Ørsted has set a target that all suppliers must use 100% renewable energy by 2025, making it the first energy company in the world to impose a requirement on suppliers in this area. This commitment is based on Ørsted's goal of achieving carbon neutrality by 2040 and its plans to reduce CO2 emissions in its supply chain. Under the new target, Ørsted expects all its suppliers to cover 100% of their electricity consumption through renewable energy, for example by investing in renewable energy assets on site, entering into power purchase agreements in connection with renewable energy projects or purchasing renewable energy certificates. At the same time, Ørsted has a clear expectation that the company's strategic suppliers must use 100% renewable energy in the production of wind turbines, foundations, cables, substations and other components and services by 2025. The company can therefore extend the target to all suppliers more quickly. Much progress has already been made in the first two years of the programme and most of the suppliers involved have already introduced the use of 100% renewable electricity. A further 15% of suppliers have committed to using exclusively renewable energy by 2025, thus helping to ensure that Ørsted meets its targets.
Currently, Ørsted joins the 1.5°C Supply Chain Leaders Initiative as head of the 100% renewable energy group, a platform where leading companies can share their commitment and experience in working with their supply chains to limit climate change.
Vestas reported sales of €3,305 million in the second quarter, down 7% compared to the same period last year, and the EBITDA deficit excluding special items was €182 million. The pre-tax loss for the same period last year was €139 million. Geopolitical uncertainty and supply chain disruptions in the first half of 2022 have led to higher costs and an energy crisis, said CEO Henrik Andersen. This created a particularly challenging business environment, which had a negative impact on Vestas' financial results.
At the end of the quarter, the order backlog for Vestas wind turbines was valued at EUR 18.9 billion. At the same time it had entered into service agreements with expected future contract revenues of €31.3 billion. Andersen says it will continue to maintain its leading position in onshore wind power, with average sales of onshore wind turbines up 22% compared to the same period last year. Continued price increases are paving the way for achieving its profitability targets.
Press Release, Jern.Maskinindustrien
Dubai's goal of no waste ending up in landfill by 2030 has opened the door to the desert state for Norwegian company Quantafuel, which converts plastic waste into synthetic oil and already operates a plant in Skive, Denmark. Together with German chemical group BASF, Quantafuel launched negotiations with Dubai government investment company Dubal Holding in late 2021. Negotiations have now reached "a major milestone" for the construction of a four times larger plastics pyrolysis plant. After six months of feasibility studies, the parties have moved on to the next stage of the process, the so-called front-end engineering (FEED) of a future facility. Quantafuel CEO Lars Rosenløv says Dubai is keen to show the world that the country is working towards a circular economy, CO2 neutrality and sustainable solutions.
Ørsted and Petro Vietnam have signed an agreement to collaborate on offshore wind projects in Vietnam and worldwide. The aim of the partnership is to provide Ørsted and T&T Group, a leading Vietnamese cross-industry company with substations to support the two companies' multi-GW offshore wind project pipelines in Vietnam. Sebastian Hald Buhl, CEO of Ørsted Vietnam, said that Vietnam has the best conditions for offshore wind in Asia, many excellent engineering companies and a highly qualified workforce. Meanwhile Ørsted and the T&T Group are working with a wide range of local partners and suppliers to deliver Vietnam's first flagship offshore wind project in 2030.
Power producer Glitre Energi has chosen Hydrogen Solutions (HYDS) to develop a hydrogen production plant in Buskerud. Glitre Energi wants to produce green hydrogen at its river power station and test the HYDS solution in a pilot. Glitre Energi is considering whether it is possible to add value to hydropower by optimising the use of river power plants to produce low-cost hydrogen. Via the project, Glitre Energi wants to contribute to the replacement of diesel with hydrogen in the construction industry.
Nel Hydrogen has received a purchase order from an undisclosed European client for the delivery of several H2Station™ units for fueling of light- and heavy-duty fuel cell electric vehicles. The contract has a total value of approximately EUR 8 million and includes service & maintenance.
The Nordic countries are some of the most dynamic and successful economies in the world. They are also leaders in sustainability, from renewable energy, biofuels, carbon capture and storage and the hydrogen economy, circular economy business models and battery development, the Nordics are pioneers in policy design, technology development and consumer uptake. Mundus Nordic Green News is covering this transition for the international community. Every day we curate the stories of most relevance to international businesspeople and policy experts from the flow of news. Mundus Nordic Green Indices summarise the meta-data from our daily coverage to enable easy tracking of trends. We supplement these with our own opinion pieces and commentary.