DOCSLIB.ORG

Report Profundo

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Report Profundo Undermining our future A study of banks’ investments in selected companies attributable to fossil fuels and renewable energy A Fair Finance Guide International case study Ward Warmerdam Alexandra Christopoulou Anniek Herder Charissa Bosma Joeri de Wilde Michel Riemersma Jan Willem van Gelder With contributions by: Victoria Fanggidae, Evert Hassink, Petra Hamers, Soren Henriksen, Jakob König, Yann Louvel, Jesper Stegmann, Alexandre Naulot, Yuki Tanabe, Guilherme Teixeira, Frank Vanaerschot, Gine Zwart 2 November 2015 Contents Summary ..................................................................................................................... i Introduction ................................................................................................................ 1 Chapter 1 Background ...................................................................................... 2 1.1 What is at stake? ....................................................................................... 2 1.2 International initiatives ............................................................................. 4 Chapter 2 Methodology ..................................................................................... 9 2.1 Approach ................................................................................................... 9 2.2 Selected financial institutions .................................................................. 9 2.3 Selected companies ................................................................................ 12 2.3.1 Ownership forms ....................................................................................... 12 2.3.2 Selected sectors ....................................................................................... 13 2.3.3 Excluded sectors ....................................................................................... 19 2.3.4 Final definition ........................................................................................... 22 2.4 Types of finance ...................................................................................... 23 2.4.1 Corporate loans ........................................................................................ 23 2.4.2 Share issuances ....................................................................................... 24 2.4.3 Bond issuances ......................................................................................... 25 2.4.4 (Managing) shareholdings ......................................................................... 25 2.4.5 (Managing) investments in bonds .............................................................. 25 2.5 Time period.............................................................................................. 26 2.6 Financial institution feedback ................................................................ 26 2.7 Calculated elements ............................................................................... 27 2.7.1 Financial institution financing contributions ............................................... 27 2.7.2 Segment adjusters .................................................................................... 28 2.7.3 Power generation adjusters ....................................................................... 29 Chapter 3 Global analysis ............................................................................... 31 3.1 Loans and underwriting .......................................................................... 32 3.2 Shareholdings ......................................................................................... 33 Chapter 4 Top 25 financial institutions .......................................................... 34 4.1 Loans and underwriting .......................................................................... 34 4.1.1 Annual analysis ......................................................................................... 34 4.1.2 Rankings ................................................................................................... 36 4.2 Shareholdings ......................................................................................... 39 4.2.1 Annual analysis ......................................................................................... 39 4.2.2 Rankings ................................................................................................... 41 4.3 Financial institution analysis ................................................................. 43 4.3.1 Agricultural Bank of China (China) ............................................................ 44 4.3.2 Bank of America (United States) ............................................................... 47 4.3.3 Bank of China (China) ............................................................................... 51 4.3.4 Bank of Communications (China) .............................................................. 53 4.3.5 Barclays (United Kingdom) ........................................................................ 56 4.3.6 BNP Paribas (France) ............................................................................... 59 4.3.7 China Construction Bank (China) .............................................................. 62 4.3.8 Citigroup (United States) ........................................................................... 65 4.3.9 Crédit Agricole (France) ............................................................................ 68 4.3.10 Credit Suisse (Switzerland) ....................................................................... 71 4.3.11 Deutsche Bank (Germany) ........................................................................ 74 4.3.12 HSBC (United Kingdom) ........................................................................... 76 4.3.13 ICBC (Industrial and Commercial Bank of China – China)......................... 80 4.3.14 ING Group (Netherlands) .......................................................................... 83 4.3.15 JPMorgan Chase (United States) .............................................................. 86 4.3.16 Lloyds Banking Group (United Kingdom) .................................................. 89 4.3.17 Mitsubishi UFJ Financial (Japan) .............................................................. 92 4.3.18 Mizuho Financial (Japan) .......................................................................... 95 4.3.19 Royal Bank of Scotland (United Kingdom) ................................................ 98 4.3.20 Santander (Spain) ................................................................................... 100 4.3.21 Société Générale (France) ...................................................................... 103 4.3.22 Sumitomo Mitsui Financial (Japan) ......................................................... 105 4.3.23 UBS (Switzerland) ................................................................................... 108 4.3.24 UniCredit (Italy) ....................................................................................... 111 4.3.25 Wells Fargo (United States) .................................................................... 114 Chapter 5 Belgium ......................................................................................... 117 5.1 Loans and underwriting ........................................................................ 117 5.1.1 Annual analysis ....................................................................................... 117 5.1.2 Rankings ................................................................................................. 119 5.2 Shareholdings ....................................................................................... 120 5.2.1 Annual analysis ....................................................................................... 121 5.2.2 Rankings ................................................................................................. 122 5.3 Financial institution analysis ............................................................... 124 5.3.1 Argenta ................................................................................................... 124 5.3.2 Belfius Bank ............................................................................................ 125 5.3.3 BNP Paribas ........................................................................................... 127 5.3.4 Deutsche Bank ........................................................................................ 130 5.3.5 F. van Lanschot Bankiers ........................................................................ 133 5.3.6 ING Group .............................................................................................. 134 5.3.7 KBC Group ............................................................................................. 137 5.3.8 Triodos Bank ........................................................................................... 140 5.3.9 VDK Spaarbank ...................................................................................... 143 Chapter 6 Denmark ........................................................................................ 144 6.1 Loans and underwriting ........................................................................ 144 6.1.1 Annual analysis ....................................................................................... 144 6.1.2 Rankings ................................................................................................. 146 6.2 Shareholdings ......................................................................................
