“Drill, baby, drill” may be the new mantra out of the Oval Office, but the bottom line tells a different story. If speed is an indicator of success, then the clean energy economy is showing its muscle through robust growth, regardless the sector or corner of the world.
California-based shareholder advocates As You Sow and Corporate Knights today released the new cohort of the Carbon Clean200, a global list of 200 publicly traded companies leading the sustainable clean energy economy.
From China to France, the United Kingdom to the United States, this crop of industry-leading companies generated $2.5 trillion in revenue from services and products that reduce demand for fossil fuels and water while offering investors more than double the returns of the fossil-fuel-heavy MSCI ACWI Energy Index. They also beat the global benchmark MSCI ACWI by 30% from July 1, 2016, to January 29, 2025.
Clean200 data show that for the large companies that make up 80% of global market capitalization, sustainable revenues and capital expenditures are growing more than twice as fast as all other revenues over the past five years.
This trend holds across sectors and regions and puts sustainable companies on a path to dominate the global economy by the end of the next decade, despite political attacks. (All figures in PPP, purchasing power parity, which is based on the rate at which the currency of one country is converted into that of another country to buy the same amount of goods and services in each country.)
Key findings include:
The top 10 companies on the list by revenue include Apple, Contemporary Amperex Technology, Microsoft, Tesla, Taiwan Semiconductor Manufacturing Co. and Volkswagen.
Thirty-five countries are represented in the Clean200, including the United States (41), China (21), Japan (18), Germany (14), and France and Canada (11 each).
Clean200 companies earned more than $2.5 trillion in sustainable revenue in 2023 (the most recent year for which full-year results are available).
Clean200 companies generated a total return of 190.9% on a sustainable-revenue-weighted basis, outperforming the MSCI ACWI index (162.0%) and the MSCI ACWI/Energy Index of fossil fuel companies (76.7%) on Total Return Gross – USD Basis from the Clean200 inception of July 1, 2016, to January 29, 2025.
$10,000 invested in the Clean200 on July 1, 2016, would have grown to $29,090 by January 29, 2025, versus $17,670 for the MSCI ACWI/Energy benchmark for fossil fuel.
The industrial sector accounts for 52 companies on the list, followed by information technology (32), and consumer discretionary and materials (29 each). IT companies had the highest total sustainable revenue, a cumulative total of more than US$687 billion.
The 10 companies that contributed the most to the Clean200’s performance over the past year were from China (3), the United States (2), France (2), Taiwan (1), Germany (1) and the United Kingdom (1). They include sustainably certified tech hardware, electric vehicles and electric rail equipment.
“In 2016, we created the Clean200 in response to investors saying, ‘If we divest fossil fuels, there is nothing to invest in,’” says Andrew Behar, CEO of As You Sow and co-author of the Carbon Clean 200 report that accompanies the ranking. “The Clean200 has consistently demonstrated that the ‘clean energy’ future of eight years ago is now the clean energy present. This year, the scale and global diversity of leading companies continue to expand and redefine the term ‘cleantech’ to be any company with products and services that will reduce demand for fossil fuels and water.”
“It is telling that clean energy stocks generated more than double the returns of fossil fuel stocks since 2016, despite political headwinds, underlining that stock markets care more about economic materiality of the parabolic growth in clean energy than the political leanings of the day,” says Toby Heaps, CEO of Corporate Knights and co-author of the report.
The Clean200 utilizes the, which tracks the percentage of revenue companies earn from sustainable economy themes ranging from green power to electric vehicles to plant protein and smart buildings.
The list excludes companies that are flagged on Corporate Knights’ list of “red flag” companies and As You Sow’s Invest Your Values suite of mutual-fund transparency tools that identify companies involved in fossil fuels, deforestation, the prison industrial complex, weapons and tobacco, as well as the exclusionary screens that form part of the Corporate Knights Global 100 methodology.
“We will continue to track and share the emergence of the clean energy economic powerhouse,” Behar says. “There is clear financial evidence showing a broad spectrum of companies defining this economic transformation away from an extractive economy and into a regenerative economy based on justice and sustainability. The job growth and resilience demonstrated by these companies are our greatest hope in controlling climate change and achieving a safe, just and sustainable world that benefits all.”
