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Ørsted has a science-based target to reach net zero by 2040. The report frames this as aligned with the 1.5°C goal of the Paris Agreement and supported by SBTi-validated climate targets. Ørsted also states that it will continue reducing upstream and downstream emissions to deliver on its net-zero by 2040 target.

RWE has an SBTi-validated net-zero target by 2040, covering Scope 1, Scope 2 and Scope 3 emissions across the value chain. The report states that RWE’s near-term and long-term GHG reduction targets were validated by SBTi in December 2024 and are aligned with the 1.5°C pathway. RWE plans to use carbon credits only for remaining residual emissions required to reach net zero in 2040.

Vattenfall has a 2040 net-zero target covering Scope 1, 2 and 3 emissions included within its SBTi-validated target boundary. The 2030 strategic target table states that the 18.2 MtCO₂e target covers Scope 1, 2 and 3 as covered by Vattenfall’s 2040 net-zero targets validated by SBTi.

Ørsted has clear interim targets. It reports a 2030 target to reduce Scope 3 emissions from gas sales by around 67%, using 2018 as the base year, and a 2040 target to reduce those gas-sales emissions by around 90%. The company also reports strategic ambition figures showing Scope 1–3 GHG intensity falling from 322 gCO₂e/kWh in 2018 to 69 gCO₂e/kWh in 2025, with a 2040 target of <2.9 gCO₂e/kWh.

By 2030, RWE aims to reduce Scope 1 and 2 GHG emissions from power generation by 71.1% per MWh versus the 2022 baseline. It also aims to reduce Scope 1 and 3 emissions from all electricity sales by 71.1% per MWh, and reduce remaining absolute Scope 3 emissions by 42% by 2030.

Vattenfall has a clear 2030 absolute emissions target of 18.2 MtCO₂e, covering Scope 1, 2 and 3. The 2025 outcome was 23.2 MtCO₂e, down from 24.6 MtCO₂e in 2024, mainly due to more fossil-free electricity sales in the Netherlands.

Ørsted discloses Scope 1, Scope 2 and Scope 3. In 2025, Scope 1–2 GHG intensity was 4 gCO₂e/kWh, while Scope 1–3 intensity excluding Category 11 “use of sold products” was 69 gCO₂e/kWh. Scope 3 Category 11 emissions were 8.8 million tonnes CO₂e, up from 7.4 million tonnes in 2024, mainly due to higher gas sales linked to the ramp-up of the Tyra gas field and the sale of coal from storage after coal-based generation was shut down.

RWE discloses Scope 1, Scope 2 and Scope 3 emissions. In 2025, Scope 1 emissions were 51.89 MtCO₂e, while Scope 2 emissions were 0.22 MtCO₂e. Scope 3 emissions were 19.5 MtCO₂e, down 10.6% year-on-year, mainly due to lower Category 11 “Use of sold products” emissions and reduced gas sales to industrial and commercial customers.

Vattenfall discloses Scope 1, 2 and 3 emissions. Scope 3 is broken down into categories including purchased goods and services, fuel- and energy-related activities, electricity sales, use of sold products / sold fossil fuels, and other Scope 3 categories. In 2025, Scope 3 emissions were 19.8 MtCO₂e, with sold fossil fuels at 11.0 MtCO₂e and the rest of Scope 3 at 4.3 MtCO₂e.

Ørsted is now explicitly focused on offshore wind in Europe and selected APAC markets. In 2025, it had 29.6 GW renewable capacity, consisting of 18.5 GW installed, 8.9 GW under construction / FID’ed, and 2.2 GW awarded. It also reports 10.2 GW installed offshore wind capacity and expects this to grow to more than 18 GW by the end of 2027 through its current 8.1 GW offshore wind construction programme.

