Net Zero Leaders In The Energy Industry - Carbon Credit Capital

Net Zero Leaders In The Energy Industry – Carbon Credit Capital

Time Stamp: July 26, 2023 5:02 PM
Source Node: 2786615

The energy industry is a significant contributor to global carbon emissions, with the International Energy Agency reporting that it accounts for over two-thirds of global greenhouse gas emissions. However, amidst the gloom, there are beacons of hope. Companies like Ørsted and Schneider Electric are leading the charge towards a greener future, setting ambitious net-zero targets and implementing innovative strategies to achieve them.

According to the World Energy Investment 2023 report by the International Energy Agency (IEA), global clean energy investment is expected to reach a record $2.8 trillion in 2023. The report highlights that for every $1 spent on fossil fuels, $1.7 is now spent on clean energy, a significant shift from the 1:1 ratio just five years ago. This momentum is led by renewable power and electric vehicles (EVs), with solar investments expected to exceed $1 billion per day in 2023, surpassing spending on upstream oil for the first time.

In this context, let’s delve deeper into the commitments and initiatives of Ørsted and Schneider Electric, two companies that are not just riding this wave, but are helping to create it.

Ørsted: Turning Green Ambitions into Reality

Ørsted, a Danish power company, has been ranked the one of the most sustainable companies in the world by Corporate Knights. The company has committed to reducing its relative carbon emissions by 98% by 2025, compared to 2006 levels. Ørsted has also pledged to generate nearly 100% green energy by 2025.

Ørsted Windfarms 

Here are some of the key initiatives the company has undertaken:

  • Hornsea Project One: This is the world’s largest offshore wind farm, located off the Yorkshire coast in the United Kingdom. The project has a capacity of 1.2GW, enough to power over one million British homes.
  • Borssele 1 & 2: This is the largest operational wind farm in the Netherlands and the second-largest in the world. The wind farm has a total capacity of 752MW, enough to power around one million Dutch households.
  • Greater Changhua 1 & 2a: These are offshore wind farms located in Taiwan. The projects have a total capacity of 900MW and are expected to be fully commissioned in 2022.
  • Ocean Wind: This is a proposed offshore wind farm located off the coast of New Jersey in the United States. The project is expected to have a capacity of 1.1GW, enough to power half a million American homes.

Ørsted’s Carbon Credit Projects

Ørsted’s transformation from a fossil fuel-based utility to a global leader in offshore wind energy is a testament to the company’s commitment to sustainability. Their investments in renewable energy and carbon capture technologies are not only reducing their own carbon footprint but also contributing to the global transition to a low-carbon economy.

Beginning in 2025, Ørsted will capture 430,000 tons of biogenic CO2 from two of its Danish power plants. Microsoft has already agreed to purchase 2.76m tonnes over 11 years from the Asnæs power plant. 

On a global scale, Ørsted’s initiatives are helping to combat climate change by significantly reducing greenhouse gas emissions. Their support for carbon credit projects also contributes to biodiversity conservation and provides benefits to local communities.

Schneider Electric: Pioneering Sustainable Energy Solutions

Schneider Electric, a French company providing energy and automation digital solutions, has committed to achieving carbon neutrality in its own ecosystem by 2025, and net-zero emissions by 2030. The company has also pledged to help its clients save 120 million metric tons of CO2 emissions by 2025.

Schneider Electric’s Key Initiatives and Programs

Schneider Electric’s sustainability efforts are wide-ranging and innovative. Here are some of the key initiatives:

  • EcoStruxure: This is an IoT-enabled, plug-and-play, open, interoperable architecture and platform. EcoStruxure delivers enhanced value around safety, reliability, efficiency, sustainability, and connectivity.
  • Schneider Sustainability Impact (SSI) 2021-2025: This is Schneider Electric’s strategic sustainability program, which aims to reduce the company’s environmental impact and contribute to the United Nations’ Sustainable Development Goals. The program includes targets for carbon neutrality, renewable electricity, and energy efficiency.
  • Green Premium Program: This is Schneider Electric’s approach to delivering sustainable and high-quality products. The program provides transparent information about the environmental and health impacts of its products.
  • Net Zero Homes: Schneider Electric is working to make homes more sustainable and energy-efficient. The company offers a range of solutions, including energy management systems and renewable energy solutions, to help homeowners reduce their carbon footprint and energy costs.

Schneider Electric’s Carbon Credit Projects

Schneider Electric’s commitment to carbon neutrality and its innovative EcoStruxure platform demonstrates the company’s leadership in sustainable energy solutions. Their efforts to help their clients reduce their carbon emissions and their initiatives to make homes more energy-efficient are making a significant impact in the fight against climate change.

For consumers, Schneider Electric’s initiatives mean access to energy-efficient solutions that can help reduce their carbon footprint and energy costs. For example, their Net Zero Homes initiative provides homeowners with the tools and solutions they need to make their homes more sustainable.

Globally, Schneider Electric’s initiatives are helping to reduce greenhouse gas emissions and promote a circular economy. Their investments in carbon credit projects also support initiatives that reduce carbon emissions and improve the livelihoods of local communities.

Conclusion 

Both Ørsted and Schneider Electric are setting a strong example for the energy industry. Their commitments and initiatives towards achieving net-zero emissions are not only commendable but also necessary for the sustainable future of our planet.

Ørsted’s transformation from a fossil fuel-based utility to a global leader in offshore wind energy is a testament to the company’s commitment to sustainability. Their investments in renewable energy and carbon capture technologies are reducing their own carbon footprint, while also contributing to the global transition to a low-carbon economy.

Similarly, Schneider Electric’s commitment to carbon neutrality and its innovative EcoStruxure platform demonstrates the company’s leadership in sustainable energy solutions. Their efforts to help their clients reduce their carbon emissions and their initiatives to make homes more energy-efficient are making a significant impact in the fight against climate change.

Moreover, both companies’ investments in carbon credit projects show their commitment to supporting initiatives that reduce carbon emissions and improve the livelihoods of local communities. These projects are an important part of the global effort to offset carbon emissions and achieve the goals of the Paris Agreement.

In conclusion, Ørsted and Schneider Electric are not just leading the energy industry toward a greener future, but they are also showing the world that it is possible to be both a successful business and a sustainable one. Their ambitious goals, innovative initiatives, and tangible results are setting a new standard for sustainability in the energy industry and beyond. 

References:

  1. Corporate Knights. 2023 Global 100 ranking
  2. Ørsted. Our green energy solutions
  3. Ørsted. Offshore wind
  4. Energy Monitor. Ørsted launches landmark CCS project in Denmark. 
  5. Schneider Electric. Our commitment to climate
  6. Schneider Electric. Sustainability at Schneider Electric
  7. International Energy Agency. World Energy Investment 2023
  8. Schneider Electric. EcoStruxure
  9. Schneider Electric. Schneider Sustainability Impact (SSI) 2021-2025
  10. Schneider Electric. Green Premium Program
  11. Schneider Electric. Net Zero Homes
  12. Nature.  Latest research and news on energy efficiency
  13. Annual Review of Environment and Resources.  Energy Efficiency: What Has Research Delivered in the Last 40 Years?
  14. Department of Energy.  Energy Efficiency: Buildings and Industry
  15. National Renewable Energy Laboratory (NREL).  Best Research-Cell Efficiency Chart
  16. New Jersey’s Clean Energy Program. Market Analysis and Baseline Studies

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