RankNameGICS SectorCountry
1Apple IncInformation TechnologyUnited States of America
2Contemporary Amperex Technology Co LtdIndustrialsChina
3Microsoft CorpInformation TechnologyUnited States of America
4Tesla IncConsumer DiscretionaryUnited States of America
5Volkswagen AGConsumer DiscretionaryGermany
6LG Energy Solution, Ltd.IndustrialsSouth Korea
7LG Chem LtdMaterialsSouth Korea
8Schneider Electric SEIndustrialsFrance
9Taiwan Semiconductor Manufacturing Company LimitedInformation TechnologyTaiwan
10CRRC Corp LtdIndustrialsChina
11HP IncInformation TechnologyUnited States of America
12Daimler AGConsumer DiscretionaryGermany
13Alphabet IncCommunication ServicesUnited States of America
14Li Auto IncConsumer DiscretionaryChina
15Alstom SAIndustrialsFrance
16Merck & Co IncHealth CareUnited States of America
17Bayerische Motoren Werke AGConsumer DiscretionaryGermany
18Deutsche Telekom AGCommunication ServicesGermany
19Samsung SDI Co LtdInformation TechnologySouth Korea
20Vinci SAIndustrialsFrance
21Vestas Wind Systems A/SIndustrialsDenmark
22Iberdrola SAUtilitiesSpain
23Cisco Systems IncInformation TechnologyUnited States of America
24Lenovo Group LtdInformation TechnologyHong Kong
25GlaxoSmithKline PLCHealth CareUnited Kingdom
26Deutsche Post AGIndustrialsGermany
27Sungrow Power Supply Co LtdIndustrialsChina
28Rio Tinto LtdMaterialsAustralia
29Siemens Healthineers AGHealth CareGermany
30Steel Dynamics IncMaterialsUnited States of America
31Nokia OyjInformation TechnologyFinland
32Acciona SAUtilitiesSpain
33Hyundai Mobis Co LtdConsumer DiscretionarySouth Korea
34Johnson Controls International PLCIndustrialsIreland
35AT&T IncCommunication ServicesUnited States of America
36NIO IncConsumer DiscretionaryChina
37Banco do Brasil SAFinancialsBrazil
38Central Japan Railway CoIndustrialsJapan
39Ricoh Co LtdInformation TechnologyJapan
40CEMIGUtilitiesBrazil
41Telefonaktiebolaget LM EricssonInformation TechnologySweden
42Neoenergia SAUtilitiesBrazil
43Goldwind Science & Technology Co., Ltd.IndustrialsChina
44Adidas AGConsumer DiscretionaryGermany
45Industria de Diseno Textil SAConsumer DiscretionarySpain
46EVE Energy Co., Ltd.IndustrialsChina
47Hanwha Solutions CorpMaterialsSouth Korea
48Kering SAConsumer DiscretionaryFrance
49Nike IncConsumer DiscretionaryUnited States of America
50China Tower Corp LtdCommunication ServicesChina
51CPFL Energia SAUtilitiesBrazil
52East Japan Railway CoIndustrialsJapan
53Fresenius Medical Care AG & Co KGaAHealth CareGermany
54Geely Automobile Holdings LtdConsumer DiscretionaryHong Kong
55Essity ABConsumer StaplesSweden
56Abb LtdIndustrialsSwitzerland
57SAP SEInformation TechnologyGermany
58Intel CorpInformation TechnologyUnited States of America
59Sumitomo Electric Industries LtdConsumer DiscretionaryJapan
60Hewlett Packard Enterprise CoInformation TechnologyUnited States of America
61Nordex SEIndustrialsGermany
62Orange SACommunication ServicesFrance
63Volvo Car AB (publ.)Consumer DiscretionarySweden
64Bharti Airtel LtdCommunication ServicesIndia
65SoftBank Group CorpCommunication ServicesJapan
66Prysmian SpAIndustrialsItaly
67Outokumpu OyjMaterialsFinland
68Abbvie IncHealth CareUnited States of America
69Orsted A/SUtilitiesDenmark
70Panasonic CorpConsumer DiscretionaryJapan
71T-Mobile US IncCommunication ServicesUnited States of America
72Enerjisa Enerji ASUtilitiesTurkey
73Verbund AGUtilitiesAustria
74Signify NVIndustrialsNetherlands
75Yadea Group Holdings LtdConsumer DiscretionaryChina
76Risen Energy Co LtdInformation TechnologyChina
77Ecopro BM. Co., Ltd.IndustrialsSouth Korea
78Enel Americas SAUtilitiesChile
79Smurfit WestRock PLCMaterialsIreland
80Kone OyjIndustrialsFinland
81Aperam SAMaterialsLuxembourg
82Renault SAConsumer DiscretionaryFrance
83Astellas Pharma IncHealth CareJapan
84Charter Communications IncCommunication ServicesUnited States of America
85XPeng Inc.Consumer DiscretionaryChina
