ensure that we can capture all potential impacts and risks to biodiversity and eco-systems when developing new renewable energy pro-jects starting from 2024 and thus avoid the majority of impacts and risks to our operations. We have not completed an assessment of how  systemic risks to society have been considered in the assessment of biodiversity and ecosystems- related risks yet. However, we have begun the work of under-standing the correlation of these risks, how they impact our projects, and what we can do to mitigate them.The assessment of our upstream value chain that was completed in 2022 using the Global  Biodiversity Score tool is still relevant today. The results pro-vided an overview of impacts based on our most used  materials (incl. minerals and metals) and how each material impacts the environment, focusing on biodiversity. The assessment did not include an assessment of how the biodiversity impacts from our upstream value chain affect local communities, but it did provide an essential first step in our work with the Science Based Targets Network (SBTN) frame-work and our progress towards being ready to set  science-based targets for nature. Our continuous work to identify and mitigate  potential impacts and risks of our assets to biodiversity and ecosystems continues to inform our DMA. In this pro-cess, we base the identification and scoring of IROs on the knowledge gathered across all our offshore and onshore assets, enabling a cross-business assessment of impacts, risks, dependencies, and opportunities.Management of impacts in our own operationsAt Ørsted, we have sites located in or near biodiversity- sensitive areas. However, our activities at these sites only have temporary negative impacts during the  construction  phase, with no material impacts during operations, cf. the outcome of our DMA. By following the steps of our new measurement framework, conducting environmental assessments, implementing appropriate mitigation measures, and applying our ‘Biodiversity policy’, we will be able to avoid any impacts related to the deterioration of biodiversity or natural habitats within our own operations. We adhere to the mitigation hierarchy in the develop-ment of new projects, prioritising to avoid biodiversity impacts wherever feasible. For impacts that  cannot be entirely avoided, we focus on minimising and  mitigating them to the extent possible. An example of this is avoiding sensitive habitats during the routing of and installation of cables for offshore projects. Post construction, any residual impacts that could not be fully mitigated are addressed through species-specific or habitat-specific restoration. These efforts aim to restore biodiversity and habitat functioning to at least pre-construction baseline levels and are our measures towards achieving a net-positive impact.This means that the majority of our impacts on bio-diversity occur during the construction phase, and are appropriately mitigated, while during the operational phase, we have very limited impact on biodiversity that we are not able mitigate.One example of an impact that we are sometimes unable to mitigate during the operational phase of an offshore wind farm, which we have assessed as imma-terial, is the collision of airborne mobile species, such as birds or bats, with wind turbine blades. In cases where this impact cannot be mitigated through loca-tion or design, operational management plans are put in place, for example through enhanced monitor-ing campaigns, often in conjunction with local stake-holder groups.Vulnerable species and critical habitat types are iden-tified during the early screening phase of a project, allowing us to plan our project development around these factors, implementing the mitigation hierarchy and ensuring we are undertaking the actions needed to avoid and mitigate impacts on biodiversity. //// E4, SBM-3Material impacts and opportunities related to biodiversity and ecosystemsSite locations in our own operationsWe have completed an assessment of all our opera-tional assets in collaboration with The Biodiversity Consultancy, using their Biodiversity Risk Screening Kit (BRiSK). This assessment focused on biodiversity- and ecosystem-related impacts, risks, dependencies, and opportunities at an asset level, helping us to better understand which sites are material in this respect. It takes a variety of factors into account that  indicate impacts on biodiversity on a scale ranging from low over medium to high. These factors include species, designated areas (including protected areas and key biodiversity areas (KBAs)), ecoregion intactness, water pollution, and marine habitats, amongst others. The assessment highlights a list of matters, indicating that there are potential negative impacts on biodiver-sity if nothing is done to avoid or mitigate these. From that output, we have found that the majority of the identified risks have already been identified through our EIA or equivalent processes as well as mitigated as a part of our biodiversity action plans. Therefore, we are taking all necessary steps to limit risks and negative impacts on biodiversity and ecosys-tems at all our site locations. When we identify over-laps with e.g. an IUCN Red-listed species, an action plan is developed to ensure that we do no significant harm to this species, nor any threatened species, both during construction and the operational phase. Site locations without material impactsIn total, we have 63 operational sites across our portfolio of renewable energy assets (i.e. offshore and onshore wind, solar PV, and power stations) that currently overlap with or are adjacent to protected areas or KBAs. This is the majority of our assets and is connected to the fact that a buffer zone has been applied (25 km for offshore assets, 10 km for onshore assets), increasing the amount of overlaps with both protected areas and KBAs. Through our mitigation planning and restoration of impacts, we have found that we have no negative impacts on biodiversity and ecosystems at these sites.Site locations with temporary material impactsIn addition to the operational sites, we had 12 assets under construction in 2024, which were identified as material sites that temporarily have activities nega-tively affecting biodiversity-sensitive areas. These sites are listed in the table on page 114 and include nine off-shore wind and three solar PV projects. At the offshore construction sites, biodiversity impacts were primarily associated with monopile piling, which generates noise pollution, and cable laying, which disrupts  benthic and intertidal habitats. Additionally, the increased vessel traffic during construction caused further disruption to the ecosystem through noise pollution. For the solar PV assets under construction,  biodiversity impacts were primarily due to land clearing and cable laying, which caused temporary habitat disruption and species displacement. Additionally, the  operation of machinery contributed to noise pollution. All these impacts are appropriately managed or mitigated through implementation of measures agreed through impact assessment and permitting processes.We have found no negative impacts related to land degradation during the operational phase of our projects, including desertification or soil sealing. Any potential impacts on land degradation are mitigated during the construction phase.Material impacts in our value chainWe have identified material negative impacts in our upstream value chain. These impacts are primarily direct impact drivers of biodiversity loss due to extrac-tion of natural resources and mining activities. Further-more, mining also has negative impacts on the extent and condition of ecosystems and thus impacts spe-cies diversity. As mentioned previously, we used the Global Biodiversity Score tool to obtain an overview of  biodiversity- and ecosystems-related impacts in our upstream value chain, using global average data for our industry. We are dependent on mining of metals and minerals to expand the capacity of renewable energy assets, just as our peers in the industry. How-ever, we acknowledge the trade-offs of mining in the value chain, which we actively work towards manag-ing. As mentioned before, we are actively engaging with our tier 1 suppliers on their impacts on biodiver-sity, and we also continuously work towards gathering location-specific data on our upstream value chain. //// E4-2Policies related to biodiversity  and ecosystemsPolicy scope In 2024, we updated our ‘Biodiversity policy’, which applies to all sites owned and operated by Ørsted, including sites in or near biodiversity-sensitive areas. The policy addresses the direct impacts from our operations on biodiversity, ecosystem protection, and sustainable ocean practices. The scope of the policy covers all of Ørsted’s renewable energy assets, both offshore and onshore, and includes our initial steps towards addressing biodiversity in our value chain and the associated dependencies. More specifically, we engage with some of our tier 1 suppliers on their progress on working with biodiversity, similar to our approach with decarbonisation. Our biodiversity policy does not currently cover the impacts on biodiversity and ecosystems from e.g. raw material extraction in our upstream value chain. How-ever, we are committed to working with our suppliers through our ‘Supply chain sustainability programme’ on mitigating their impacts on biodiversity, where we are currently engaging with our tier 1 suppliers. Further tiers down in the value chain, it becomes more challenging to mitigate the inherent impacts on  biodiversity and, on a broader scale, nature. Through our supplier dialogues and continued work towards a more sustainable supply chain, we aim to implement mitigating actions for biodiversity in our supply chain in the future.The objective of our policy is to outline the importance of biodiversity to Ørsted and how we believe that bio-diversity is a key part of a sustainable project life cycle. The policy also explains the steps we take to protect biodiversity throughout an asset’s life cycle, aiming to avoid potential impacts and risks to biodiversity – from planning and development, through construction, over operation and maintenance, and finally to the decom-missioning and potential repowering phases.Policy governanceAccountability of the policy lies with the Chief Commercial Officer (CCO). To ensure that our policy is implemented and taken into account across our business, the policy includes an overview of the governance structure to support its implementation as well as specific third-party standards that support our work, e.g. the EU taxonomy for sustainable economic activities. Interests of key stakeholdersSimilar to the development of our biodiversity projects (see key actions below), we have also included key stakeholder concerns and interests into the scope of our biodiversity policy. For example, local communities, NGOs, and academia are included in the stakeholder engagement steps during the various phases of an asset’s life cycle. Management and mitigation hierarchyOur business model is to develop, construct, operate, and own renewable assets, and we are committed to doing this in an environmentally and socially sustain-able way. However, we recognise that expanding our operations also implies a greater pressure on  natural ecosystems. Therefore, protecting and restoring these ecosystems must be part of the solution, and we remain fully committed to effectively manage our impacts on biodiversity and ecosystems. Biodiversity management is an integral part of our business model and decision-making processes throughout the full life cycle of our projects. This ranges from early-stage site selection and planning, over project design, construction, operations, and eventually to decommissioning. To understand and manage our impacts, we follow the mitigation hierarchy. This means we aim to avoid harmful action at the outset of an activity, mini-mise impacts, and take restorative measures where impacts cannot be avoided. We also compensate for any residual adverse impacts that cannot be restored – while recognising that certain environmental features are irreplaceable and therefore cannot be  compensated. //// E4-3Actions related to biodiversity  and ecosystemsDuring 2024, we have taken several steps towards meeting our ambition of net-positive energy projects from 2030 and pursuing our material opportunity and positive impact related to biodiversity restoration, research, and innovation. For several of our biodiversity pilot projects, we engage with local communities in our biodiversity- and ecosystems-related actions. This was for example the case with our Humber Estuary restoration project in the UK, which we completed in collaboration with the Yorkshire Wildlife Trust and Lincolnshire Wildlife Trust. The restoration of the Humber Estuary is an example of coastal ecosystem restoration, a nature-based solution that contributes