Report: Meet the top 200 companies investing in a clean energy future

As You Sow and Corporate Knights rank the top publicly traded companies that are leading clean economy solutions

Clean200 companies

The Clean200™ is an educational tool intended to give individuals the ability to research companies that are effectively balancing people, planet, and profit. The Clean200 list may be used by individuals free of charge. All commercial investment products derived from The Clean200 require a licence. Contact abehar@asyousow.org or Corporate Knights Inc. for more information.


Corporate Knights and As You Sow have released the annual update of the Clean200 global list of publicly traded companies that are leading the way with solutions for the transition to a clean energy future.

Since our first report was launched in the summer of 2016, a great deal has changed in the world.

Larry Fink, the CEO of the largest investment firm in the world, wrote in his 2022 letter to CEOs:

“It’s been two years since I wrote that climate risk is investment risk. And in that short period, we have seen a tectonic shift of capital. Sustainable investments have now reached $4 trillion. Actions and ambitions towards decarbonization have also increased. This is just the beginning – the tectonic shift towards sustainable investing is still accelerating. Whether it is capital being deployed into new ventures focused on energy innovation, or capital transferring from traditional indexes into more customized portfolios and products, we will see more money in motion. Every company and every industry will be transformed by the transition to a net zero world.”

It is these very companies in 35 countries that make up the Carbon Clean 200.

More than 1,000 companies have now committed to a net-zero-emission target in line with a 1.5°C future, representing US$23 trillion in market capitalization, more than the GDP of the United States.

The Clean200 companies are leading the way by putting sustainability at the heart of their products, services, business models, and investments, helping to move the world onto a more sustainable trajectory.

This year’s Clean200 companies rose to the top of a pool of 8,480 global firms based on rigorous assessment of the amount of revenue each company earns from products and services aligned with the Corporate Knights Clean Economy Taxonomy. They did so while ensuring that their businesses are not fundamentally offside important criteria for socially responsible investors, including being a company flagged by As You Sow’s Invest Your Values platform, which identifies fossil fuels, weapons, private prisons, thermal coal, or having a record of systemically obstructing climate policy.

Key Findings:

Geographically, Europe and the Americas each account for 37.5% of this year’s Clean200, while the remaining 50 companies are headquartered in the Asia Pacific region. The United States dominated the 2022 list, with 52 companies on the Clean200, while Canada had the second largest share with 18, closely followed by China, which 16 Clean200 companies are headquartered in.

On average, 58% of revenues earned by Clean200 companies are classified as clean, which is up from 39% in 2021 and significantly above the 20% average clean revenue for their MSCI ACWI peers.

But none of this would have legs if the Clean200 weren’t also faring well financially. On this score, as of January 31, 2022, the Clean200 has outperformed its MSCI ACWI peers by 3.94% since the Clean200 was launched in July of 2016.

Clean200 companies generated a total return of 107.09%, beating the MSCI ACWI broad market index (103.15%) and MSCI ACWI/Energy Index of fossil fuel companies (31.67%) on Total Return Gross — USD Basis from the Clean200 inception of July 1, 2016, to January 31, 2022.

To put that in context: $10,000 invested in the Clean200 on July 1, 2016, would have grown to $20,709 by January 31, 2022, versus $20,315 for the MSCI ACWI broad market benchmark and $13,167 for the MSCI ACWI/Energy benchmark for fossil fuel companies.

Looking Ahead:

What is needed now is for the rest of the business world, most importantly the big-money investors who have been sitting on the sidelines, to also lean into this form of clean capitalism.

Now that BlackRock, the largest investor in the world, with a whopping US$8.7 trillion under management, has jumped on the net-zero-emissions bandwagon, it is only a matter of time before it becomes the standard, placing a 100% sustainable and zero-carbon economy within our grasp. To date, financial firms have pledged that more than US$130 trillion of assets will be net-zero by 2050.

The good news for our species is that the forces of pride and profit have shifted to support the emerging regenerative economy based on justice and sustainability, leaving the extractive economy to wind down. We will see this escalate as the transition kicks in and every company on the planet reduces emissions by 5% per year over the next decade.

With the sun shining on climate solutions, companies are free at last to shed their carbon cloaks.

With all this action, we hope that the Clean200 can do two things:

  1. Provide a useful north star for investors looking to pinpoint the companies leading the way to a clean energy future.
  2. Dispel the myth that clean investing is about sacrificing returns.

To make things easier, Corporate Knights and As You Sow are proud to present the latest edition of the Clean200.

While we’re not promising any home runs, we are happy to report that the Clean200 now has more than a five-year track record and is outperforming both the broad-based benchmark and its high-carbon global counterparts.


GICS Sector# of Clean200 Companies
Information Technology48
Consumer Discretionary15
Consumer Staples12
Communication Services6
Health Care6
Real Estate2


Country# of Clean200 Companies
United States52
United Kingdom6
Hong Kong6
South Korea2
New Zealand1


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 31, 2022.