86Commercial Metals CoMaterialsUnited States of America
87Trane Technologies PLCIndustrialsIreland
88Ball CorpMaterialsUnited States of America
89AstraZeneca PLCHealth CareUnited Kingdom
90Gotion High-tech Co LtdIndustrialsChina
91Dr. Ing. h.c. F. Porsche AGConsumer DiscretionaryGermany
92DS Smith PLCMaterialsUnited Kingdom
93Republic Services IncIndustrialsUnited States of America
94Sanofi SAHealth CareFrance
95WSP Global IncIndustrialsCanada
96Companhia Paranaense de EnergiaUtilitiesBrazil
97GEM Co LtdIndustrialsChina
98Takeda Pharmaceutical Co LtdHealth CareJapan
99Asustek Computer IncInformation TechnologyTaiwan
100Henkel AG & Co KgaAConsumer StaplesGermany
101Xylem IncIndustrialsUnited States of America
102West Japan Railway CoIndustrialsJapan
103Albemarle CorpMaterialsUnited States of America
104Konica Minolta IncInformation TechnologyJapan
105China Three Gorges Renewables Group Co LtdUtilitiesChina
106Crown Holdings IncMaterialsUnited States of America
107H & M Hennes & Mauritz ABConsumer DiscretionarySweden
108Brambles LtdIndustrialsAustralia
109BCE IncCommunication ServicesCanada
110Eiffage SAIndustrialsFrance
111Dassault Systemes SEInformation TechnologyFrance
112Air Liquide S.A.MaterialsFrance
113Acerinox SAMaterialsSpain
114Darling Ingredients IncConsumer StaplesUnited States of America
115Bridgestone CorpConsumer DiscretionaryJapan
116GS Yuasa CorpIndustrialsJapan
117Quanta Services IncIndustrialsUnited States of America
118Beijing Enterprises Water Group LtdUtilitiesHong Kong
119ACS Actividades de Construccion y Servicios SAIndustrialsSpain
120Ganfeng Lithium Group Co., Ltd.MaterialsChina
121Canadian Solar IncInformation TechnologyCanada
122Rengo Co LtdMaterialsJapan
123FirstGroup PLCIndustrialsUnited Kingdom
124voestalpine AGMaterialsAustria
125Giant Manufacturing Co LtdConsumer DiscretionaryTaiwan
126Ecolab IncMaterialsUnited States of America
127Canadian National Railway CoIndustrialsCanada
128DaVita IncHealth CareUnited States of America
129Flat Glass Group Co., Ltd.Information TechnologyChina
130Zhuzhou CRRC Times Electric Co LtdIndustrialsChina
131Newmont CorporationMaterialsUnited States of America
132Autodesk IncInformation TechnologyUnited States of America
133Manulife Financial CorpFinancialsCanada
134Xinyi Solar Holdings LtdInformation TechnologyChina
135Broadcom IncInformation TechnologyUnited States of America
136Sims LtdMaterialsAustralia
137Telus CorpCommunication ServicesCanada
138Telkom Indonesia (Persero) Tbk PTCommunication ServicesIndonesia
139Sekisui Chemical Co LtdIndustrialsJapan
140Companhia de Eletricidade do Estado da Bahia CoelbaUtilitiesBrazil
141MLS Co LtdInformation TechnologyChina
142Norsk Hydro ASAMaterialsNorway
143Rivian Automotive, Inc.Consumer DiscretionaryUnited States of America
144Posco Chemical Co LtdIndustrialsSouth Korea
145Eisai Co LtdHealth CareJapan
146Tung Ho Steel Enterprise CorpMaterialsTaiwan
147Pandora A/SConsumer DiscretionaryDenmark
148Kimberly-Clark CorpConsumer StaplesUnited States of America
149Acer IncInformation TechnologyTaiwan
150Interconnection Electric SA ESPUtilitiesColombia
151Adani Green Energy LtdUtilitiesIndia
152Waste Connections IncIndustrialsCanada
153Sonoco Products CoMaterialsUnited States of America
154Valeo SAConsumer DiscretionaryFrance
155Companhia de Saneamento Basico do Estado de Sao Paulo SABESPUtilitiesBrazil
156Umicore SAMaterialsBelgium
157Shimano IncConsumer DiscretionaryJapan
158Greif IncMaterialsUnited States of America
159Arcelik ASConsumer DiscretionaryTurkey
160CapitaLand Investment LtdReal EstateSingapore
161Engie Brasil Energia SAUtilitiesBrazil
162Kurita Water Industries LtdIndustrialsJapan
163Equinix IncReal EstateUnited States of America
164Swatch Group AGConsumer DiscretionarySwitzerland
165Emirates Telecommunications Group Co PJSCCommunication ServicesUnited Arab Emirates
166BT Group PLCCommunication ServicesUnited Kingdom