to the sequestration of carbon, while also restoring the natural habitat to improve biodiversity. We have not yet incorporated indigenous knowledge into our actions; however, this is integrated in our new ‘Biodiversity measurement framework’ and will be done going forward. As of 2024, we have not incorporated biodiversity offsets in our actions for any of our assets or across other operations.Key actions Launching our biodiversity measurement frameworkIn 2024, we publicly launched our biodiversity meas-urement framework. This science-based framework contributes to the achievement of our biodiversity ambition by taking the first steps to ensure that we can measure, track, and report both the positive and negative impacts on biodiversity. The scope  covers our biodiversity activities for our own operations across all geographies. Building on the momentum of the launch of our frame-work, we have worked with the World Economic Forum (WEF) to launch the Responsible Renewables Infrastructure initiative (RRI). This initiative aims to bring together the renewable energy industry to build a collective approach for assessing the industry’s impacts on biodiversity and local communities. The first version of these impact pathway initiatives are expected to be completed in 2025, which will prompt further development of the measurement frameworks that are to be developed. Going forward, we will continue to work with the WEF RRI  coalition on building an approach to measure impacts on biodiver-sity from renewable energy projects.Piloting net-positive solutionsFirstly, we have also progressed on the continuous monitoring across our biodiversity pilot projects. Our global portfolio of innovative projects contributes with learnings to enhance nature and thereby to achieve our net-positive ambition. In Taiwan, for example, we have cultivated corals in labs since 2021 with the purpose of growing them on offshore wind turbines, and we finalised preparations in 2024 and are ready to deploy the first ones as pilots on some of the foundations at the Greater Changhua 1 Offshore Wind Farm in 2025. Secondly, at our offshore wind site Borssele in the Netherlands, we placed cod pipes to simulate reefs in 2022. This year, we published a paper based on 2023 research (together with Wageningen University), which found the cod pipes to be highly successful in improving the local cod population. These monitoring activities provide valuable learnings and proof of the effectiveness of our initiatives.Thirdly, we have developed a new method to install offshore wind foundations, reducing noise levels by up to 99 %. It represents one of the greatest advance-ments yet in protective measures for marine life and thereby significantly contributes to bringing down the temporary negative impact during construction activities. The new technology has been successfully tested in Germany at the offshore wind farm Gode Wind 3. Once industrialised, expectedly in 2030, it can also provide a more efficient and cost-effective installation.Other actionsScience Based Targets Network (SBTN)We have also completed the first two of the five steps of SBTN’s methodology to better understand how to prioritise our efforts in managing our impacts on nature, including biodiversity. The steps are based on locating impacts on nature, including  biodiversity, across our upstream value chain and on locating direct impacts. Based on this initial assessment (step 1), we prioritise our top impacts to assess which we should work towards setting science-based targets for (step 2). Step 3 consists of measuring a baseline across impacts, which is then used to set time-bound targets. Going forward, we will work towards setting targets for nature and biodiversity. // // E4-4Targets related to biodiversity  and ecosystemsDelivering on our biodiversity ambition In 2021, we adopted an ambition to achieve a net- positive biodiversity impact from all new renewable energy projects that are commissioned from 2030 and onwards. We are on track to meet this ambition with the launch of our biodiversity measurement frame-work in 2024, which allows us to start setting  baselines for priority biodiversity features for upcoming assets and providing the means for us to effectively measure net gains and losses on biodiversity. Currently, we have not adopted any targets for biodiver sity that follows the mandatory minimum  disclosure requirements defined in ESRS 2. We are in the process of utilising the methodology from SBTN to map out where our main impacts are across our own operations and upstream value chain on nature (with a broader scope beyond biodiversity). Once this work is complete, we will proceed with setting targets for biodiversity. // // E4, SBM-3; E4-5Site locations with temporary material impacts  Applied  Overlap  Overlap  buffer zone  with KBAs with protected Country Asset Asset type Area (hectare)(km)(number)areas (number) Impacts during constructionGermany Borkum Riffgrund 3 Offshore wind  7,500  25 0 4 Piling, cable laying, vessel traffic, noise pollution, Gode Wind 3 Offshore wind  1,800  25 1 7sedimentation, temporary displacement of  species, and temporary disturbances to habitats.The US Revolution Wind Offshore wind  33,500  25 1 52South Fork Wind Offshore wind  5,500  25 0 1Taiwan Greater Changhua 1 Offshore wind  10,900  25 0 0Greater Changhua 2a Offshore wind  5,900  25 0 0Greater Changhua 2b Offshore wind  6,700  25 0 0Greater Changhua 4 Offshore wind  11,700  25 0 0The US Sparta Solar Onshore solar  1,051  10 0 0 Land clearing, temporary disturbances to Mockingbird Onshore solar  2,086  10 0 3habitats, temporary displacement of species, cable laying, operating machinery, and noise Old 300 Onshore solar  1,410  10 0 3pollution.Badger Wind Onshore wind  12,600  10 0 4As described in the overview with our material impacts, risks, and opportunities (IROs), we have two material impacts within our own operations, both related to assets under construction during 2024. We temporarily impact protected areas negatively and risk disturbance to habitats and displacement or loss of species. The name of the sites, the size of them, including the buffer zones, and the number of  protected areas are listed in the table. §  Accounting policiesDuring our DMA, we concluded that we have material impacts on biodiversity, which happen during the construction phase of our projects. Therefore, the data presented in this table represents material sites with construction activities in 2024 where overlaps are present. The biodiversity data covers offshore and onshore wind farms and solar farms as well as their cable routes within the buffer zones.For offshore wind farms, a buffer zone of 25 km is applied, whereas the buffer zone is 10 km for onshore wind and solar farms. 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. Data is recognised from the date of the final investment decision (FID), and the area in hectare is showed for the asset in its entirety. The data is sourced from the Integrated Biodiversity Assessment Tool (IBAT) using the buffer zones mentioned above for offshore and onshore assets, respectively. The tool provides an output report in which a summarised number of overlaps with protected areas and key biodiversity areas is presented. This number represents any overlaps that should occur within the project site itself and within the buffer zone. Alignment with TNFD  recommendations Recommended disclosuresMR  Management’s reviewSUS  Sustainability statementsGovernancea)  Describe the board’s oversight of  nature-related dependencies, impacts, risks, and opportunities.MR Corporate governance · pages 44-52b)  Describe management’s role in assessing and managing nature-related dependen-cies, impacts, risks, and opportunities.MR Corporate governance · pages 44-52c)  Describe the organisation’s human  rights policies and engagement activities  as well as oversight by the board and management, with respect to Indigenous Peoples, local communities, affected and other stakeholders in the organisation’s assessment of, and response to, nature- related dependencies, impacts, risks,  and opportunities.SUSInterests and views of stakeholders ·  pages 75-76Biodiversity and ecosystems ·  pages 108-114Resource use and circular economy ·  pages 116-122Affected communities · pages 145-151Strategya)  Describe the nature-related dependen-cies, impacts, risks, and opportunities the organisation has identified over the short, medium, and long term.SUS Double materiality assessment ·  pages 67-74Biodiversity and ecosystems ·  pages 108-114Resource use and circular economy ·  pages 116-122b)  Describe the effect that nature-related dependencies, impacts, risks, and oppor-tunities have had on the organisation’s business model, value chain, strategy,  and financial planning as well as any transition plans or analysis in place.SUS Our business model and how we  create value · page 65Our strategy and impact on  sustainability matters · page 66Biodiversity and ecosystems ·  pages 109-110Resource use and circular economy ·  pages 117c)  Describe the resilience of the organisa-tion’s strategy to nature-related risks and opportunities, taking into consideration different scenarios.MR Enterprise risk management ·  pages 27-30SUS Biodiversity and ecosystems ·  pages 108-114Resource use and circular economy ·  pages 116-122d)  Disclose the locations of assets or  activities in the organisation’s direct  operations and, where possible, upstream and downstream value chain(s) that meet the criteria for priority locations.MR Our footprint · page 14SUS Biodiversity and ecosystems ·  pages 108-114Resource use and circular economy ·  pages 116-122Risk and impact managementa)  i.  Describe the organisation’s processes for identifying, assessing, and prioritising nature-related dependencies, impacts, risks, and opportunities in its direct operations. ii.  Describe the organisation’s processes for identifying, assessing, and prioritising nature-related dependencies, impacts, risks, and opportunities in its upstream and downstream value chain(s).MR Enterprise risk management ·  pages 27-30SUS Double materiality assessment ·  pages 67-74b)  Describe the organisation’s processes for  monitoring nature-related dependencies, impacts, risks, and opportunities.MR Enterprise risk management ·  pages 27-30SUS Double materiality assessment ·  pages 67-74Biodiversity and ecosystems ·  pages 108-114Resource use and circular economy ·  pages 116-122c)  Describe how processes for identifying, assessing, prioritising, and monitoring nature-related risks are integrated into and inform the organisation’s overall risk management processes.MR Enterprise risk management ·  pages 27-30SUS Double materiality assessment ·  pages 67-74Metrics and targetsa)  Disclose the metrics used by the  organisation to assess and manage material nature-related risks and opportunities in line with its strategy  and risk management process.MR Strategic ambitions · page 6SUSBiodiversity and ecosystems ·  pages 108-114Resource use and circular economy ·  pages 116-122b)  Disclose the metrics used by the organisation to assess and manage dependencies and impacts on nature.MR Strategic ambitions · page 6SUSBiodiversity and ecosystems ·  pages 108-114Resource use and circular economy ·  pages 116-122c)   Describe the targets used by the organisation to manage climate- related risks and opportunities and performance against targets.MR Strategic ambitions · page 6SUSBiodiversity and ecosystems ·  pages 108-114Resource use and circular economy ·  pages 116-122E5 Resource use and circular economy//ESRS 2, SBM-3Our material impacts, risks, and opportunities (IROs)// ESRS 2, SBM-3Our material impacts, risks,  and opportunities (IROs)In the tables to the right are descriptions  of our material IROs related to resource use and circular economy, including how we  manage them. The impacts are directly linked to our  business model, as constructing and operating renew-able energy assets and products require materials, and waste is generated during the construction, operation, and decommissioning phases. These impacts occur through our business relationships with suppliers and contrac-tors, who are involved in manufacturing and extraction activities, and also through our own  waste-generating activities.Resource inflows, including resource useMaterial IRO description How do we manage the IRO?Use and depletion of virgin materialNegative impact (upstream value chain)Increased demand for scarce critical raw materials and necessary  maturation of supply chains for lower-emissions alternatives Risk (upstream value chain)Nearly all resources sourced from our supply chain and We are exploring ways to reduce our reliance embedded in our renewable energy assets are virgin on scarce, virgin materials, including improved materials, many of which are scarce. This reliance increases design and maintenance strategies.our exposure to risks related to resource depletion and We are working with key suppliers on the use reduced material availability. of recycled materials in our assets, e.g. we have Additionally, the growing demand for renewable energy is early offtake agreements for lower-emissions driving increased extraction and processing of virgin raw steel through industry-wide initiatives (e.g. materials, exacerbating the scarcity and depletion of these SteelZero), gradually lowering our need for critical resources.scarce critical materials.WasteMaterials wasted during construction, operation, and decommissioningNegative impact (own operations)This negative impact occurs as materials are wasted  We are constantly investigating opportunities during construction, operation, and decommissioning of and partnerships that will help us improve assets by being sent to landfill or incineration.  