The Clean200 companies are ranked by their clean revenues in U.S. dollars. The dataset is developed through assessment of a company's revenue that aligns with the definitions laid out in the Corporate Knights Clean 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 all oil and gas companies, all utilities that generate less than 50% of their power from green sources, the top 100 coal companies measured by reserves, the top 100 oil and gas companies as measured by reserves, as well as all fossil fuel companies, majority fossil-fired utilities, pipeline and oil field services companies, and other fossil-fuel-related companies screened on As You Sow’s Fossil Free Funds. In addition, the Clean200 excludes weapons companies, including major military arms manufacturers found on the 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, beef, and soy producers that are screened on As You Sow’s Deforestation Free Funds, companies using child or forced labour, and companies that engage in negative climate lobbying. The full list of exclusionary screens is provided below.

Clean 200 Negative ScreensCriteria# Excluded
Blocking climate policyCategorized by the InfluenceMap lobbying red flag metric, which highlights companies that are engaged in corporate lobbying on climate change. (Source: CK)1
Cement carbon laggardsCompanies in the cement industry that were divested by NBIM. (Source: CK)1
Coal industryCompany has coal industry classification, is found on the Global Coal Exit list from Urgewald, or is on the NBIM’s exclusion list for thermal coal. (Source: CK + AYS)16
Controversial weaponsCompany sells controversial weapons and is deemed ineligible for investment by the NBIM and NZuperFund. (Source: CK)1
Conventional weaponsCompany is found on the list of top 100 military contractors, or company earns more than half of its revenue from conventional weapons, as tracked by Stockholm International Peace Research Institute (SIPRI). (Source: CK)1
Deforestation-risk agribusiness producer/traderCompany engages in deforestation in South America and Southeast Asia as deemed by Chain Reaction research, Deforestation Free Funds, or was divested from by NBIM. (Source: CK, AYS)10
Fossil-fired utilitiesCompany has industry classification of utilities, and has fossil fuel power generation or gas distribution, and has less than 50% clean revenue, as calculated by Corporate Knights. (Source: CK, AYS)10
Fossil fuel financersCompany is found on the Banking on Climate Chaos list of 60 largest commercial and investment banks that are lending to and underwriting debt/equity issuances of fossil fuel companies, or from Corporate Knights Research. (Source: AYS)10
Fossil fuel insurersCompany is found on the Insure Our Future list of 30 leading primary insurers and reinsurers that are insuring and investing in coal, oil, gas. (Source: AYS)4
Illegal activityCompany’s ratio of fines, penalties, or settlements/revenue for the most recent ranked year exceeds 1.1%. (Source: CK)1
Oil & gas industryCompany has industry classification of oil/gas, or is found on the Global Oil/Gas Exit list from Urgewald. (Source: CK, AYS)11
PrisonsCompany is recommended for divestment by the Investigate project of the American Friends Service Committee. (Source: CK, AYS)0
Severe environmental damageIdentifies companies that have caused several environmental damage and have been excluded by NBIM (Source: CK)2
Top 200 carbon reserve ownersCompany ranks in The Carbon Underground 200™, compiled and maintained by FFI Solutions (formerly Fossil Free Indexes℠), which identifies the top 100 coal and the top 100 oil/gas publicly-traded reserve holders globally. (Source: AYS)2