167China Railway Signal & Communication Corp LtdInformation TechnologyChina
168GFL Environmental IncIndustrialsCanada
169Canadian Pacific Kansas City LimitedIndustrialsCanada
170Olympus CorpHealth CareJapan
171Camel Group Co LtdIndustrialsChina
172EDP Renovaveis SAUtilitiesSpain
173Siemens LtdIndustrialsIndia
174Taiwan High Speed Rail CorpIndustrialsTaiwan
175Amgen IncHealth CareUnited States of America
176Pactiv Evergreen IncMaterialsUnited States of America
177Ferrovial SAIndustrialsSpain
178Xerox Holdings CorpInformation TechnologyUnited States of America
179SK Telecom Co LtdCommunication ServicesSouth Korea
180Etihad Etisalat Company SJSCCommunication ServicesSaudi Arabia
181Delta Electronics Thailand PCLInformation TechnologyThailand
182Stadler Rail AGIndustrialsSwitzerland
183Rockwool A/SIndustrialsDenmark
184First Solar IncInformation TechnologyUnited States of America
185Andritz AGIndustrialsAustria
186Cascades IncMaterialsCanada
187Advanced Micro Devices IncInformation TechnologyUnited States of America
188Longchen Paper & Packaging Co LtdMaterialsTaiwan
189Stantec IncIndustrialsCanada
190Elia Group SAUtilitiesBelgium
191Corporacion Acciona Energias Renovables S.A.UtilitiesSpain
192SMA Solar Technology AGInformation TechnologyGermany
193Puma SEConsumer DiscretionaryGermany
194Veralto CorpIndustrialsUnited States of America
195City Developments LtdReal EstateSingapore
196Clean Harbors IncIndustrialsUnited States of America
197Solaredge Technologies IncInformation TechnologyIsrael
198Suzlon Energy LtdIndustrialsIndia
199Analog Devices IncInformation TechnologyUnited States of America
200Sibanye Stillwater LtdMaterialsSouth Africa
Methadology
The Clean200 are the largest 200 public companies ranked by clean revenue. The ranking was first calculated on July 1, 2016, and publicly released on August 15, 2016, by Corporate Knights and As You Sow. The current list has been updated with data through January 29, 2025.
The Clean200 companies are ranked by their clean revenues in U.S. dollars. The data set is developed through assessment of a company’s revenue that aligns with the definitions laid out in the Corporate Knights Sustainable Economy Taxonomy, primarily sourced from Corporate Knights research. To be eligible, a company must earn more than 10% of total revenues from clean sources.
The Clean200 uses negative screens. It excludes carbon laggards in the cement industry, oil and gas companies and those found on the Global Oil & Gas Exit List, coal companies found on the Global Coal Exit List, all utilities that generate less than 50% of their power from green sources, the top 200 carbon reserve owners in the Carbon Underground 200 list, fossil-fuel financers found on the Banking for Climate Chaos list, fossil-fuel insurers found on the Insure Our Future list, companies involved in for-profit prison operations recommended for divestment by the Investigate project of the American Friends Service Committee, companies involved in severe environmental or human rights violation, and those which were involved in illegal activities where the ratio of fines, penalties or settlements over revenue for the most recent twelve months period exceeded 1.0%. In addition, the Clean200 excludes weapons companies, including major military arms manufacturers found on the Stockholm International Peace Research Institute (SIPRI) Top 100 arms-producing and military services list, as well as cluster munitions, nuclear weapons, and civilian firearm manufacturers screened on As You Sow’s Weapon Free Funds. The Clean200 also excludes palm oil, paper/pulp, rubber, timber, cattle, and soy producers that are screened on As You Sow’s Deforestation Free Funds; companies that use child or forced labor, are involved in the manufacture of harmful pesticides, and that engage in negative climate lobbying are not included.