Load more

Recommended publications
  • Automatic Sun Tracking System with Dual Axis
    AUTOMATIC SUN TRACKING SYSTEM WITH DUAL AXIS K Srinivasa Rao1, G.Sreedhara Babu2 and M.Rajesh3 1,2,3Department of Mechanical Engineering,V.R.Siddhartha Engineering College Abstract— The aim of this paper is to solve the problem of energy crisis which is considerably serious issue in today’s period. It is becoming essential to increase use of renewable sources of energy namely solar energy as compared to conventional sources for energy generation. Solar energy is rapidly gaining notoriety as an important means of expanding renewable energy resources. As such, it is vital that those in engineering fields understand the technologies associated with this area. Our project will include the design and construction of a microcontroller-based solar panel tracking system. It uses 8051 microcontroller and stepper motor to move solar panel according to position of sun. Photo resistors are also used to detect light intensity. Solar tracking allows more energy to be produced because the solar array is able to remain aligned to the sun. A technology namely solar tracking system is introduced to improve efficiency of solar cells by tracking sun’s energy. A working system will ultimately be demonstrated to validate the design. Problems and possible improvements will also be presented. A solar panel receives the most sunlight when it is perpendicular to the sun’s rays, but the sunlight direction changes regularly with changing seasons and weather. Currently, most solar panels are fixed, i.e., the solar array has a fixed orientation to the sky and does not turn to follow the sun. To increase the unit area illumination of sunlight on solar panels, we designed a solar tracking electricity generation system.
    [Show full text]
  • Energy Information Administration (EIA) 2014 and 2015 Q1 EIA-923 Monthly Time Series File
    SPREADSHEET PREPARED BY WINDACTION.ORG Based on U.S. Department of Energy - Energy Information Administration (EIA) 2014 and 2015 Q1 EIA-923 Monthly Time Series File Q1'2015 Q1'2014 State MW CF CF Arizona 227 15.8% 21.0% California 5,182 13.2% 19.8% Colorado 2,299 36.4% 40.9% Hawaii 171 21.0% 18.3% Iowa 4,977 40.8% 44.4% Idaho 532 28.3% 42.0% Illinois 3,524 38.0% 42.3% Indiana 1,537 32.6% 29.8% Kansas 2,898 41.0% 46.5% Massachusetts 29 41.7% 52.4% Maryland 120 38.6% 37.6% Maine 401 40.1% 36.3% Michigan 1,374 37.9% 36.7% Minnesota 2,440 42.4% 45.5% Missouri 454 29.3% 35.5% Montana 605 46.4% 43.5% North Dakota 1,767 42.8% 49.8% Nebraska 518 49.4% 53.2% New Hampshire 147 36.7% 34.6% New Mexico 773 23.1% 40.8% Nevada 152 22.1% 22.0% New York 1,712 33.5% 32.8% Ohio 403 37.6% 41.7% Oklahoma 3,158 36.2% 45.1% Oregon 3,044 15.3% 23.7% Pennsylvania 1,278 39.2% 40.0% South Dakota 779 47.4% 50.4% Tennessee 29 22.2% 26.4% Texas 12,308 27.5% 37.7% Utah 306 16.5% 24.2% Vermont 109 39.1% 33.1% Washington 2,724 20.6% 29.5% Wisconsin 608 33.4% 38.7% West Virginia 583 37.8% 38.0% Wyoming 1,340 39.3% 52.2% Total 58,507 31.6% 37.7% SPREADSHEET PREPARED BY WINDACTION.ORG Based on U.S.