the degree of recyclability of our assets while working on actions that allow for the Disposal through landfill or incineration leads to environ-replacement of non-recyclable content in our mental degradation, including pollution and resource loss.assets, ensuring a minimal amount of waste goes to landfill and incineration.Ørsted’s transition plan, as outlined in the ESRS ‘E1 Climate Change’ chapter, details how our next phase of transformation will focus on reducing GHG emissions across our value chain. A crucial step in this transition is decoupling our renewable energy deployment from the reliance on scarce virgin materials.While indeed a challenging task, it is one that we have been working on for years, focusing on the identification of partnerships, initiatives, and actions that will help us understand and improve how we work with materials over their entire lifetime – from extraction to disposal. At the same time, our value chain remains complex and resource-intensive, with our business model and strategy still highly dependent on various resource inflows. This makes resource use and circularity a crucial focus area for both our operations and long-term performance. For an overview of how we have structured this chapter, please see page 61. Our IROs are highlighted in italics.Resource use as part of  our wider transitionOur resource use is a key driver not only of GHG emissions, but also of costs, implying that both finan-cial and climate performance are impacted by how we manage our resource use-related impacts and risks. Thus, our ability to measure, track, and report high-quality information related to our resource use and circularity efforts is the focus of this chapter, illustrating our work with resource use, efficiency,  sourcing, and treatment at end-of-life.// E5, IRO-1Processes to identify and  assess material impacts, risks,  and opportunities Screening of assetsAs part of our DMA, we frequently screen our assets and activities to understand their impacts, risks, and opportunities across our value chain. However, as also noted in the DMA methodology and due to the nature of our assets, we have not undertaken direct con-sultations with affected communities as part of the screening performed to understand our IROs related to resource use and circularity.Going forward, we will increasingly apply our  methodology for life cycle assessments (LCAs), provid-ing enhanced insights into our impacts related to the use and depletion of virgin materials when constructing our assets. Furthermore, we have calculated the  recyclability rate of materials embedded in a representative  sample of our offshore wind farms, to understand which materials and components we can process for recycling upon retirement of the wind farms. The underlying calculations, prepared in collabora-tion with the digital ReWind tool facilitated by DNV, are important for our further understanding of the  negative  impact  of  materials wasted during construc-tion, operation, and decommissioning. Additionally, the  information gathered helps us identify how we can turn used materials, such as steel and copper, into reusable components, improving our wider resource efficiency.These methodologies, alongside the data available to understand our resource dependencies, also allow for enhanced mitigation of our risk related to the increasing demand for scarce materials and resources globally. As outlined throughout this section, we are continuously working on initiatives that will enhance our resilience towards this risk. Assuming a business-as-usual scenario, i.e. a scenario where we do not manage, or pursue, the transition away from the use of scarce virgin materials, the probability of this risk materialising is inherently higher. //// E5-1Policies related to resource  use and circular economyResource management policyTo govern the identified risk and negative value chain impact from using virgin materials, we have adopted a ‘Resource management policy’, covering all of our activities and locations. The policy’s objective is to ensure that we minimise the use and depletion of virgin resources by developing circular value chains together with our suppliers, where feasible, and guide our efforts on sustainable sourcing. It further addresses our adherence to the waste hierarchy, prioritising waste avoidance by reducing and reusing before recycling. Responsibility for the resource management policy lies with our senior vice president for the QHSE department.Sustainable forest biomass policyWe are committed to continuously improving our practices to mitigate any potential negative impacts related to our use of biomass. All biomass sourced for our CHP plants must comply with our internal ‘Sustainable forest biomass policy’. This policy man-dates sourcing of certified biomass under internation-ally recognised schemes, such as SBP, FSC, or PEFC, ensuring the origination from well-managed pro-duction forests with an ongoing reforestation effort and adherence to sustainability standards through  independent  audits. In addition to biomass, we use Danish straw at our CHP plants at Studstrup and Avedøre. The straw we use is a residue from cereal production and has been used for bioenergy in Denmark for decades. All straw complies with EU and national sustainability criteria addressing soil quality, soil carbon storage, and bio-diversity. We are audited yearly by an independent third party to document that our straw complies with relevant sustainability criteria.Waste management policyTo address our negative impact of materials wasted, we have a ‘Waste management policy’, covering all our activities and locations. The policy outlines our waste management processes and provides detailed definitions of key aspects of waste management assurance. Our QHSE department is responsible for its ongoing implementation. As the policy is the  steering document for our internal way of working with waste and thus contains detailed guidance on waste  handling and data reporting for our global waste operations, the policy is only accessible internally.Together, these policies address our identified impacts and risks, relating both to the upstream and down-stream part of our value chain and operations. //// E5-2Actions related to resource  use and circular economyTo support and obtain the underlying objectives of the policies that we have in place to manage our  material resource-related impacts and risks, we are continuously working to identify new actions as well as progressing on the ones we have already commenced. In 2024, our focus has been on the continued development of partnerships and testing of innovative solutions to integrate circularity efforts into our operations. As some of our oldest renewable assets reach their end-of-life stage, we continue to explore and progress on actions related to the avoidance, reduction, and recycling of wasted materials. Each action listed relates to the identified impacts and risks related to resource use and circular  economy but are also closely linked to our decarbonisation efforts and actions as outlined in the ESRS ‘E1 Climate Change’ chapter, given that the manufacturing of our materials constitutes a key source of GHG emissions.Key actions related to resource inflowsAssociated with our use and depletion of virgin mate-rials impact, we include a quantitative breakdown of the key materials that enter our business through use in our renewable energy assets. This is an impor-tant first step in understanding how we can gradually increase the use of secondary materials in our assets.Working with our key suppliers on increasing  secondary materials in our assetsWe engage with our key suppliers on  decarbonisation matters as part of our supplier engagement and procurement strategy. In 2024, we have extended these engagements to also include resource use and circularity matters. These two topics naturally over-lap as we are looking for opportunities to, for example, source more scrap steel as a means of increasing our usage of lower-emissions steel. As our negative impact occurs outside our own operations, we are  dependent on continuous collaboration to make meaningful progress that will mitigate both the material nega-tive impact as well as the risk related to our reliance on  virgin scarce resources, when constructing our  renewable energy assets.As an example of the supplier engagement pro-gramme development, we initiated a collaboration with wind turbine manufacturer Siemens Gamesa to use recycled glass fibres for certain new wind turbine blades at our Greater Changhua 2b and 4 offshore wind farms in Taiwan. The intended outcome of our supplier engagement and procurement strategy is to have a firm set of circularity- related supplier requirements in place within the next four to five years. For selected components, recycled materials have already been introduced as a sourcing evaluation criterion, ensuring our gradual transition away from the use of virgin resources.Repairing and refurbishing spare parts for our wind farms during the operational phaseIn alignment with our resource management policy objective, we continuously work to reduce, reuse, and recycle resources for our assets. As we have a large portfolio of offshore wind farms in operation, our ability to increase the reuse and refurbishment of spare parts during the life time of the assets can both lower our use of virgin materials, extend the lifetime of the assets, and reduce our operational costs.In 2024, we have progressed on this action by ordering more than 300 refurbished yaw brake calipers on our East and West Coast hubs in the UK. Calipers are used to hold the nacelle in place when the brakes are applied and are a part of the hydraulic system. For each caliper we reuse, we also lower the cost of our wind farm maintenance. In addition, we have set up refurbishment loops for several other minor components with a long leadtime to reduce the risk of lost production. By 2030, we intend to establish fully commercial, technically approved refurbishment loops for more than 100 of our key minor components, reducing our overall need for virgin materials during the operational phase of our renewable assets. This is further a mitigation measure towards our identified risk related to the global increase in demand for various scarce critical materials.Furthermore, to increase the reuse of minor com-ponents and spare parts, we have successfully con-ducted a trial on re-selling surplus spare parts from our warehouse in the UK into the second-hand market via our partner Wind Cluster. With this trial, we now have a blueprint set-up to scale our efforts to other locations and markets – ensuring the reuse of spare parts as well as the generation of revenue. At the same time, we are addressing the occurrence of sur-plus stock in warehouses by improving our forecasting and planning.Key actions related to resource outflowsThe materials wasted during construction, operation, and decommissioning constitutes a negative impact. In general, we see two complementary pathways to address waste generation that we must work on simultaneously. Firstly, we must consider if our waste generation can be avoided in the first place, by addressing the challenges at their root cause. This is done as we work to design our assets with minimal reliance on the use of a specific material, for  example by switching non-recyclable content with more recy-clable content to allow for proper waste treatment. At the same time, we need to ensure that waste is diverted from disposal by enhancing sorting and collection processes as well as supporting the matu-ration of reuse and recycling markets for our compo-nents and materials. Transition piece covers for offshore wind farms In 2024, we carried out a long-term test and inspec-tion of a new, recyclable transition piece (TP) cover for potential future application at our offshore wind farms. The TP cover is temporarily installed to shield against water and to save seabirds from getting caught during the time between the installation of the foundation and the mounting of the wind turbine tower, where the inner parts of the foundation are exposed to wind and water elements at offshore sites.Traditionally, these covers are made from a mechani-cally durable, fibre-reinforced soft PVC, which  enables longer lifetimes and lower maintenance costs but also has proven challenging to recycle. To address this challenge, a new design with TP covers made from a recyclable polypropylene (PP) plastics was therefore introduced by our partner TME, offering a full cradle-to-grave solution that reduces landfill waste, displaces virgin material, and thus increases the recyclability rates of our wind farms. The new TP covers have been thoroughly tested, including recycling tests of both the PP material and a full TP cover to document its feasibility at end-of-life. As both tests have confirmed the mechanical feasibility of the new material, the next step in 2025 will be offshore testing of the new design in a pilot project while continuing to work with TME on setting up a take-back system for the TP covers as well as documenting the environmental impacts of the new design. With the purpose of increasing the recyclability rates of our wind farms, this project was born out of an internal innovation competition in Ørsted in 2022 to address the challenge of the hard-to-recycle soft PVC material. End-of-life management of wind turbine  blades and solar panelsIn 2024, we completed the decommissioning of our onshore wind farm Owenreagh 1 in Northern Ireland, which had been in operation since 1997 and consisted of 10 wind turbines with a total capacity of 5 MW. We did so in collaboration with Plaswire, with whom we entered into a partnership in 2023.  