A decade ago, we initiated our transformation from a black to a green energy company. Since then, we have reduced our coal consumption by 73%, and decided to fully phase out coal by 2023. We have become a global leader in offshore wind with a market share of 25%, currently powering 9.5 million people. Our ambition is to raise this number to 30 million by 2025.
In 2017, we divested our upstream oil and gas business, thereby completing our transformation to become fully dedicated to green energy.
Because of our actions, we have more than halved our carbon emissions over the past decade, and will have reduced them by 96% by 2023. This makes our target more ambitious than those agreed in the Paris Climate Agreement, which aim to keep the global temperature rise below 2°C.
Our transformation means that we have become too green for our name. DONG, originally short for Danish Oil and Natural Gas, is no longer an accurate description of who we are, or who we want to be.
As of 6 November, we are changing our name to Ørsted, after Danish scientist Hans Christian Ørsted.
Almost 200 years ago, Hans Christian Ørsted discovered electromagnetism, effectively establishing the foundations for the way we produce power today.