    [Show full text]
  • Techniques to Upgrade Indian Solar Power Sector by Analysing the Top Ranking Solar Power Countries
    IJRET: International Journal of Research in Engineering and Technology eISSN: 2319-1163 | pISSN: 2321-7308 TECHNIQUES TO UPGRADE INDIAN SOLAR POWER SECTOR BY ANALYSING THE TOP RANKING SOLAR POWER COUNTRIES Shantanu Rawat1, Himanshi Rana2, Deepanvita Maurya3, Deepak Kumar4 1Department of Electrical, University of Petroleum & Energy Studies, Dehradun, India 2Department of Aerospace, University of Petroleum & Energy Studies, Dehradun, India 3Department of Mechanical, University of Petroleum & Energy Studies, Dehradun, India 4Assistant Professor, Department of Electrical, University of Petroleum & Energy Studies, Dehradun, India Abstract As fossil fuels are depleting day by day it is the high time to switch to renewable energy. Many countries have already realized this fact and have started focusing on the renewable energies. The main focus of all countries is on solar power [1]. Though many countries have developed themselves in solar power generation since last one decades but India hasn’t started yet. The major solar power producing countries are China, Germany and Japan and if we try to compare India with these countries we stand far apart in the queue. Though India has one of the best climatic conditions to support solar power generation. India is a sun-blessed country which has clear 300 days of sunshine, which is comparatively much more than the other countries [2]. The total power generated by India is 267,637.35 MW (till March 2015) and out of which we are generating only 5,050 MW through solar energy [3]. To satisfy the demand of power supply all over the country in future, we need to install more number of solar power plants such as to provide us maximum output as a result in much more advanced technique [4].
    [Show full text]
  • External Borkers List
    NORDEA INVESTMENT MANAGEMENT AB Approved broker list 2018 Global Head of Trading, Erling Skorstad 15/10/2018 Legal Name City of Domicile Country of Domicile LEI ABG Sundal Collier ASA Oslo Norway 2138005DRCU66B8BNY04 ABN Amro Group NV Amsterdam The Netherlands BFXS5XCH7N0Y05NIXW11 Arctic Securities AS Oslo Norway 5967007LIEEXZX4RVS72 Aurel BGC SAS Paris France 5RJTDGZG4559ESIYLD31 Australia and New Zealand Banking Group Limited Melbourne Australia JHE42UYNWWTJB8YTTU19 AUTONOMOUS RESEARCH LLP London UK 213800LBM6PT85IGM996 Banca IMI S.p.A Milan Italy QV4Q8OGJ7OA6PA8SCM14 Banco Bilbao Vizcaya Argentaria S.A Bilbao Spain K8MS7FD7N5Z2WQ51AZ71 Banco Português de Investimento, S.A. (BPI) Porto Portugal 213800NGLJLXOSRPK774 BANCO SANTANDER S.A Madrid Spain 5493006QMFDDMYWIAM13 Bank Vontobel AG Zurich Switzerland 549300L7V4MGECYRM576 Barclays Bank PLC London UK G5GSEF7VJP5I7OUK5573 Barclays Capital Securities Limited London UK K9WDOH4D2PYBSLSOB484 Bayerische Landesbank Munich Germany VDYMYTQGZZ6DU0912C88 BCS Prime Brokerage Limited London UK 213800UU8AHE2B6QUI26 BGC Brokers LP London UK ZWNFQ48RUL8VJZ2AIC12 BNP Paribas SA Paris France R0MUWSFPU8MPRO8K5P83 Carnegie AS Norway Oslo Norway 5967007LIEEXZX57BC18 Carnegie Investment Bank AB (publ) Stockholm Sweden 529900BR5NZNQZEVQ417 China International Capital Corporation (UK) Limited London UK 213800STG3UV87MDGA96 Citigroup Global Markets Limited London UK XKZZ2JZF41MRHTR1V493 Clarksons Platou Securities AS Oslo Norway 5967007LIEEXZXA40G44 CLSA (UK) London UK 213800VZMAGVIU2IJA72 Commerzbank AG Frankfurt
    [Show full text]
  • CSP Technologies
    CSP Technologies Solar Solar Power Generation Radiation fuel Concentrating the solar radiation in Concentrating Absorbing Storage Generation high magnification and using this thermal energy for power generation Absorbing/ fuel Reaction Features of Each Types of Solar Power PTC Type CRS Type Dish type 1Axis Sun tracking controller 2 Axis Sun tracking controller 2 Axis Sun tracking controller Concentrating rate : 30 ~ 100, ~400 oC Concentrating rate: 500 ~ 1,000, Concentrating rate: 1,000 ~ 10,000 ~1,500 oC Parabolic Trough Concentrator Parabolic Dish Concentrator Central Receiver System CSP Technologies PTC CRS Dish commercialized in large scale various types (from 1 to 20MW ) Stirling type in ~25kW size (more than 50MW ) developing the technology, partially completing the development technology development is already commercialized efficiency ~30% reached proper level, diffusion level