Following a profound strategic transformation from black to green energy and recent divestment of the oil & gas business, Danish firm DONG Energy is changing its name to Ørsted and boosting the company’s vision for a green future.

 

“DONG was originally short for Danish Oil & Natural Gas. However, with our profound strategic transformation and the divestment of our upstream oil & gas business, this is no longer who we are. Therefore, now is the right time to change our name,” says Chairman of the Board of Directors Thomas Thune Andersen and continues:

 

“Our vision is a world that runs entirely on green energy. Climate change is one of the most serious challenges facing the world today, and to avoid causing serious harm to the global ecosystems, we need to fundamentally change the way we power the world by switching from black to green energy,” Thomas Thune Andersen concludes.

 

“2017 will be remembered as the year when offshore wind became cheaper than black energy, as demonstrated by the recent tenders for offshore wind in Germany and the UK,” said CEO Henrik Poulsen. “It has never been more clear that it is possible to create a world that runs entirely on green energy. The time is now right for us to change our name to demonstrate that we want to help create such a world.”

 

Over the past decade, the company has transformed from an energy company based on coal and oil to a global leader in renewable energy. The firm has increased earnings considerably, while reducing the use of coal in its power stations and building out new offshore wind farms. Since 2006, it has reduced its carbon emissions by 52 per cent – and by the year 2023, the company aims to achieve a 96-per-cent reduction based on 2006 levels.

 

Mr Poulsen advised that Ørsted’s focus going forward will be on “green growth” based on the company’s existing business platforms in offshore wind, biomass, green customer solutions and advanced waste-to-energy solutions.