Plaswire  enables the recycling of wind blades, as they  specialise in the shredding, granulating, and re-moulding required to turn the blade material into, for example,  durable polymer. Durable polymer is typically used in the construction industry, and as a result, some of the retired blades may end up being used to produce road marking poles for some of our new onshore wind farms in Ireland, replacing the use of virgin plastics in our own projects. Similarly, we work with the US solar recycling company SOLARCYCLE on the treatment of defective and retired solar panels. With the installation of various solar assets in the US in 2024, we have, where necessary, sent damaged panels to SOLARCYCLE for recycling, demonstrating our ambition to recycle retired solar panels. Our collaborations with Plaswire and SOLARCYCLE are examples of how we engage with partners on our material resource-related impacts. Over the past few years, we have successfully carried out several small-scale recycling pilots in the US and the UK and will continue to leverage retired blades and panels from our assets to help accelerate the maturation of  promising, innovative, recycling technologies and solutions in our markets going forward. // // E5-3 Targets related to resource  use and circular economyTracking our transition away from virgin materials Based on our identified impacts and risk related to the matter of resource use and circularity, we have revis-ited our ways of tracking the effectiveness of our poli-cies and actions in 2024. Our location in the value chain of renewable energy assets implies that we rely heavily on upstream value chain partners to understand and quantify the impact we have, which challenges the foundation for setting measurable, outcome-oriented, and time-bound targets. Consequently, we have not yet adopted a formal target related to our impacts on and risk from resource use and circularity. On the next page, we disclose a range of new indica-tors related to the resource inflows to our  business, which provides a first foundation for developing  relevant targets. As a result, we continue to work on establishing one or more measurable reportable  targets going forward and expect to communicate targets within the next two years. Tracking effectiveness of policies and actions While we are not communicating any formal targets, we are committed to ensuring that we mitigate the negative impacts as well as the risk we have related to resource use and circular economy through both our policies and actions. Sustainable biomass and residual strawAs outlined in the ‘Policies related to resource  use and circular economy’ section of this chapter, we are committed to sourcing only certified sustainable wooden biomass for use as fuel at our CHP plants.We have tracked our performance on sustainable  biomass since 2016 when our baseline value was 61 % of total wooden biomass. In 2024, 100 % of our wooden biomass was certified sustainable wooden biomass. In addition to wooden biomass, we use 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.Blades and panels diverted from landfill In 2021, we made a commitment to not send any of our retired blades to landfill, which was extended to also include our solar panels in 2023. We believe this is a responsible and natural way of working, supporting our resource management policy objectives while proactively pushing for the early development of capabilities and the maturation of recycling markets. //Resource inflowsESRS ref. Resource inflows, tonnes 2024Technical materials for construction of new assets // E5-4, 31(a)  Steel 296,200// E5-4, 31(a)  Copper 6,900// E5-4, 31(a)  Aluminium 5,600// E5-4, 31(a)  Plastics 9,700// E5-4, 31(a)  Glass fibre 5,900// E5-4, 31(a) Rare earth elements 300// E5-4, 31(a) Concrete 6,800// E5-4, 31(a) Glass 26,600Technical materials, scrap steel used in steel production// E5-4, 31(c) In absolute value 59,200 - 103,700// E5-4, 31(c) In percentage, % 20 - 35Understanding our use of resourcesWe have identified key materials fundamental to the construction of our global portfolio of renewable energy projects across offshore and onshore wind, solar, and battery energy storage systems (BESS). To enhance our understanding and management of resource inflows, we are actively working with  suppliers to explore lower-emissions alternatives and aim to establish closer collaboration for obtaining data on the composition of their products, including the percentage of reused or recycled materials. Steel is a primary focus at this stage, given its significant role in renewable energy infrastructure and its high potential for recyclability.The use of scrap steel is a norm in steel production, with its content varying across geographies and reflecting established industry practices. Approximately 80 % of the steel we source used in the production of steel plates for foundations comes from Europe, where supplier data indicates that, on average, 35 % of the material used in these plates derive from scrap. While we account for geographic variability in our presentation, reflected in a range of 20 - 35 %, our current estimates place us at the upper end.Lower-emissions steel offers a dual benefit: It mini-mises greenhouse gas emissions and, depending on the production method, can reduce reliance on virgin iron ore. Steel produced via electric arc furnaces (EAFs), which use scrap steel as feedstock, significantly low-ers the need for virgin iron ore compared to traditional blast furnace-basic oxygen furnace (BF-BOF) methods that rely heavily on it. Even though recycled content is widely used in steel production, low-emissions steel still has a limited market availability. Closing this gap is key to cutting emissions, reducing reliance on virgin materials, and advancing a more circular steel indus-try. Thus, our focus is on sourcing lower-emissions steel, as it represents the most impactful opportunity to drive meaningful progress in reducing the environmental footprint of steel production.In addition to steel, critical raw materials, such as copper, aluminium, and rare earth elements (REEs), are essential for renewable energy technologies but present negative impacts and risks related to the depletion of virgin materials and the scarcity of supply. Improving the recyclability of materials such as plastics and glass fibres, including composites used in wind turbine blades, is a priority to reduce reliance on finite resources and ensure sustainable material use.Addressing these challenges involves implementing design changes to optimise resource use, increasing the adoption of recycled and recyclable materials where feasible, and prioritising the maintenance and extension of the lifespan of existing assets and components wherever possible.§  Accounting policies Technical materials for construction  of new assetsThe technical materials for constructing new assets are tracked to provide a detailed under-standing of material usage and composition for offshore and onshore renewable energy  projects (offshore wind, onshore wind, solar PV, and battery storage assets (BESS)) above 100 MW. Material inflows reflect assets currently under construction within the reporting year.Our in-house LCA analysis forms the foundation of the methodology, with the highest maturity for offshore assets. External verified  studies supplement the project-specific data for  battery energy storage systems (BESS), solar PV, and onshore wind. Material usage is accounted for when main components are recognised as installed. This process involves detailed mapping of  materials associated with each main component to ensure accurate tracking and reporting. For off-shore wind projects, we track the installation progress of foundations, which are recognised as installed at the time when they are fitted. Wind turbine generators (WTGs) are recognised at the time of take over certification (TOC), marking the transfer of ownership. Materials for other packages, e.g. cables, are mapped to the WTGs and recognised when the WTGs reach TOC.For solar assets, materials are mapped to the installation of solar panels, with progress tracked throughout the installation phase. Materials associated with transformers, sub-stations, array cables, and piles are recognised at the time of panel installation. A similar split process, as seen in offshore wind, is under  consideration for solar assets.For battery storage systems, materials are recognised upon the installation of battery packs, specifically at the time of connection.Resource outflowsESRS ref. Waste, tonnes 2024 2023 Δ// E5-5, 37(b) Hazardous waste 2,283 2,381 (4 %)// E5-5, 37(b) Diverted from disposal 526 679 (23 %)// E5-5, 37(b)(i) Preparation for reuse 2 37 (95 %)// E5-5, 37(b)(ii) Recycling 476 570 (16 %)// E5-5, 37(b)(iii) Other recovery operations 148 72 (33 %)// E5-5, 37(c) Directed to disposal by waste treatment type 1,757 1,703 3 %// E5-5, 37(c)(i) Incineration 1,527 1,399 9 %// E5-5, 37(c)(ii) Landfill - 33 (100 %) 2230 271 (15 %)// E5-5, 37(c)(iii) Other disposal operations// E5-5, 37(b) Non-hazardous waste 123,821 118,260 5 %// E5-5, 37(b) Diverted from disposal  110,634 100,740 10 %// E5-5, 37(b)(i) Preparation for reuse 107,180 97,351 10 %// E5-5, 37(b)(ii) Recycling 2,806 3,086 (9 %) 1648 303 114 %// E5-5, 37(b)(iii) Other recovery operations// E5-5, 37(c) Directed to disposal by waste treatment type 13,187 17,520 (25 %)// E5-5, 37(c)(i) Incineration 63 79 (20 %)// E5-5, 37(c)(ii) Landfill 317 178 78 % 212,807 17,263 (26 %)// E5-5, 37(c)(iii) Other disposal operations// E5-5, 37(a) Total waste 126,104 120,641 5 %Entity spec. Diverted from disposal, % 88 84 4 %pEntity spec. Directed to disposal, %  12 16 (4 %p)Total amount of non-recycled waste// E5-5, 37(d) In absolute value 14,944 19,223 (22 %)// E5-5, 37(d) In percentage, % 12 16 (4 %p)1   Composting and recovery.2   Energy  recovery.Our total waste increased by 5 % in 2024 compared  to 2023. This was mainly driven by an increase in non- hazardous waste of 5 % due to increased amounts  of ashes at our CHP plants from the increased use  of biomass.Total amount of waste diverted from disposal %202488202384§  Accounting policiesWaste by type, disposal method,  and treatment typeThe 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.Residual products, e.g. gypsum from the CHP plants, which are not handled as waste but sold as products, are not included. Soil from excavation projects is not included.SocialS1 Own workforceOur material impacts, risks, and opportunities (IROs)// ESRS 2, SBM-3; S1, SBM-3Our material impacts, risks,  and opportunities (IROs)In the tables to the right are descriptions of our material IROs related to our own workforce, including how we manage them. The impacts are connected to our vision to create a world that runs entirely on green energy, as human capital is a key resource in our business model in order to achieve our vision. It requires that our employees have the possibility to thrive, perform, and grow. We are involved with these impacts through our own activities, in all stages of our operating model, and across all support functions.Working conditionsMaterial IRO description How do we manage the IRO?Flexible working conditionsPositive impact (own operations)This postive impact relates to our flexible working culture, We work continually to make Ørsted creating additionality within the many