RWE’s strategy is centred on renewables, storage, flexible generation and hydrogen, while phasing out coal by 2030. The report states that RWE aims to bring 95% of capital expenditure in line with the EU Taxonomy by 2030 and continues expanding renewables. Its Offshore Wind segment is a dedicated reporting segment overseen by RWE Offshore Wind. Externally, RWE lists major offshore wind construction projects including Sofia 1.4 GW, Thor 1.1 GW, Nordseecluster 1.6 GW, and OranjeWind 795 MW.

Vattenfall’s 2026–2030 net investment plan totals SEK 165bn, with SEK 92bn / 56% allocated to growth investments. Around SEK 59bn is allocated to development and construction of new wind farms, including Nordlicht I & II in Germany and Zeevonk in the Netherlands. The plan also identifies total Wind net capex of SEK 62bn.

Ørsted’s current emissions intensity is very low compared with most integrated utilities. In 2025, its Scope 1–2 GHG intensity was 4 gCO₂e/kWh. Including Scope 3, but excluding Category 11 use of sold products, its GHG intensity was 69 gCO₂e/kWh. The decrease was mainly due to the shutdown of coal-fired CHP plants in 2024.

RWE reported Scope 1+2 carbon intensity of 0.43 tCO₂e/MWh in 2025, down from 0.46 tCO₂e/MWh in 2024, representing a 6.9% decline. RWE’s CO₂ emissions from power stations fell from 52.6 Mt in 2024 to 50.8 Mt in 2025, and specific power-station emissions fell from 0.447 t/MWh to 0.415 t/MWh.

Vattenfall reported 33.0 gCO₂e/kWh CO₂e emissions intensity in 2025, compared with 50.0 gCO₂e/kWh in 2024 in the strategic target table. The broader sold-electricity intensity including relevant value-chain emissions was 48.3 gCO₂e/kWh.

Ørsted reports that it has reduced Scope 1–2 emissions intensity by more than 98% since 2006, describing 2025 as the year it became the first energy company to complete a green transformation of its own energy production. The company also reports that its renewable share of generation reached 99% in 2025, meeting its target for the year.

RWE’s total Scope 1, 2 and 3 emissions declined by 5.1% year-on-year in 2025. Scope 1 emissions fell by 2.5%, mainly due to closure of further lignite-fired capacity, while Scope 3 emissions fell by 10.6%. Against its 2022 baseline, RWE reports Scope 3 emissions of 19.5 MtCO₂e in 2025 versus a 22.2 MtCO₂e baseline, equivalent to a 12.1% cumulative reduction.

Vattenfall reduced total Scope 1–3 emissions by 56% since 2017, from 52.9 MtCO₂e to 23.2 MtCO₂e in 2025. The CEO message also states that Vattenfall has reduced greenhouse gas emissions from its own operations by 73% since 2017.

Ørsted provides EU Taxonomy disclosure and identifies five taxonomy-eligible activities: solar PV electricity generation, wind power electricity generation, electricity storage, bioenergy CHP, and high-efficiency CHP from fossil gaseous fuels. It states that solar, wind and storage activities fulfil substantial contribution criteria for climate change mitigation. Ørsted also states that all projects are taxonomy-aligned under its strategic ambitions, although the report text seen here is stronger on eligible/aligned activity logic than on a simple one-line capex / turnover / opex percentage summary.

RWE provides strong quantitative EU Taxonomy disclosure. In 2025, taxonomy-aligned CapEx was €11.115bn, representing 94% of total CapEx, and taxonomy-aligned revenue was €5.036bn, representing 29% of total revenue. Total CapEx was €11.887bn, and total revenue was €17.628bn. RWE does not report taxonomy-eligible or aligned OpEx shares because it considers OpEx immaterial from a capital-market perspective.

Vattenfall provides quantitative EU Taxonomy disclosure. In 2025, taxonomy-aligned capex was SEK 26,417m / 85%, taxonomy-aligned turnover was SEK 83,066m / 35%, and taxonomy-aligned opex was SEK 6,294m / 82%. Wind power alone accounted for SEK 7,961m taxonomy-aligned capex, equal to 26% of the taxonomy capex KPI.

