A Comparative ESG Framework for the Energy Transition: Evidence from Ørsted and Enel

The energy transition is widely regarded as one of the most significant challenges in achieving global climate goals, given that the energy sector is responsible for approximately 73% of greenhouse gas (GHG) emissions. Therefore, the integration of ESG criteria is emerging as a strategic lever for guiding companies, investors, and public decision-makers towards low-emission models. The present study employs a multi-case comparative approach, analyzing two utilities at differing stages of maturity: Ørsted, a global leader in the field of renewable energy transition, and Enel, a major European incumbent in the advanced stage of transformation. The methodology employed is founded upon the utilization of publicly available data and ESG indicators, encompassing the environmental, social and governance dimensions. The results underscore Ørsted’s position as a frontrunner in the field of climate leadership, as evidenced by their 91% reliance on renewable energy sources and an emission intensity of 60 gCO2/kWh. In comparison, Enel’s figures stand at 49.4% and 237 gCO2/kWh, respectively. The analysis further reveals a convergence trend across the social and governance pillars. Notably, Enel has demonstrated improvements in safety, inclusion, and leadership diversity. A ten-year scenario analysis suggests significant convergence for Enel, with an expected renewable generation share of 90% and a reduction in emissions to around 60 gCO2/kWh. The present study makes a contribution to the extant literature by means of the proposal of a replicable, intensity-based ESG comparative framework that integrates normalized indicators with forward-looking scenario analysis. This enables a dynamic assessment of ESG convergence trajectories in the energy sector.