markets where we operate an increasingly flexible workplace.and particularly in the US and APAC, as our global standards go This is part of our ambition to power beyond the norm in many countries outside of Northern Europe. and create a working environment A flexible working culture, with initiatives to continuously where everyone can thrive, perform, enhance it, is anchored in a strategic decision to keep Ørsted and grow. This is implemented a great place to work. This has a positive impact on our own globally and governed by our internal workforce as it gives employees the agency/autonomy to make guidelines on flexible workplace.the work-life balance decisions that work best for them, their team, and their people leader.Work-induced stressNegative impact (own operations)This negative impact relates to employees experiencing stress We monitor work-induced stress on at work because they are requested to perform working hours an ongoing basis and have several beyond the contractual terms or in other ways experience measures in place to mitigate this anxiety and unbalances at work. impact. We have a ‘Global working hour commitment’, describing our Work-induced stress can cause medical treatment and months position on working hours.away from the job.Possible work-related injuries and fatalities Potential negative impact (own operations)This potential negative impact relates to physical work- related We have a robust health and safety injuries and fatalities. Due to the nature of the utility  industry, we management system, which is fun-recognise this potential impact to our employees. It  concerns all damental to us and covers all of our employees and contractors working at our sites. employees and contractors working at our sites. We have a strong safety Injuries can cause medical treatment and days or months away culture, monitor safety performance from the job. This potential negative impact can occur across on a monthly basis, and include the short, medium, and long term.safety targets in bonus schemes.Material IRO description How do we manage the IRO?Increased voluntary turnover, potentially due to perceived internal risks or uncertaintiesRisk (own operations)This risk is a specific 2024 short-term risk and relates to To address these challenges,  employees potentially leaving the company due to an increase we are focused on our internal  in uncertainties following organisational restructuring. communication and change  management, strengthening our Although the organisational restructuring was a managed focus on good leadership and  process, such large organisational changes can be a cause of mental health and reaffirming our  uncertainty and job insecurity, which can trigger employees into commitment to transparency and leaving the company pre-emptively. This can lead to an increase the well-being of our workforce.in the voluntary turnover rate for employees who might choose to pursue other opportunities.Equal treatment and opportunities for allUnequal gender distribution in managementNegative impact (own operations)This negative impact relates to the unequal gender distribution We have a dedicated talent manage-we have in leadership roles, where we have a target of ment team to ensure implementation 40:60 (women:men). The impact concerns all employees and of actions. is particularly linked to the three layers of our target. This includes e.g. promoting diversity If we do not succeed in integrating diversity considerations into considerations into our succession our succession planning, promoting a balanced representation planning and promoting a balanced of men and women in leadership positions, we will not achieve representation of men and women our gender diversity targets.in leadership positions. At Ørsted, we work actively to ensure a safe and inclusive workplace where all employees can thrive. We engage with the employees through various channels and have an open and transparent culture. We are focused on development of our employees’ skills and competences and follow up on the general well-being of employees through performance dialogues at individual level and other measures.For an overview of how we have structured this chapter, please see page 61. Our IROs are highlighted in italics.// S1, SBM-3Material impacts and risks  related to own workforce At Ørsted, all employees are part of a safe working environ ment where impacts are identified and  managed, including impacts related to physical injuries and well- being of employees. Due to the nature of our  industry, we recognise the impact to employees of potential  injuries and fatalities, primarily during the construction and operation phases of our assets. Furthermore, we  recognise the present impact of work-related stress and anxiety experienced among  employees on a global level.Ensuring transparent and fair working conditions are rooted in our employer value proposition, where fair and competitive rewards and employment terms as well as a flexible working culture, are foundational factors. Our flexible working culture is creating additionality within many of the markets where we operate, and particularly in our US and APAC regions, as our global policies go beyond the norm.Our ‘Global parental leave policy’ goes far beyond the US and APAC norm. For instance, according to a report by New America’s Better Life Lab, the median length of leave for fathers in the US is just one week, com-pared to 11 weeks for mothers. This disproportionate leave highlights the need for more equitable policies, and our approach seeks to address that imbalance by offering substantial leave for all parents, aligning more closely with global best practices.For our employees in APAC, entitlements such as industry-leading leave and flexible working hours go beyond labour and similar companies’ standards. As a testament to this, Ørsted Taiwan has received a special recognition in the form of the 2024 Work-Life Balance Award presented by Taiwan’s Ministry of Labor, specifically in consideration of our wide-ranging and industry-leading policies, supporting the work-life balance of our employees. This award is one of the highest Taiwanese recognitions from the Ministry, and it honours Ørsted among 251 other companies, where Ørsted is the only energy company to receive the award twice, with special recognition of our mission to create a greener future, whilst also creating a positive impact for society and employees.In 2024, Ørsted navigated a rapidly evolving industry landscape, necessitating organisational adjustments, including redundancies, to maintain our competitive edge. While both satisfaction and motivation levels as well as voluntary turnover remain healthy compared to industry benchmarks, the changes have had a noticeable impact on employee satisfaction and motivation and our voluntary turnover trend. This poses a short-term risk of increased voluntary turnover and lower morale, satisfaction, and heightened stress. To address these challenges, we are focused on our internal communication and change management, strengthening our focus on good leadership and mental health and reaffirming our commitment to transparency and the well-being of our workforce.All employees in our own workforce are included in the scope of our disclosures. Our own workforce does not include self-employed people or people  provided by third-party undertakings, primarily engaged in employment activities. Lastly, due to the nature of our operations and the jurisdictions covering our  workforce, we are not at risk of either forced labour incidents or child labour incidents. // // S1-1PoliciesOur commitments to our own workforce as well as employee obligations are outlined via global employee policies, country-specific policies, and employee handbooks. Through the adopted policies, we describe our com-mitments and positions in place for our employees as well as obligations expected from employees. The objective and key content per policy is unfolded below. These policies are owned by the People &amp; Culture organisation, with our Chief HR Officer being overall accountable for them. All our policies have been approved by the Board of Directors. They are available for all employees on our intranet, and many of these policies are available at orsted.com. Regarding specific groups, our global policies are applicable to all Ørsted employees globally, unless the nature of the policy constitutes a limited eligibility scope, such as e.g. our global parental leave  applicable for parents or local variances in policies to reflect local legislation or local market practice.Policies for human and labour rightsHuman rightsWe see human rights as fundamental principles for protecting people’s dignity and ensuring freedom and respect both in our own operations, in the companies with whom we work, and in the communities where we operate. Our commitment to upholding human rights is outlined in our ‘Sustainability commitment’, ‘Global human rights policy’, ‘Global labour and employment rights policy’, ’Stakeholder engagement policy’, and ‘Just transition policy’. Our ‘Global human rights policy’ aligns with the UN Guiding Principles on Business &amp; Human Rights (UNGPs), the OECD Guidelines for Multinational Enterprises, the International Bill of Human Rights, and the International Labour Organisation’s (ILO) Declaration on  Fundamental Principles &amp; Rights at Work. The policy explicitly highlights our dedication to ensuring freedom of association, the right to collec-tive bargaining, the elimination of forced, trafficked, or compulsory labour, the effective abolition of child labour, and the elimination of discrimination in employ-ment and occupation, among other critical issues. Labour and employment rightsWith the aim to enhance transparency for our  employees within labour and employment rights, we have adopted a ‘Global labour and employment rights policy’. The policy articulates our commitments to actively safeguard labour, employment, and human rights standards within our own workforce, as described in relevant legislation as well as in the International Bill of Human Rights and the International Labour  Organisation’s (ILO) Declaration on Fundamental Principles and Rights at Work. We work to ensure fair labour and employment standards for our employees across all the markets where we operate. The policy also articulates our commitment to social dialogue and collective bargaining agreements. We respect our employees’ rights to freedom of association and to join or refrain from joining labour unions and workers’ councils without fear of discrimination, harassment, intimidation, retaliation, or violence in accordance with national laws. Where the right to freedom of association and collective bargaining is restricted or prohibited under national law, we will not hinder employees from developing alternative mechanisms to express their grievances and protect their rights regarding working conditions and terms of employment. We do not seek to influence mechanisms or activities of employee representatives while they carry out their functions in ways that are not disruptive to regular company operations. Working timeWe see respect for our employees’ labour and employ-ment rights as core to protecting our employees’ human rights but also as the foundation of our com-pany culture with respect for people. We actively work to ensure a sustainable, responsible, and inclusive working environment with fair labour and employment standards across all the markets where we operate. We have therefore adopted and imple-mented a ‘Global working hour commitment’ describ-ing  maximum working hours across jurisdictions with inspiration from UN’s Global Compact guidelines. Moreover, when entering countries, we have a high focus on and a standard process for ensuring that local employee handbooks are compliant with local legislation, including within the areas of working hours, overtime, and overtime payment. Flexible working conditionsStriving to make Ørsted an increasingly flexible work-place is part of our ambition to power and connect a working environment where everyone can thrive, per-form, and grow. In our double materiality assessment (DMA), we assessed that our flexible working conditions are creating additionality within many of the  markets where we operate, and particularly in the US and APAC.Our flexible working approach is anchored in our strategic focus to ensure that Ørsted is experienced as a great place to work. The Group Executive Team provides direction and support to work in a flexible and inclusive manner, and people leaders and employees are empowered to successfully manage flexible working plans. Our flexible working approach is implemented globally in our internal ‘Global guidelines on flexible workplace’ and supplemented by country-specific guidelines to comply with local requirements and regulation.Another initiative to support this flexible working culture is within parental leave. We have implemented