Ørsted does not present water as a core OSW performance metric, but it does disclose water and marine-resource compliance through EU Taxonomy DNSH logic. For offshore wind, it states that environmental impact assessments are legally required for all projects and that construction of offshore wind should not hamper good environmental status under the Marine Strategy Framework Directive. It specifically references mitigation of offshore noise / energy impacts and states that it has a water policy and internal processes for legal compliance on water.

RWE reports detailed water KPIs in the supplementary sustainability report. In 2025, total water withdrawal was 4,325 million m³, total water discharge was 4,238 million m³, and total water consumption was 87 million m³. Specific water consumption was 0.71 m³/MWh, down from 0.81 m³/MWh in 2024 and 1.21 m³/MWh in 2023. RWE also aims to reduce specific water consumption by 40% by 2030 versus the 2022 baseline and reports CDP Water Security B.

Vattenfall reports water withdrawals, discharges, consumption and water-risk assessment. In 2025, total water withdrawals were approximately 7.97bn m³, total water discharges were approximately 7.97bn m³, and total water consumption was approximately 1.12m m³. Assets are assessed annually using the WRI Aqueduct Water Risk Atlas. This is supporting environmental-management evidence rather than a core OSW metric.

Ørsted provides very strong OSW asset-level evidence. Its 2025–2027 offshore construction programme totals 8.1 GW and includes Borkum Riffgrund 3: 913 MW, Hornsea 3: 2,852 MW plus 300 MW storage, Greater Changhua 2b and 4: 920 MW, Sunrise Wind: 924 MW, Revolution Wind: 704 MW, and Baltica 2: 1,498 MW. The report also notes that Sunrise Wind was about 45% complete, with 44 of 84 turbine foundations installed, while Revolution Wind was about 87% complete. External Ørsted sources further confirm Hornsea 3 at around 2.9 GW, enough to power more than 3.3 million UK homes, and identify it as expected to become the world’s largest single offshore wind farm.

RWE has strong asset-level offshore wind evidence. Major projects include Sofia 1.4 GW in the UK, located on Dogger Bank and designed as one of RWE’s largest current offshore wind projects; Thor 1.1 GW in Denmark; Nordseecluster 1.6 GW in Germany; and OranjeWind 795 MW in the Netherlands with TotalEnergies. Official RWE project information also states that Nordseecluster will be built in phases and is expected to generate enough electricity for around 1.6 million homes.

Vattenfall discloses strong OSW asset-level evidence. Nordlicht I is a 980 MW offshore wind project expected to be operational in 2028, with estimated CO₂ reduction of 1,067 kt and total investment of EUR 2,724m. Nordlicht II is 630 MW, expected in 2029, with estimated CO₂ reduction of 686 kt and total investment of EUR 1,877m. The Green Bond table also lists Hollandse Kust Zuid 1–4: 1,509 MW / 50.5% interest, Kriegers Flak: 604 MW, and Vesterhav projects: 344 MW. Official Vattenfall Green Bond materials also confirm Nordlicht’s 980 MW + 630 MW capacity, expected ~6 TWh annual production, and 2028/2029 operational timeline.

Ørsted has strong OSW-relevant biodiversity and marine ecology evidence. The report highlights ReCoral by Ørsted™ at Greater Changhua in Taiwan, where corals were deployed at 30 metres depth in 2025 after three years of laboratory cultivation. It also reports biodiversity mapping at Anholt Offshore Wind Farm, including 12 3D-printed reefs installed in 2022, now covered with algae and used by species such as sea bass, sea squirts, crabs and starfish. In addition, Ørsted’s OSONIC low-noise monopile installation technology reduced installation noise by 99% in a Gode Wind 3 trial and moved into commercial phase in 2025.