RankNameCountryGICS Sector
1Apple IncUnited StatesInformation Technology
2Alphabet IncUnited StatesCommunication Services
3Intel CorpUnited StatesInformation Technology
4TSMCTaiwanInformation Technology
5Iberdrola SASpainUtilities
6Tesla IncUnited StatesConsumer Discretionary
7Cisco Systems IncUnited StatesInformation Technology
8HP IncUnited StatesInformation Technology
9Schneider Electric SEFranceIndustrials
10Siemens AGGermanyIndustrials
11Suez SAFranceUtilities
12Panasonic CorpJapanConsumer Discretionary
13Vestas Wind Systems A/SDenmarkIndustrials
14Salesforce.Com IncUnited StatesInformation Technology
15Unilever PLCUnited KingdomConsumer Staples
16Shanghai Construction Group Co LtdChinaIndustrials
17Sanofi SAFranceHealth Care
18Koninklijke Philips NVNetherlandsHealth Care
19Siemens Gamesa Renewable Energy SASpainIndustrials
20ABB LtdSwitzerlandIndustrials
21LONGi Green Energy Technology Co LtdChinaInformation Technology
22Accenture PLCIrelandInformation Technology
23Tianneng Power International LtdChinaConsumer Discretionary
24Nine Dragons Paper (Holdings) LtdHong KongMaterials
25SAP SEGermanyInformation Technology
26Kering SAFranceConsumer Discretionary
27Hewlett Packard Enterprise CoUnited StatesInformation Technology
283M CoUnited StatesIndustrials
29Nokia OyjFinlandInformation Technology
30Xinjiang Goldwind Science & Technology Co LtdChinaIndustrials
31Hitachi LtdJapanIndustrials
33Johnson Controls International PLCIrelandIndustrials
34Telefonaktiebolaget LM EricssonSwedenInformation Technology
35Samsung SDI Co LtdSouth KoreaInformation Technology
36Adidas AGGermanyConsumer Discretionary
37Industria de Diseno Textil SASpainConsumer Discretionary
38Contemporary Amperex Technology Co LtdChinaIndustrials
39Steel Dynamics IncUnited StatesMaterials
40Aptiv PLCIrelandConsumer Discretionary
41Carrier Global CorpUnited StatesIndustrials
42Lenovo Group LtdHong KongInformation Technology
43Rexel SAFranceIndustrials
44VMware IncUnited StatesInformation Technology
45Micron Technology IncUnited StatesInformation Technology
46Centrais Elétricas Brasileiras S.A. - EletrobrásBrazilUtilities
47L’Air Liquide Société Anonyme pour l’Etude et l’Exploitation des Procédés Georges Claude SAFranceMaterials
48Henkel AG & Co KgaAGermanyConsumer Staples
49Kone OyjFinlandIndustrials
50Ecolab IncUnited StatesMaterials
51Nike IncUnited StatesConsumer Discretionary
52Outokumpu OyjFinlandMaterials
53Companhia de Saneamento Básico do Estado de São Paulo SABESPBrazilUtilities
54BT Group PLCUnited KingdomCommunication Services
55Indorama Ventures PCLThailandMaterials
56Koninklijke KPN NVNetherlandsCommunication Services
57DS Smith PLCUnited KingdomMaterials
58Prysmian SpAItalyIndustrials
59Nordex SEGermanyIndustrials
60Konica Minolta IncJapanInformation Technology
61Signify NVNetherlandsIndustrials
62Legrand SAFranceIndustrials
63Acciona SASpainUtilities
64Alstom SAFranceIndustrials
65Smurfit Kappa Group PLCIrelandMaterials
66Sekisui Chemical Co LtdJapanConsumer Discretionary
67Dassault Systèmes SEFranceInformation Technology
68Commercial Metals CoUnited StatesMaterials
69Xerox Holdings CorpUnited StatesInformation Technology
70Byd Co LtdChinaConsumer Discretionary
71Ørsted A/SDenmarkUtilities
72Nexans SAFranceIndustrials
73China Longyuan Power Group Corp LtdChinaUtilities
74PPG Industries IncUnited StatesMaterials
75China Railway Signal & Communication Corp LtdChinaInformation Technology
76Umicore SABelgiumMaterials
77Natura & Co Holding SABrazilConsumer Staples
78Canadian National Railway CoCanadaIndustrials
79Sungrow Power Supply Co LtdChinaIndustrials
80Essity ABSwedenConsumer Staples
81Adobe IncUnited StatesInformation Technology
82FirstGroup PLCUnited KingdomIndustrials
83Danaher CorpUnited StatesHealth Care
84Kingspan Group PLCIrelandIndustrials
85Beijing Enterprises Water Group LtdHong KongUtilities
86MLS Co LtdChinaInformation Technology
87Sims LtdUnited StatesMaterials
88Kimberly-Clark CorporationUnited StatesConsumer Staples
89NIO IncChinaConsumer Discretionary
90Workday IncUnited StatesInformation Technology
91Risen Energy Co LtdChinaInformation Technology
92Brookfield Renewable Partners LPBermudaUtilities
93Trane Technologies PLCIrelandIndustrials
94Guodian Technology & Environment Group Corp LtdChinaIndustrials
95Rengo Co LtdJapanMaterials
96Celestica IncCanadaInformation Technology
97Sprouts Farmers Market IncUnited StatesConsumer Staples
98Brambles LtdAustraliaIndustrials
99Autodesk IncUnited StatesInformation Technology
100Arçelik ASTurkeyConsumer Discretionary