a ‘Global parental leave policy’, which introduces global minimum standards on parental leave entitlement for all our employees. Our policy is 18 weeks for primary caregivers and 12 weeks for secondary caregivers.We ensure that the topics 'flexibility' and 'work-life  balance' are a focus in the ongoing dialogues between people leader and employee with the purpose of  finding ideal solutions and adjustments for what works best for both the employee, the people leader, and the team as a whole. Furthermore, when entering new countries, we have a high focus on ensuring that local employee handbooks are compliant with local legislation as a minimum, and that, in general, we strive to follow market practice on employment terms in markets and even go above and beyond within the areas of flexibility and work-life balance. This could include employment terms such as parental leave, sick leave, annual leave, and child sick leave.Approach to rights of own workforceFurthermore, we have the responsibility to safeguard 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, local market practice, and potential collective bargaining agreements, such as marriage leave, compassionate leave, childcare leave, and nursing care leave. We have made a commitment to offer immediate assistance and financial security to employees facing severe illness, with a focus on facilitating a timely and responsible return to work.Aligned with local practices and statutory provisions, basic insurance for unemployment and disability ensures equitable compensation. Retirement benefits are incorporated in our overall remuneration package, and, unless local laws dictate otherwise, all employ-ees are enrolled in a pension scheme through their employment at Ørsted.We work actively towards creating a culture where everyone feels safe to voice important matters. This includes encouragement to freely express views, also to colleagues in higher hierarchical positions, on a variety of matters relevant to the employment.We firmly believe that these principles are integral to fostering a just transition to renewable 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. 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. // // S1-1Policies related to health and safetyAt 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. Through our robust health and safety management system, which is funda-mental to our operations and to secure a safe system of work, we foster a culture that promotes our  employees’ health and safety. All (100 %) of our employees are  covered by our health and safety management system.We have established a ‘Global 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 accountability resting with our Head of QHSE. We aim to incorporate 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), ISO 14001 (environmental management system), and ISO 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 enhancing 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 rests with our Chief HR Officer. // // S1-4 Actions for health and safetyKey actionsPrevention of injuries and fatalitiesIn 2024, we conducted a large campaign called Ørsted Safety Days with the objective of implementing Ørsted’s life-saving rules. The scope of the campaign was for sites, fabrication yards, and offices across all regions. All employees and contractors on sites were asked to join one of the Safety Day sessions, which were facilitated by different people leaders, including all Group Executive Team members.Ørsted’s life-saving rules have been developed in collaboration with G+, the Global Offshore Wind Health and Safety Organisation, to protect our employees, contractors working at our sites, and suppliers from serious incidents. The implementation of similar life-saving rules has led to a stronger safety culture and better general safety performance in other industries – the same outcome is expected in Ørsted.Processes to identify actionsHealth and safety is an integral part of the way we do business, and health and safety performance is being discussed frequently at all levels of the organi-sation, including within the Board of Directors, Group  Executive Team, QHSE Committee, and by local works councils and cooperation committees.As health and safety performance is part of the dis-cussion on most managerial levels, we are able to react quickly to negative trends and sub-standard performance and initiate mitigating or preventive actions. To support the discussions and decisions, frequent health and safety reports are shared inter-nally, weekly incident updates are communicated, and dashboards are constantly updated. Finally, a list of top QHSE enterprise risks and a dynamic risk register are ongoingly updated and monitored.Other actionsPreventing stress among employeesWe measure the percentage of employees experiencing stress and have several measures in place to obtain our policy objectives. To mitigate that employees are requested to  perform working hours beyond the contractual terms, poten-tially leading to worker fatigue, increased stress  levels, and a higher risk of accidents and health issues, we initiated activities in 2024 to support  people  leaders with enhanced and easier accessible data and analytics to promote ongoing monitoring of  sustainable working hours in compliance with individ-ual employment terms, local laws, and our ‘Global working hour commitment’.Several geographies have started to track recorded time using analytics products, allowing people leaders to manage their teams effectively, among others highlighting where some employees may be overstretched. These analytics products will be expanded to all geographies in 2025. During the year, several activities have been imple-mented to improve the mental well-being of our employees and contractors working at our sites, including the development of new well-being tools and guidelines, the relaunch of the tool ‘Howdy’, and the roll-out of well-being seminars for people leaders. In addition to these global initiatives, several local  initiatives have been completed in 2024. // // S1-1 (and Danish FSA § 107d)Policies for equity, diversity,  and inclusionEquity, diversity, and inclusion are integral to our  culture and the way we do business. To support this, we have adopted two policies, an internal guide to leaders and an internal guide to employees, aimed at the elimination of discrimination and at promoting equal opportunities and a culture of inclusion. Account-ability for these policies rests with our Chief HR Officer.Diversity and inclusionWe have adopted a ‘Global diversity and inclusion policy’ which emphasises equal opportunities for all employees in Ørsted. We specifically call out identities such as ethnic background, race, religion, age, gender, disability, sexual orientation, outlook, or social status because these groups have been historically marginalised or disadvantaged (protected characteristics). By embedding these principles in the way we do business, we promote an environment where all employees can thrive and contribute to our collective success. The key contents of the policy are: ‘Women in manage-ment’ as we work towards increasing the share of women in executive and managerial positions; ‘Sexual orientation and gender identity’ where Ørsted among other things has adopted the UN’s LGBTI Standards of Conduct for Business in 2018; ‘Nationality’ where we aim to create an inclusive environment that attracts and retains talented people from all backgrounds and cultures; and ‘Recruitment’ where all people leaders are equipped with non-discriminatory tools and  guidelines for objective recruitment to mitigate unconscious bias. Bullying, harassment, and discriminationWe have a ‘Global bullying, harassment, and discrim-ination policy’, supplemented by country-specific guidelines, which often include mandatory training. Furthermore, to support its implementation, we have both a global employee guide and a global people leader guide on how to create an inclusive culture, which outline proactive measures to prevent bullying, discrimination, and harassment. The policy covers a potential situation where an employee feels subject to bullying, discrimination, or harassment from another employee. This policy also covers experiences that an employee has with an external consultant working under Ørsted super vision. The policy describes acts of bullying, discrimination, and harassment in the workplace and covers the following grounds for discrimination: sex, race, nationality, sexual orientation, gender identity, religion, size, ability status, pregnancy status, age, ethnic origin, belief, and marital status. We also have a statement on non-retaliation: Many employees may be afraid to speak up, start a conflict, and share their experiences because they are afraid of retaliation. // // S1-4 (and Danish FSA § 107d)Actions related to equity,  diversity, and inclusionKey actions Unequal gender distribution in managementTo mitigate the negative impact of unequal gender distribution in leadership roles, we have implemented and will continue to implement several key actions. We have a dedicated talent management team to ensure diversity and equity are considered during the organisational review process. This team is crucial for promoting diversity considerations into our succession planning and promoting a balanced representation of men and women in leadership positions. Addition-ally, we are being more cognisant of our demographic data, incorporating this awareness into our strategic planning for accountability and continuous improve-ment. This involves enhancing KPIs and metrics, many of which are currently in development and will be implemented in 2025. Additionally, we will target departments with lower representation of women and adopt an intersectional approach to our data, considering factors such as gender and age in promotions and other parts of the employee life cycle. Our strategic planning incorporates awareness by integrating and monitoring the gender balance of major talent processes, such as promotions, new hires, and redundancies.Tracking effectiveness of actionsWith regards to gender diversity, we report to the Board of Directors on our metrics related to gender on a bi-annual basis. This includes the three levels we have under the gender balance target of at least 40 % women across the Ørsted group and a variety of supporting metrics within equity, diversity, and inclusion. Our HR business partners and talent acquisition partners instruct and inform leaders on talent decisions within the context of our gender ambition.Other actionsEnhanced procedures to prevent discriminationOur policies include specific commitments related to inclusion. To address the exclusion of historically marginalised groups, our global talent acquisition process was redesigned and launched in 2024, with equity, diversity, and inclusion embedded as key priorities. The redesign of this recruitment process mitigates bias by removing outdated assessments and broadening our hiring criteria to value alternative skills and experiences. This enables us to attract candidates from diverse backgrounds who bring unique perspectives and talent to our organisation.To ensure fairness and consistency, we introduced tailored interview guides and business cases, aligned with our career framework and assessment standards  in 2024. Candidates are evaluated on functional, behavioural, and leadership competences, mov-ing away from subjective impressions. Importantly, we now hire for ‘culture add’ rather than ‘culture fit,’ intentionally seeking to enrich our existing culture with diverse identities who bring new contributions and diverse voices, rather than merely replicating our existing one. // // S1-17  Incidents of discrimination  and human rights violationsOur Audit &amp; Risk Committee receives quarterly over-views of all inappropriate and illegal mis conduct cases across jurisdictions that have either been managed or are in process locally. This reporting includes incidents of discrimination, including harass-ment, which in 2024 totaled 5 substantiated cases. A  dedicated team in People &amp; Culture is responsible for sending Internal Audit an anonymous global over-view. A dedicated system is used to confidentially report on these cases, ensuring country-by-country access protection and only to authorised employees. For GDPR compliance, all data on employee cases are anonymous. In 2024, we had zero severe human rights incidents connected to our employees. // // S1-2 Processes for engaging with  our own workforceAt Ørsted, we believe in the importance of gaining direct insights and perspectives from our own workforce on a wide variety of matters. We see these insights as key aspects when outlining decisions and strategies. Global satisfaction surveyOur annual global People Matter survey aims at retrieving employees’ perspectives and opinions on satisfaction and motivation across almost 70 ques-tions. The themes