efficiency ~16% efficiency ~12% CSP Test Facilities Worldwide Parabolic Trough Concentrator In 1994, the first research on high temperature solar technology started PTC technology for steam generation and solar detoxification Parabolic reflector and solar tracking system were developed <The First PTC System Installed in KIER(left) and Second PTC developed by KIER(right)> Dish Concentrator 1st Prototype: 15 circular mirror facets/ 2.2m focal length/ 11.7㎡ reflection area 2nd Prototype: 8.2m diameter/ 4.8m focal length/ 36㎡ reflection area <The First(left) and Second(right) KIER’s Prototype Dish Concentrator> Dish Concentrator Two demonstration projects for 10kW dish-stirling solar power system Increased reflection area(9m dia. 42㎡) and newly designed mirror facets Running with Solo V161 Stirling engine, 19.2% efficiency (solar to electricity) <KIER’s 10kW Dish-Stirling System in Jinhae City> Dish Concentrator 25 20 15 (%) 10 발전 효율 5 Peak.
    [Show full text]
  • U.S. Offshore Wind Power Economic Impact Assessment
    U.S. Offshore Wind Power Economic Impact Assessment Issue Date | March 2020 Prepared By American Wind Energy Association Table of Contents Executive Summary ............................................................................................................................................................................. 1 Introduction .......................................................................................................................................................................................... 2 Current Status of U.S. Offshore Wind .......................................................................................................................................................... 2 Lessons from Land-based Wind ...................................................................................................................................................................... 3 Announced Investments in Domestic Infrastructure ............................................................................................................................ 5 Methodology ......................................................................................................................................................................................... 7 Input Assumptions ............................................................................................................................................................................................... 7 Modeling Tool ........................................................................................................................................................................................................
    [Show full text]
  • Trade Remedies, Targeting the Renewable Energy Sector
    Green Economy and Trade. Ad hoc Expert Group 2: Trade Remedies in Green Sectors: the Case of Renewables 3−4 April 2014 Salle XXVI, Palais des Nations Geneva Trade Remedies Targeting the Renewable Energy Sector Report by 1 Cathleen Cimino & Gary Hufbauer 1 Cathleen Cimino is a Research Analyst at the Peterson Institute for International Economics and Gary Hufbauer is the Reginald Jones Senior Fellow. The views expressed are their own. Table of Contents I. Introduction .............................................................................................................................. 3 Clash between trade remedies and environmental goals ....................................................... 3 Outline of the report ............................................................................................................ 4 II. Overview of trade remedies ...................................................................................................... 5 III. Trade in renewable energy products affected by AD/CVD cases ............................................... 8 Methodology for the trade remedy survey ............................................................................ 9 Findings from the surveyt .................................................................................................. 10 IV. Renewable energy costs .......................................................................................................... 17 V. WTO disputes relating to renewable energy ...........................................................................
