Covering activities from 2018 to 2026 at the 1.82 GW Greater Changhua 1, 2a, 2b, and 4 offshore wind farms, the report assesses societal value across three areas: decarbonisation, biodiversity, and community impact. It looks at how responsible management of offshore wind farms creates measurable and long-term value throughout the project life cycle.
The report applies the internationally recognised eQALY impact valuation methodology, aligned with the Capitals Protocol’s Governance for Valuation, and has undergone an expert peer review by the Business Council for Sustainable Development (BCSD) Taiwan. The monetary values presented in the report are impact accounting estimates, intended to indicate the scale of societal value created and support comparison across different types of impact.
Christy Wang, Chair of Ørsted Taiwan, said: “As a long-term investor and operator in Taiwan, we believe the success of offshore wind should be measured not only by the renewable electricity it generates, but also by the value it creates for people, communities, and nature. Through this Taiwan-first impact valuation report, we hope to contribute to a more transparent and evidence-based discussion on how offshore wind can create long-term value beyond megawatts.”
The assessment has confirmed that every MWh of the Greater Changhua wind farms’ clean electricity carries over TWD 6,000 of societal value – that is twice of what a MWh costs on the market, so every TWD paid for electricity returns 2 times the amount in societal value.
The report highlights tangible benefits created by Ørsted across the project life cycle under three core pillars:
1. Powering Taiwan’s decarbonisation
Like all large-scale infrastructure, offshore wind farms have an environmental footprint across their life cycle. The report estimates the annualised life cycle environmental cost of the Greater Changhua offshore wind farms at approximately TWD 2.1 billion.
This amount is significantly outweighed by the societal value created through decarbonisation. In a typical year of operation, the wind farms generate approximately TWD 49.4 billion in societal value by displacing fossil fuel-based electricity, avoiding greenhouse gas emissions, and reducing wider environmental damage – equivalent to more than 20 times the environmental cost of building and running the wind farms on the same annualised basis.
2. Supporting nature through responsible offshore wind development
The analysis covers Ørsted’s biodiversity-related initiatives and mitigation measures, including the ReCoral pilot, bird habitat restoration, marine ecological monitoring, artificial reef effects, bird collision mitigation measures, and underwater noise mitigation.
As with any human activity, the projects are associated with some potential impacts on biodiversity. According to the assessment, the annualised value of these potential negative biodiversity impacts is approximately TWD 16,000. In comparison, Ørsted’s voluntary biodiversity initiatives generate more than TWD 1.5 million in positive societal value each year.
The findings demonstrate that targeted, voluntary interventions, together with science-based mitigation measures and long-term ecological initiatives, can make a meaningful positive contribution to nature.
3. Growing the industry ecosystem and creating lasting value for community
Beyond generating renewable electricity, the Greater Changhua offshore wind farms have helped build Taiwan’s offshore wind ecosystem by creating local jobs, strengthening supply chain capabilities, cultivating talent, and supporting community well-being.
The report estimates that Ørsted’s industrial ecosystem initiatives have generated approximately TWD 352 million in societal value in a typical year of project activity, or TWD 2.42 billion in total to date. This is the largest area of social value beyond the wind farms’ core renewable electricity generation. Through the development, construction, and operation of the Greater Changhua projects, more than 8,000 direct and indirect jobs have been created.
The report also shows that Ørsted’s co-existence initiatives have generated approximately TWD 1.4 million in annualised societal value, amounting to TWD 11 million by 2026, by creating value through improvements in well-being, including support for fishing communities, vulnerable groups, disaster resilience, environmental education, and cultural heritage.
Ultimately, the report demonstrates that the value of the Greater Changhua offshore wind farms extends well beyond renewable electricity generation. By quantifying the impacts of decarbonisation, biodiversity, and community impact through a common framework, Ørsted hopes to contribute to a more transparent, evidence-based discussion on how renewable energy projects can create lasting value for society, nature, and the economy.
Download "Value beyond megawatts: A societal value study of the Greater Changhua offshore wind farms"
here.