RWE has strong Group-level biodiversity management and some OSW-relevant evidence. The Annual Report states that RWE identifies biodiversity impacts using SBTN guidance, the TNFD LEAP approach, IBAT and WWF Biodiversity Risk Filter. It also applies environmental impact assessments and mitigation hierarchy measures for new assets, including offshore wind farms. However, the uploaded report does not provide as much project-specific marine ecology detail as Vattenfall’s Hollandse Kust Zuid or Iberdrola’s Baltic Eagle examples.

Hollandse Kust Zuid provides Vattenfall’s strongest OSW marine-ecology evidence. The project includes nature-inclusive design with water replenishment holes in 139 turbine foundations, rock reefs at nine seabed locations, bird and bat monitoring cameras, thermal-camera bird-collision trials, and underwater video monitoring. This gives Vattenfall project-level evidence on marine habitat support, bird/bat monitoring and fish/fauna observation.

Ørsted has a clear nature-positive target: it aims to deliver net-positive biodiversity impact from all new renewable energy projects commissioned from 2030 onwards. Its Biodiversity Policy applies to all owned and operated offshore and onshore sites and outlines how Ørsted approaches this net-positive biodiversity ambition. The company also identifies biodiversity as one of its three strategic sustainability priorities, alongside decarbonisation and community impact.

RWE has a clear biodiversity ambition: from 2030 onwards, all new assets should make a net-positive contribution to biodiversity. The report states that RWE’s net-positive approach focuses on improving habitats, increasing species population size, boosting biodiversity and reducing extinction risks.

Vattenfall provides biodiversity actions and assessments, including biodiversity hotspot assessment for the supply chain and biodiversity-related supplier assessments using GIST Impact. However, the report does not present a clear quantified Group-wide “nature-positive by X year” target. This should therefore be recorded as strong biodiversity management evidence, but no formal Group-wide nature-positive target found.

Ørsted reports that it has not yet set formal targets for resource use and circularity. However, it has a strong wind-specific landfill commitment: since 2023, Ørsted has committed to ensuring that no wind turbine blades or solar panels from its assets end up in landfill. In 2025, five blades were taken down and either sent for proper treatment or put into temporary storage until treatment. The company also tracks technical materials used in construction of new assets above 100 MW, including offshore wind turbines, foundations, substations, and array/export cables.

RWE has strong wind-specific circularity evidence. It aims to transition towards a fully circular business model by 2050 and has set circular economy as a key strategic priority. For wind assets, it is testing blade reuse and recycling options, participates in the BladeReUse project, and has used Siemens Gamesa recyclable blades. RWE installed recyclable blades at Kaskasi, installed recyclable blades on more than half of Sofia’s 100 turbines, and plans to use 40 sets of recyclable rotor blades at Thor. The report also states that 75% of offshore wind farm overhaul component orders used refurbished components in 2025.

Vattenfall has strong wind-specific circularity evidence. It targets 100% circular outflow for turbine composite materials by 2030, covering blades, nose cones and nacelle covers. It also applies an immediate landfill ban for blade composite materials and has a 100% circular outflow commitment for permanent magnets from 2030.

Ørsted’s embodied-carbon evidence is stronger than simple qualitative disclosure but not as directly quantified as Vattenfall’s low-emission steel case. The report identifies the second wave of its transition plan as supply-chain decarbonisation, focusing on hard-to-abate areas such as steel, aluminium, cement, concrete, maritime transport, heavy transport and component manufacturing. Ørsted engages suppliers through science-based targets, renewable electricity coverage and CDP reporting. Externally, Ørsted has also published work on low-emission steel and positions supplier decarbonisation as central to its 2040 net-zero target.