    [Show full text]
  • The Mineral Industry of China in 2016
    2016 Minerals Yearbook CHINA [ADVANCE RELEASE] U.S. Department of the Interior December 2018 U.S. Geological Survey The Mineral Industry of China By Sean Xun In China, unprecedented economic growth since the late of the country’s total nonagricultural employment. In 2016, 20th century had resulted in large increases in the country’s the total investment in fixed assets (excluding that by rural production of and demand for mineral commodities. These households; see reference at the end of the paragraph for a changes were dominating factors in the development of the detailed definition) was $8.78 trillion, of which $2.72 trillion global mineral industry during the past two decades. In more was invested in the manufacturing sector and $149 billion was recent years, owing to the country’s economic slowdown invested in the mining sector (National Bureau of Statistics of and to stricter environmental regulations in place by the China, 2017b, sec. 3–1, 3–3, 3–6, 4–5, 10–6). Government since late 2012, the mineral industry in China had In 2016, the foreign direct investment (FDI) actually used faced some challenges, such as underutilization of production in China was $126 billion, which was the same as in 2015. capacity, slow demand growth, and low profitability. To In 2016, about 0.08% of the FDI was directed to the mining address these challenges, the Government had implemented sector compared with 0.2% in 2015, and 27% was directed to policies of capacity control (to restrict the addition of new the manufacturing sector compared with 31% in 2015.
    [Show full text]
  • REIPPP Projects
    REIPPP Projects Window 1 Projects Net capacity Technology Project Location Technology Developer Contractor Status MW supplier Klipheuwel – Dassiefontein Group 5, Dassiesklip Wind Energy Facility Caledon, WC Wind 26,2 Sinovel Operational Wind Energy fFcility Iberdrola MetroWind Van Stadens Wind Port Elizabeth, EC Wind 26,2 MetroWind Sinovel Basil Read Operational Farm Hopefield Wind Farm Hopefield, WC Wind 65,4 Umoya Energy Vestas Vestas Operational Noblesfontein Noblesfontein, NC Wind 72,8 Coria (PKF) Investments 28 Vestas Vestas Operational Red Cap Kouga Wind Farm – Port Elizabeth, EC Wind 77,6 Red Cap Kouga Wind Farm Nordex Nordex Operational Oyster Bay Dorper Wind Farm Stormberg, EC Wind 97,0 Dorper Wind Farm Nordex Nordex Operational South Africa Mainstream Jeffreys Bay Jeffereys Bay, EC Wind 133,9 Siemens Siemens Operational Renewable Power Jeffreys Bay African Clean Energy Cookhouse Wind Farm Cookhouse, EC Wind 135,0 Suzlon Suzlon Operational Developments Khi Solar One Upington, NC Solar CSP 50,0 Khi Dolar One Consortium Abengoa Abengoa Construction KaXu Solar One Pofadder, NC Solar CSP 100,0 KaXu Solar One Consortium Abengoa Abengoa Operational SlimSun Swartland Solar Park Swartland, WC Solar PV 5,0 SlimSun BYD Solar Juwi, Hatch Operational RustMo1 Solar Farm Rustenburg, NWP Solar PV 6,8 RustMo1 Solar Farm BYD Solar Juwi Operational Mulilo Renewable Energy Solar De Aar, NC Solar PV 9,7 Gestamp Mulilo Consortium Trina Solar Gestamp, ABB Operational PV De Aar Konkoonsies Solar Pofadder, NC Solar PV 9,7 Limarco 77 BYD Solar Juwi Operational
    [Show full text]
  • Danmarks Nationalbank 2 Thedanmarks Response of Householdnationalbank Customers to Negative Deposit Rates Analyses
    ANALYSIS DANMARKS NATIONALBANK 27 APRIL 2021 — NO. 9 The response of house- hold customers to negative deposit rates Negative deposit Reduction in Announcement rates more deposits following increases demand widespread announcements for investments Negative deposit rates There are indications Household customers for household custom­ that household cus­ appear to increase their ers are now being tomers reduce their de­ demand for investment applied by most banks posits when their bank fund shares and switch in Denmark. Further­ announces negative their deposits to pool more, the banks have interest rates. However, schemes when faced gradually reduced the household customers’ with prospects of nega­ thresholds for when total deposits have tive deposit rates. negative interest rates increased during the are imposed. period of negative deposit rates. Read more Read more Read more ANALYSIS — DANMARKS NATIONALBANK 2 THEDANMARKS RESPONSE OF HOUSEHOLDNATIONALBANK CUSTOMERS TO NEGATIVE DEPOSIT RATES ANALYSES Low for long Denmark was the first country to introduce negative ABOUT THIS ANALYSIS monetary policy rates in 2012. Since then, Switzer- land, Sweden, Japan and the euro area have followed Most banks in Denmark have now in­ suit. troduced negative deposit rates for household customers. Furthermore, Very low and in some cases negative interest rates the banks have gradually reduced the thresholds for when negative have characterised the past decade across the ad- interest rates are payable. vanced economies. There are several reasons why inter­­est rates have fallen to the current low levels. Low There are indications that household interest rates reflect the fact that inflation has been customers reduce their deposits subdued in many countries, but structural changes when their bank announces negative in household and corporate savings and investment interest rates.
