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One Oil Company’s Rocky Path to Renewable Energy

One Oil Company’s Rocky Path to Renewable Energy

Sarah McFarlane of The Wall Street Journal writes on Ørsted’s path from oil to renewable energy.

The C3 Take
  • Ørsted, which used to be a huge name in the oil industry, has shifted nearly all of its production to offshore wind.
  • Ørsted has said that by 2027, they will invest $57 billion into wind energy.
  • Ørsted is among a growing list of traditional oil companies that are reducing their emissions and taking their environmental commitments seriously.

“As many oil companies now seek to follow suit, Ørsted is a case study on how hard the shift is. It took government intervention, years of subsidies and a wide-open competitive landscape for Ørsted to succeed. Shareholders and board members repeatedly questioned the strategy shift, and the costs ballooned the company’s debt, nearly derailing it.”

Read the full article here.

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