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MarketScreener Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  Orsted A/S    ORSTED   DK0060094928

ORSTED A/S

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Global net zero emissions goal would require $1-2 trillion a year investment - study

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09/16/2020 | 06:57am EDT
FILE PHOTO: The sun is seen behind high-voltage power lines and electricity pylons at a highway northeast of Cairo

Achieving net zero emissions by mid-century would cost an estimated $1 trillion-$2 trillion a year of additional investments, or 1-1.5% of global gross domestic product, a report by the Energy Transitions Commission (ETC) said on Wednesday.

To limit global warming to 1.5 degrees Celsius this century, global greenhouse gas emissions will need to reach net zero.

When this is achieved, the reduction in 2050 living standards in developed and developing countries would amount to less than 0.5% of global GDP, the report said.

Since 2000, global warming has cost the United States and the European Union at least $4 trillion in lost output and tropical countries are 5% poorer than they would have been without climate change impacts, according to research by Stanford University.

The ETC is a global coalition of 40 energy producers, industrial companies and financial institutions, including ArcelorMittal, HSBC [HSBCUK.UL], BP, Shell, Orsted and Bank of America, which are committed to achieving a carbon-free economy by 2050.

It said the additional investments required "are easily affordable, given current global savings and investments, particularly in the prevailing macroeconomic context of sustained low interest rates".

ZERO MEANS ZERO

The report said dramatic improvements in energy efficiency will have to be made; annual global electricity supply will have to grow four to five times to reach 90,000-115,000 terawatt hours and the annual pace of wind and solar capacity will need to be five to six times the increase achieved in 2019.

Buildings, transport and industry sectors also need to be electrified and hydrogen should be used in cases where that is not possible. Any remaining energy use should be decarbonised using carbon capture and storage, and sustainable bioenergy.

"There is no doubt that it is technically and economically possible to reach the zero-carbon economy which we need by 2050; and zero must mean zero, not a plan which relies on the permanent and large-scale use of 'offsets' to balance continued emissions," said co-chair of the ETC, Adair Turner.

"But action in the next decade is crucial - otherwise it will be too late," he added.

As a result of the energy transition needed, oil demand could be slashed from 100 million barrels per day (bpd) in 2019 to around 10 million bpd by mid-century, and thermal coal use would be totally phased out, the report said.

China has the resources and technology to become a rich, developed carbon-free economy by 2050. All developing nations should be able to reach net-zero emissions by 2060 at the latest but will require development investment to attract private green investors, it added.

On Wednesday, the European Commission said the bloc should commit to deeper emissions cuts over the next decade, requiring huge investments in transport, heavy industry and energy - where businesses will also face higher carbon costs under EU plans to revamp its carbon market.

(Reporting by Nina Chestney; Editing by Susan Fenton and Emelia Sithole-Matarise)

By Nina Chestney

Stocks mentioned in the article
ChangeLast1st jan.
ARCELORMITTAL -0.67% 10.31 Delayed Quote.-34.09%
BP PLC 0.39% 233.3 Delayed Quote.-50.53%
ORSTED A/S 1.85% 880 Delayed Quote.27.72%
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Financials
Sales 2020 61 944 M 9 684 M 9 684 M
Net income 2020 10 858 M 1 698 M 1 698 M
Net Debt 2020 26 086 M 4 078 M 4 078 M
P/E ratio 2020 34,0x
Yield 2020 1,29%
Capitalization 370 B 57 644 M 57 767 M
EV / Sales 2020 6,39x
EV / Sales 2021 6,53x
Nbr of Employees 6 731
Free-Float 44,8%
Chart ORSTED A/S
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Technical analysis trends ORSTED A/S
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 22
Average target price 851,89 DKK
Last Close Price 880,00 DKK
Spread / Highest target 25,0%
Spread / Average Target -3,19%
Spread / Lowest Target -44,9%
EPS Revisions
Managers
NameTitle
Henrik Poulsen Chief Executive Officer
Thomas Thune Andersen Chairman
Marianne Wiinholt Chief Financial Officer
Benny Gøbel Non-Independent Director
Lene Skole-Sørensen Deputy Chairman
Sector and Competitors
1st jan.Capitalization (M$)
ORSTED A/S27.72%57 644
NATIONAL GRID PLC-9.50%38 214
SEMPRA ENERGY-22.36%34 020
ENGIE-22.78%31 177
ELECTRICITÉ DE FRANCE-13.38%30 962
E.ON SE-2.54%28 119