assessed within this anonymous sur-vey include the degree of trust, openness, and trans-parency felt by our employees with regards to collab-oration and the management bodies and the level of satisfaction within several aspects of the employees’ work life and conditions, e.g. job content, physical working conditions, compensation and employment terms, development opportunities, workload, stress, inclusion and diversity, and potential harassment at the workplace. The results are shared with the Group Executive Team for their strategic planning of priorities, activities, and follow-up actions. People leaders use the results within their respective teams to enable dialogues about potential improvement initiatives, ensuring a safe and inclusive working environment where every-one can thrive, perform, and grow.Pulse surveys Another activity deployed during 2024 for gathering perspectives of own workforce has been using pulse surveys, especially within the areas of equality, diversity, and inclusion (ED&amp;I) and well-being. Pulse surveys are initiated by people leaders as a way to ensure that recurring surveys aiming to check how the team is doing in regard to different matters are carried out. Results are used as a springboard for further dialogue on important themes such as physical and mental well-being, workload, harassment in the workplace, trust, transparency, etc. As an example, the Group Executive Team has carried out global surveys during 2024 to check the temperature throughout the organisation during periods with organisational changes and to take the result into account when planning strategies, priorities, and communication going forward.Other types of engagementAdditionally, 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 various channels for employees to voice their opinions and engage both with other colleagues and with management. Such options include HR business partners, occu-pational health and safety representatives, differ-ent local works councils, cooperation committees, employment relations representatives, and personal development dialogues. Engagement and employee representation through more formal bodies, such as work councils and employment relations repre-sentatives, are generally regulated by local legisla-tion or locally agreed with the respective employee  representation body. The frequency of engagement is both regularly recurring meetings and extraordinary ones, summoned to discuss important topics related to the workforce.In addition, we have the Ørsted IN networks (employee resource groups), which collectively create an online hub, supporting an inclusive culture within the  organisation. The inclusion networks represent differ-ent groups across our organisation, e.g. within race and ethnicity, gender, LGBTQ+, age, and disability. They are for anyone who identifies with one of the groups, and who supports the equality and inclusion of that group. Allies are encouraged to join networks to show their support and to expand their knowledge about  inclusion of diversity. Moreover, different Viva Engage channels are made available to our employees, serving the purpose of creating global informal dialogues across our  organisation on different topics related to our own workforce. Employees can freely comment and ask direct questions to our management via the Viva Engage channels, hosted by different management representatives or by other employees.// ESRS 2, GOV-1Finally, we successfully completed our first-ever global employee election for the employee-elected members to the Board of Directors of Ørsted A/S in Q1 2024, with participation of employees across our global footprint. For more information about  representation of employees in the Board of Directors, see page 48 in the ‘Management’s review’. //AccountabilityThe overall accountability for the People Matter survey, Ørsted IN networks, and HR business partners’ engagement rests with the Chief HR Officer. In regard to engagement via our formal representation bodies, such as works councils, it depends on the specific country in scope with whom the operational responsibility rests. However, in general, this responsibility rests with our Chief HR Officer together with the country manager of the respective country. For other representative bodies, such as occupational health and safety representatives, the operational responsibility rests with our Head of QHSE.Effectiveness of engagement activitiesDepending on the different type and channel used to create or enhance engagement, different ways to measure effectiveness are deployed. Most importantly, the People Matter survey is an effective tool with a high participation ratio (91 % for 2024), supported by follow-up activities (incl. sessions with HR business partners and HR colleagues locally), aimed at actively following up on matters which were evaluated particularly low. Other ways of testing effectiveness of different engagement initiatives include using pulse surveys, which are directly aimed at assessing the efficiency of the different initiatives set in place to establish dialogues with our employees. Engagement with vulnerable employeesTo gain deeper insights into the perspectives of employees who may be particularly vulnerable or marginalised, we are taking two significant steps. First, we are working to collect more comprehensive data across various identity dimensions. In the US, this has allowed us to better understand the experiences of specific racial and ethnic communities, gender, disability, and caregiving status, with the goal of expanding this data collection capacity globally.Secondly, we are re-designing our employee engagement survey tools to ensure that these tools are equipped to capture insights on equity, diversity, and inclusion. This enables us to build a more  inclusive workplace by incorporating the voices and  experiences of all employees into our decision-making processes.Additionally, when we focus on advancing,  promoting, and retaining underrepresented or marginalised groups, the impact goes beyond our organisation. In a global company like ours, ensuring that these groups have access to significant roles creates a social benefit by ensuring that diverse voices are present in decision-making processes, particularly those that influence communities worldwide, such as in renewable energy.Internally, it means we are creating equitable access to management, which is often difficult to achieve without a targeted and intentional approach. This also allows employees to see themselves reflected in leadership, fostering a sense of inclusion and belonging. We are considering this in our recruitment, organisational review, and people review processes to ensure that our actions create both internal and external value. // // S1-3 Remedy of negative impacts  and channels to raise concernsApproach and processes for providing remedyWe work actively to ensure a safe and inclusive working environment as all employees deserve to be treated with dignity and respect. Employees can report grievances and complaints via the designated mechanisms, depending on the nature of the incident. Regardless of the reporting mechanisms and its severity level, we take all incidents seriously and handle all cases in a professional and confidential manner where all parties’ needs are taken into consideration.Access to remedy helps ensure fairness, justice, and protection for individuals and communities. It allows people to seek recourse and find a solution when they feel that their rights have been violated, promoting 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. We have established various grievance and complaint mechanisms for our employees, which are described on our intranet and summarised below.Channels for own employees to raise concernsWe are dedicated to ensuring that our employees not only have access to grievance channels but also have the knowledge, confidence, and psychological safety to utilise them when necessary. Ørsted as an organisation 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.All employees have the right to make a complaint or raise a grievance without fear of retaliation. All  concerns and complaints raised to People &amp;  Culture are taken seriously and handled confidentially to the extent possible. Employees can use various mechanisms for raising their concerns or complaints. Firstly, an employee can always go to their direct people leader for support. Secondly, employees can reach out to the People &amp; Culture organisation if they have a question or a concern via either an HR business partner or a local People &amp; Culture colleague. Thirdly, the employees can raise their concerns on an anonymous basis in the annual People Matter survey. Lastly, our Whistleblower Hotline can be used by our employees and external stakeholders. Through the Whistleblower Hotline, employees are able to file a confidential report on inappropriate or illegal conduct and can remain anonymous. For more information on how we protect whistleblowers against retaliation, see ESRS ‘G1 Business conduct’.Awareness and trust in our grievance mechanismsWe 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:1)  code of conduct training:As part of our mandatory e-learning, we include guidance on our grievance and complaints handling policy.2) policy:The employees’ rights and options for support are further described in the ‘Grievance and complaints’ section in our ‘Global labour and employment rights policy’.3)  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 to encourage their use. // // S1-5 TargetsProcesses for setting targets Gender balanceWe have a gender target of a 40:60 women:men balance across Ørsted by 2030. This target is tracked at three levels: senior directors and above, people leaders, and all employees. The target ensures we carefully consider gender balance when we hire and promote talent, and when we review data on those leaving the organisation. The process for setting the target was set at executive level in 2021 as a strategic pillar to identify and execute immediate steps for a visible short-term impact on gender balance. We track our gender balance targets through a dedicated dashboard, which is available to all  employees, with certain business groups integrating  gender  tracking within their functions. Additionally, we consistently review talent management and talent acquisition processes, such as hiring, promotions, and redundancies, against our gender targets to ensure alignment and progress. These efforts allow us to continuously monitor and advance our gender goals across the organisation. One of the biggest challenges we face is the lack of detail needed to fully understand the diverse experiences within our gender ambition. For instance, while we can track the experiences of women in general, our data does not account for important factors such as ethnicity, disability, or gender identity, dimensions that can significantly shape a person’s experience in the workplace. This is one of the key lessons we have learnt. Furthermore, we measure women as a broad group, but without the ability to track these additional layers, we risk overlooking the unique challenges faced by women and individuals with intersecting identities. This gap highlights that while we may be making progress in some areas, there is more work to do to ensure we are not leaving anyone behind.SafetyØrsted uses the total recordable injury rate (TRIR), which means incidents requiring some kind of medical treatment per 1,000,000 working hours, as a metric to monitor safety performance in order to reduce the negative impact on our own workforce and the contractors working at our sites.TRIR is monitored and reported monthly. This includes safety presentations on construction projects to the Group Executive Team and the Board of Directors. Updated TRIR targets are established every year in Q4, based on past performance, expected impact of improvement initiatives, and expected level and complexity of activities in the coming year.The TRIR targets are proposed by the different business areas, validated by the QHSE department, and then discussed and approved by the Group Executive Team.Senior management is consequently fully involved in monitoring safety performance and establishing future targets. If safety performance for a specific entity deteriorates, the Group Executive Team is also very clear and visible in formulating their expectations for improvement and allocating relevant and compe-tent resources.SatisfactionThe Group Executive Team has decided our ambition for employee satisfaction and motivation, which supports one of our four strategic pillars of being the leading talent platform in renewable energy. Employee satisfaction and motivation should be in the top tier (top  25 %). Our ambition is unchanged, even though 2024 has been a year where we have seen a significant drop in satisfaction and motivation, due to the changes Ørsted has undergone. It is the