    [Show full text]
  • Participants List
    Workshop on Scaling-up Renewables through Decentralised Energy Solutions Confirmed Participants List Paris, 28 March 2017 Representing Last Name: First Name Abengoa Solar GEYER Michael Acciona Energía PRIETO CASAÑA Elisa Acciona Energía MATEO Rafael ADEME MOISAN François ADEME GERSON Raphael Association of the European Heating Industry BASSO Paolo Australian Govt. Department of the Environment and Energy THOMAS Nicole Austrian Energy Agency INDINGER Andreas BayWa r.e. and BayWa AG TAFT Matthias Bloomberg New Energy Finance CHASE Jenny Bloomberg New Energy Finance HENBEST Seb BNP Paribas MAURIN Matthieu CEA MALBRANCHE Philippe CEDEC DE BLOCK Gert CEDEC FONDI Ludovica CESI CODAZZI Matteo China General Certification Center QI Linlin China General Certification Center SUN Peijun China National Renewable Energy Centre SANDHOLT Kaare Cimate Action Network International SINGER Stephan City of Frankfurt FIEBIG Wiebke City of Stockholm TOLF Jonas Compass Lexecon ROQUES Fabien Danish District Heating Association LAUERSEN Birger Danish Energy Agency TENGVAD Rasmus DONG Energy STEIWER HEIN Christian EDF Energies Nouvelles SCALONE Carmelo EDSO for Smart Grids CARAMIZARU Aura EHPA JUNG Oliver ENEA Italy DELILLO Anna ENEA Italy DE IULIIS Simona Enedis STRANG Karl Axel Enel MELCHIOTTI Nicola 1 Enel Green Power VENTURINI Francesco Enel Green Power D'AUSILIO Michel Enercon DUENING Katrin ENGIE STEVERLYNCK Alexis ENGIE MANTEL Catherine ENGIE GRENON Georgina ENGIE SCHACK Michael EREF HINRICHS-RAHLWES Rainer ERI/NDRC LIU Jian ERI/NDRC TAO Ye ERI/NDRC ZHAO
    [Show full text]
  • Offshore Wind Summit September 25, 30, and October 7
    Offshore Wind Summit September 25, 30, and October 7, 2020 National Governors Association Center for Best Practices & The Embassy of Denmark 1 Introductory Remarks Jessica Rackley, Energy & Environment Program Director, NGA Center for Best Practices Michael Guldbrandtsen, Counselor, Embassy of Denmark Thank You to our Sponsors States with Clean Energy Goals Source: NGA, 2020 Offshore Wind Technical Potential Source: NREL, 2016 Offshore Wind Energy Resource Assessment for the United States Today’s Virtual Meeting: Zoom Controls The Zoom menu bar appears at the If you don’t see the menu bar, move your bottom of the Zoom window once the meeting begins. mouse slightly and the bar will appear. Chat your questions Introductory Remarks Michael Guldbrandtsen Counselor Embassy of Denmark Welcome Remarks Tim Blute Director NGA Center for Best Practices Introduction to the Day – Offshore Wind Update Thomas Brostrøm CEO Ørsted North America, Offshore Offshore Wind Summit Thomas Brostrøm, CEO Ørsted North America, Offshore Offshore Wind Update September 25, 2020 Ranked most sustainable company in the world 2 Significant transformation of Ørsted over the past decade 1 Note 1: Figures taken from Ørsted’s Annual Report 2019. Excluding Radius (power distribution business which was divested during 2019) Note 2: ROCE target for 2019-2025 3 Note 3: International share calculated based on Group EBITDA excl. divestments and miscellaneous un-allocated costs totalling 16 DKKbn The first major energy company to reach net-zero emissions in its energy generation – We will become carbon neutral by 2025. – This will make Ørsted the first major energy company to reach net-zero emissions in its energy generation – far ahead of science-based decarbonization targets for limiting global warming to 1.5°C.
    [Show full text]