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Sustainable Business Transformation: A Renewable Energy Example

In: Sustainable Business

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  • Uwe G. Schulte

Abstract

This discussion explores Ørsted’s transformation from an oil-heavy energy company to a leader in renewable energy, focusing on the insights of Filip Engel, former VP of Sustainability, Public Affairs, and Branding. Engel, who supported Ørsted’s transition (formerly Dong Energy), emphasizes the critical drivers behind this change: the rising climate agenda and the liberalization of European energy markets. He highlights how initial scepticism, particularly about the viability and profitability of renewable energy, was overcome by strategic communication and reorganization. Ørsted’s goal to invert its energy mix from 85% fossil fuels to 85% green energy was met ahead of schedule, underscoring a successful business model shift driven by sustainability and long-term vision. Engel also discusses the future capacity of renewable energy in Europe, the necessity for gradual industry ramp-up, and the coexistence of green energy expansion with other sectors. This case exemplifies how a proactive approach to sustainability can align business strategy with environmental imperatives, paving the way for industry-wide transformation.

Suggested Citation

  • Uwe G. Schulte, 2024. "Sustainable Business Transformation: A Renewable Energy Example," CSR, Sustainability, Ethics & Governance, in: Sustainable Business, pages 61-75, Springer.
    • Handle: RePEc:spr:csrchp:978-3-031-58596-8_4
    DOI: 10.1007/978-3-031-58596-8_4
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