responsibility of our people leaders to create action plans that focus on increasing satisfaction and motivation and getting it back to the desired level. // People ESRS ref. Number of employees Unit 2024 2023 Δ// S1-6, 50(a); SBM-1, 40(a)(iii) Total number of employees (as of 31 December) Head count 8,407 9,073 (7 %)// S1-6, 50(a); SBM-1, 40(a)(iii)DenmarkHead count3,9844,486 (11 %)// S1-6, 50(a); SBM-1, 40(a)(iii)The UKHead count1,2721,324 (4 %)// S1-6, 50(a); SBM-1, 40(a)(iii)MalaysiaHead count792770 3 %// S1-6, 50(a); SBM-1, 40(a)(iii)PolandHead count783779 1 %// S1-6, 50(a); SBM-1, 40(a)(iii)The USHead count720747 (4 %)// S1-6, 50(a); SBM-1, 40(a)(iii)GermanyHead count390398 (2 %)// S1-6, 50(a); SBM-1, 40(a)(iii)TaiwanHead count199197 1 %// S1-6, 50(a); SBM-1, 40(a)(iii)The NetherlandsHead count105115 (9 %)// S1-6, 50(a); SBM-1, 40(a)(iii)IrelandHead count100105 (5 %)1Head count62152 (59 %)// S1-6, 50(a); SBM-1, 40(a)(iii)OtherEntity spec. Number of employees (as of 31 December) FTE 8,278 8,905 (7 %)Entity spec. Average number of employees during the year FTE 8,496 8,666 (2 %)Entity spec. Sickness absence % 2.1 2.1 (0.0 %p)Turnover// S1-6, 50(c) Number of employees who left the company Head count 1,190 797 49 %// S1-6, 50(c) Employee turnover rate % 14.3 9.6 4.7 %pEntity spec. Number of employees who left the company voluntarily Head count 723 600 21 %Entity spec. Voluntary employee turnover rate % 8.7 7.2 1.5 %pEmployee satisfaction survey resultsEntity spec. Employee satisfaction 2Index 0-100 70 76 (6)Entity spec. Employee loyalty Index 0-100 80 84 (4)Entity spec. Employees experiencing stress % 18.8 13.7 5.1 %pEntity spec. Employees experiencing bullying, harassment, threats, or violence % 2.6 2.7 (0.1 %p)1   Distribution in other countries in 2024:  Singapore (18)  Korea (14) Spain (9)  Vietnam (9) Sweden (7) Norway (4) Japan (1)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 7 % lower at the end of 2024 compared to 2023. Ørsted’s voluntary turnover increased by 1.5 per-centage points in 2024, whereas the total turnover increased by 4.7 percentage points.The reduction in the total number of employees and increased total turnover for 2024 are related to organisational adjustments, including redundancies, that we have undergone to maintain our competitive edge.The score for employee satisfaction in the annual employee survey was 70, which is 6 index points lower than 2023. While satisfaction and motivation levels remain healthy compared to industry benchmarks,  the score is below the Ennova benchmark index of  73 and below our target of being in the top 25 %  percentile of an Ennova benchmark group.§  Accounting policiesNumber of employeesEmployee data is recognised based on records from the Group’s ordinary registration systems and is determined as the number of employees at the end of the reporting period. 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.The number of FTEs is determined as the number of employees converted to full-time equivalents.Following the implementation of the ESRS,  we are reporting the number of employees as  a head count. 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 (excl. divestments) 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.Group Executive Team and Board of DirectorsESRS ref.  Group Executive Team and Board of Directors Unit 2024 2023 ΔGroup Executive TeamEntity spec. Members Head count 5 10 (5)// GOV-1, 21(a) Executives Head count 4 3 1// GOV-1, 21(a) Non-executives Head count 1 7 (6)Entity spec. Average age Years 54 50 4Entity spec. Average seniority Years 2 1 1S1-16, 97(b) CEO pay ratio 1Ratio 28 - -Entity spec. Remuneration of the Group Executive Team 2DKK million 64 134 (52 %)// E1, GOV-3, 13 CEO pay ascribed to climate-related KPIs 3% 1.9 - -Board of DirectorsEntity spec. Members Head count 6 8 (2)// GOV-1, 21(a) Executives Head count 0 0 0// GOV-1, 21(a) Non-executives Head count 6 8 (2)// GOV-1, 21(d) Average age Years 61 61 0// GOV-1, 21(d) Average seniority Years 5 4 1// GOV-1, 21(e) Independent board members % 83 88 (5 %p)Entity spec. Board meetings Number 15 16 (1)Entity spec. Attendance % 96 94 2 %p 2DKK thousand 6,430 6,907 (7 %)Entity spec. Remuneration of the Board of DirectorsNomination &amp; Remuneration  CommitteeEntity spec. Members Head count 3 3 0Entity spec. Meetings Number 4 3 1Entity spec. Attendance % 100 100 0 %pAudit &amp; Risk  CommitteeEntity spec. Members Head count 3 3 0Entity spec. Meetings Number 6 10 (4)Entity spec. Attendance % 94 100 (6 %p)Asset Project CommitteeEntity spec. Members Head count 3 - -Entity spec. Meetings Number 8 - -Entity spec. Attendance % 96 - -1   CEO pay ratio shown is based on awarded remuneration and median employee base salary. More information on the CEO pay ratio based on average employee salary can be found in the remuneration report for 2024.2   For more information on the remuneration of the Group Executive Team and the Board of Directors, see note 2.7 ‘Employee costs‘ in the financial statements. 3   Part of the remuneration paid to the CEO is based on climate-related KPIs. For more information, please see the ESRS ‘E1 Climate Change’. As per 31 December 2024, the number of members in the Group Executive Team was five compared to ten in 2023. As per 1 February 2025, the number of members in the Group Executive Team was reduced to four as Mads Nipper stepped down as CEO.The CEO pay ratio was 28 in 2024. In 2024, the methodology for calculating the ratio has changed slightly to better align with the requirements under the ESRS, implying that the ratio relies on the median annual base remuneration of our employees.With regards to the board and its committees, we established the Asset Project Committee in 2024, overseeing the planning and execution of asset projects. The committee met eight times during 2024.For additional information on the work of the Board of Directors during 2024, please see the section on ‘Corporate governance’ in the ‘Management’s review’. §  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.,  variable salary, and share-based payment  at grant value) and the median annual base remuneration for all employees who have been employed for at least 12 months (excl. variable pay elements).Board of DirectorsIn this section, the Board of Directors includes the members elected at the annual general meeting (AGM). Under ‘Remuneration of the Board of Directors’, the members elected by the employees are also included.For the classification of independent board members, we follow the Recommendations on Corporate Governance as issued by the Danish Committee on Corporate Governance. The gender with lowest representation is reported under ‘Diversity and pay gap’.Group Executive Team (GET)Consists of the Chief Executive Officer (CEO), the Chief Financial Officer (CFO), the Chief HR Officer (CHRO), the deputy CEO and Chief Com-mercial Officer (CCO), and the Chief Operating Officer (COO).Diversity and pay gapESRS ref. Diversity, head count 2024 2023 ΔEntity spec. Board of Directors, Ørsted A/S, members 6 8 (25 %)// GOV-1, 21(d) Gender with lowest representation, % 50 38 12 %pEntity spec. Group Executive Team, members 5 10 (50 %)// S1-9, 66(a) Gender with lowest representation (female), %  20 30 (10 %p)Entity spec. Senior directors and above 187 175 7 %Entity spec. Gender with lowest representation (female), % 24 22 2 %pEntity spec. People leaders 1,032 1,054 (2 %)Entity spec. Gender with lowest representation (female), %  33 33 0 %pEntity spec. All employees 8,407 9,073 (7 %)Entity spec. Gender with lowest representation (female), % 34 35 (1 %p)All employees per age group, head count// S1-9, 66(b) Under 30 years 1,183 - -// S1-9, 66(b) 30-50 years 5,624 - -// S1-9, 66(b) Above 50 years 1,600 - -ESRS ref. Gender pay gap, % 2024// S1-16, 97(a) Gender pay gap, average 14ESRS ref. Contract type, head count, 2024Female Male Other 1Not disclosed To ta l// S1-6, 50(a)(b) Number of employees 2,854 5,553 - - 8,407// S1-6, 50(b)(i) Permanent employees 2,760 5,452 - - 8,212// S1-6, 50(b)(ii) Temporary employees 94 101 - - 195// S1-6, 50(b)(iii) Non-guaranteed hours employees --- - -1  The gender data presented in this report reflects the binary options of ‘male’ and ‘female’ as captured by our data systems. Many of these options are based on sex as recorded in official documents and do not fully represent the diversity of gender identities.The changes made to the Board of Directors in 2024 means that we now have equal gender representation in the Board. However, the reduction of the Group Executive Team in 2024 to five members resulted in a female representation of 20 %.We have a gender diversity target of 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. In 2024, we have changed our methodology on the gender pay gap calculations to reflect the requirements of the ESRS. This implies that we report a pay gap based on data from nine of the countries where we operate, that being Denmark (49 %), Germany (5 %), Ireland (1 %),  Malaysia (9 %), the Netherlands (1 %), Poland (9 %),  the UK (15 %), Taiwan (2 %), and the US (9 %).The gender pay gap of 14 % consists of individual gender pay gaps across the countries where we operate, and reflects that the differences in pay between men and women are impacted by differences in gender mix across the career levels in the organisation. The share of women in higher-level leadership positions are significantly lower than in the remaining part of the organisation, resulting in average pay for women being lower than average pay for men in most countries. This year, we have included a breakdown of our employees as per their contract type and gender. In 2024, 98 % of our employees were employed on a  permanent basis.§  Accounting policiesSenior 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 at the end of the reporting period (head count).Gender payØrsted’s global gender pay gap is calculated based on individual gender pay gaps within countries where Ørsted has at least 50 employees. For each country, the differ-ence of average pay levels between female and male employees has been calculated and is expressed as the percentage of the average pay level of male employees from that country. The salaries are reviewed annually, and salary increases come into effect on 1 June. Employ-ees who have been employed for 12 months on that date are included in the calculation. Each calculated country-specific ratio has been indexed to present one global gender pay gap. 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).Employees per contract typeEmployees on permanent contracts include all employees on permanent, non-time-bound contracts. Employees on temporary contracts include all employees on time-bound contracts. No employees within Ørsted are employed on a non-guaranteed hour basis.Safety ESRS ref. Safety Unit 2024 2023 ΔEntity spec. Total recordable injuries (TRIs) Number 85 73 16 %// S1-14, 88(c) Own employees Number 19 23 (17 %)Entity spec. Contractor employees Number 66 50 32 %Entity spec. Lost-time injuries (LTIs) Number 45 36 25 %Entity spec. Own employees Number 11 12 (8 %)Entity spec. Contractor employees Number 34 24 42 %Entity spec. Hours worked Million hours worked 30.9 25.8 20 %Entity spec. Own employees Million hours worked 14.1 14.5 (3 %)Entity spec. Contractor employees Million hours worked 16.8 11.3 49 %Entity spec. Total recordable injury rate (TRIR) Injuries per million hours worked 2.7 2.8 (4 %)// S1-14, 88(c) Own employees Injuries per million hours worked 1.3 1.6 (19 %)Entity spec. Contractor employees Injuries per million hours worked 3.9 4.4 (11 %)Entity spec. Lost-time injury frequency (LTIF) Injuries per million hours worked 1.5 1.4 7 %Entity spec. Own employees Injuries per million hours worked 0.8 0.8 0 %Entity spec. Contractor employees Injuries per million hours worked 2.0 2.1 (5 %)// S1-14, 88(b) Fatalities Number 0 0 0 %Entity spec. Permanent disability cases Number 0 0 0 %The total recordable injury rate (TRIR) decreased by 4 %, while the lost time injury frequency (LTIF) increased by 7 %. In 2024, our total number of recordable injuries increased by 12 injuries, driven by 16 additional injuries recorded among contractor employees compared to 2023. The increase in recordable injuries among contractor employees is associated with the 49 % increase in the number of hours worked among contractor employees.The total number of lost-time injuries (LTIs) increased by nine injuries, as the number of lost-time injuries increased by ten among our contractor employees, while it decreased by 1 for our own employees. The total amount of hours worked in 2024 was 20 % higher than in 2023 due to the higher humber of projects under construction compared to last year.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 entails that 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. Contractor employees are considered part of our value chain workers, as defined by the ESRS.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 in