RWE has strong OSW-relevant low-carbon materials evidence. The report states that RWE is analysing more environmentally friendly steel, concrete, low-carbon polysilicon and glass. At the Thor offshore wind farm, RWE is using Siemens Gamesa GreenerTowers for 36 wind turbines, with tower steel that emits on average 63% less CO₂ than conventional steel. RWE is also using material-reduced onshore foundations that can cut concrete volumes by up to 20% and reduce reinforcing steel weight by up to 11%. Official Thor project information also confirms that 36 of 72 turbines will use lower-carbon steel towers and that 40 turbines will use recyclable rotor blades.

Vattenfall has strong low-carbon materials evidence. It commits to 10% near-zero steel and 10% near-zero concrete in annual procurement by 2030. Through SteelZero, Business Area Wind targets 50% low-emission steel by 2030 and 100% by 2040. For Nordlicht I, Vattenfall reports that 56 of 112 turbines will use scrap-based low-emission steel, with around 66% emissions reduction for that steel. The report also references the world’s first dam gate made with 120 tonnes of fossil-free steel, expected to reduce the climate footprint by around 100 tonnes.

Ørsted has strong supplier governance and due diligence evidence. Its procurement process screens relevant offshore supplier categories through pre-qualification against its Code of Conduct and QHSE requirements. In 2025, Ørsted implemented code-of-conduct due diligence in procurement pre-qualification and piloted an AI-enabled adverse-media screening system for supplier screening before contract signing. It conducted 311 risk screenings, of which 39 required extended screenings. It also participates in IRMA and the International Responsible Business Conduct Agreement for the Renewable Energy Sector, and it piloted anonymous worker surveys to strengthen value-chain worker engagement.

RWE has robust supplier governance and human-rights due diligence evidence. Suppliers are expected to follow the RWE Code of Conduct and undergo risk assessments. In 2025, RWE continued systematic human-rights risk analysis across the Group and supply chain. Potential suppliers undergo ESG screening covering environmental protection, human rights, health and safety, labour rights and responsible supply-chain practices. RWE’s target is 100% adoption of contracts with suppliers including Code of Conduct and human-rights clauses, and this target was reached in 2025. The ESG assessment target for business partners involved in fuel procurement also reached 100%.

Vattenfall reports robust supplier governance. In 2025, it had 22,882 goods and services counterparties, conducted 8,864 screenings, and carried out 36 sustainability site audits. Screening applies to suppliers above EUR 10,000 estimated spend, while suppliers in high-risk categories or countries with contracts above EUR 100,000 are subject to sustainability audits. This is Group-level supplier evidence rather than OSW-only supplier mapping.

Ørsted’s sustainability statements are prepared under CSRD and ESRS. External validation is strong: SBTi approved Ørsted’s strengthened pathway to its science-based 2040 net-zero target in 2025. External Ørsted materials also show strong ESG ratings, including MSCI AAA, Sustainalytics 24.5 / medium risk, ISS ESG B+ Prime, and EcoVadis Gold / top 5%. Ørsted also states externally that it received the highest possible CDP score for the seventh consecutive year, although its 2025 Green Finance Impact Report notes that the 2025 CDP scores were delayed pending CDP’s assessment.

RWE’s Group Sustainability Statement is prepared in full accordance with ESRS / CSRD, and financial-market-relevant ESG KPIs are subject to limited assurance under ISAE 3000 revised. The report also states that governance includes Supervisory Board oversight, ESG-linked Executive Board remuneration, a sustainability internal control system and a human-rights due diligence system. Externally, RWE reports ratings including MSCI AAA, Sustainalytics 24.2, Moody’s ESG Solutions 62/100, and EcoVadis information on its official ratings page

Vattenfall has SBTi validation and broad external ESG validation. The report is prepared under ESRS, and the statutory sustainability statement is assured by auditors. Vattenfall’s ESG ratings include CDP A, EcoVadis Platinum / top 1% in the energy sector, ISS ESG B– Prime, MSCI AAA, Sustainalytics Medium Risk, and World Benchmarking Alliance ACT Core B. Vattenfall’s official ESG ratings page also confirms CDP A and EcoVadis Platinum among its current ESG assessment