101GCL-Poly Energy Holdings LtdHong KongInformation Technology
102Telus CorpCanadaCommunication Services
103CSX CorpUnited StatesIndustrials
104Electrolux ABSwedenConsumer Discretionary
105NVIDIA CorpUnited StatesInformation Technology
106Cascades IncCanadaMaterials
107Stanley Black & Decker IncUnited StatesIndustrials
108Yokogawa Electric CorpJapanInformation Technology
109Osram Licht AGGermanyIndustrials
110American Water Works Company IncUnited StatesUtilities
111WSP Global IncCanadaIndustrials
112Packaging Corp of AmericaUnited StatesMaterials
113Murata Manufacturing Co LtdJapanInformation Technology
114Canadian Solar IncCanadaInformation Technology
115CapitaLand Investment LtdSingaporeReal Estate
116Meridian Energy LtdNew ZealandUtilities
117Canadian Pacific Railway LtdCanadaIndustrials
118McCormick & Company IncUnited StatesConsumer Staples
119Puma SEGermanyConsumer Discretionary
120First Solar IncUnited StatesInformation Technology
121Akzo Nobel NVNetherlandsMaterials
122Eisai Co LtdJapanHealth Care
123EDP Renováveis, S.A.SpainUtilities
124Renewable Energy Group, IncUnited StatesEnergy
125Ricoh Co LtdJapanInformation Technology
126Analog Devices IncUnited StatesInformation Technology
127West Japan Railway CoJapanIndustrials
128Cheng Loong CorpTaiwanMaterials
129Keikyu CorpJapanIndustrials
130Solvay SABelgiumMaterials
131Campbell Soup CoUnited StatesConsumer Staples
132China Datang Corporation Renewable Power Co, LimitedChinaUtilities
133Hanwha Solutions CorpSouth KoreaMaterials
134Tech Mahindra LtdIndiaInformation Technology
135Takeda Pharmaceutical Co LtdJapanHealth Care
136Emerson Electric CoUnited StatesIndustrials
137City Developments LtdSingaporeReal Estate
138Schnitzer Steel Industries IncUnited StatesMaterials
139Xinyi Solar Holdings LtdChinaInformation Technology
140Citrix Systems IncUnited StatesInformation Technology
141CIMIC Group LtdAustraliaIndustrials
142STMicroelectronics NVSwitzerlandInformation Technology
143Andritz AGAustriaIndustrials
144Novozymes A/SDenmarkMaterials
145Stantec IncCanadaIndustrials
146Atea ASANorwayInformation Technology
147Metso Outotec CorpFinlandIndustrials
148Nibe Industrier ABSwedenIndustrials
149Harsco CorpUnited StatesIndustrials
150Green Plains IncUnited StatesEnergy
151Chr Hansen Holding A/SDenmarkMaterials
152Evoqua Water Technologies CorpUnited StatesIndustrials
153SolarEdge Technologies, IncIsraelInformation Technology
154Transcontinental IncCanadaMaterials
155Red Electrica Corporacion SASpainUtilities
156JinkoSolar Holding Co LtdChinaInformation Technology
157Northland Power IncCanadaUtilities
158Georg Fischer AGSwitzerlandIndustrials
159Cargotec CorpFinlandIndustrials
160Owens CorningUnited StatesIndustrials
161SunPower CorpUnited StatesInformation Technology
162Siemens LtdIndiaIndustrials
163Svenska Cellulosa SCA ABSwedenMaterials
164Coloplast A/SDenmarkHealth Care
165Pearson PLCUnited KingdomCommunication Services
166Essential Utilities IncUnited StatesUtilities
167Sunrun IncUnited StatesIndustrials
168Orkla ASANorwayConsumer Staples
169MTR Corp LtdHong KongIndustrials
170ERG SpAItalyUtilities
171Atlantica Sustainable Infrastructure PLCUnited KingdomUtilities
172Maxeon Solar Technologies, LtdSingaporeInformation Technology
173Enphase Energy IncUnited StatesInformation Technology
174GFL Environmental IncCanadaIndustrials
175ON Semiconductor CorpUnited StatesInformation Technology
176KP Tissue IncCanadaConsumer Staples
177Gildan Activewear IncCanadaConsumer Discretionary
178Ormat Technologies IncUnited StatesUtilities
179Arcadis NVNetherlandsIndustrials
180Vitasoy International Holdings LtdHong KongConsumer Staples
181Aalberts NVNetherlandsIndustrials
182Boralex IncCanadaUtilities
183Innergex Renewable Energy IncCanadaUtilities
184Encavis AGGermanyUtilities
185Beyond Meat IncUnited StatesConsumer Staples
186Uponor OyjFinlandIndustrials
187Quadient SAFranceInformation Technology
188TPI Composites, IncUnited StatesIndustrials
189Neoen SAFranceUtilities
190SMA Solar Technology AGGermanyInformation Technology
191Scatec ASANorwayUtilities
192Ellaktor SAGreeceIndustrials
193Barco NVBelgiumInformation Technology
194TransAlta Renewables IncCanadaUtilities
195Cogeco Communications IncCanadaCommunication Services
196Bloom Energy CorporationUnited StatesIndustrials
197Falck Renewables SpAItalyUtilities
198Ballard Power Systems IncCanadaIndustrials
199Energix - Renewable Energies LtdIsraelUtilities
200FuelCell Energy, IncUnited StatesIndustrials
Clean200 2022 Update: Investing in a Clean Energy Future by Toby Heaps, Michael Yow, Matthew Malinsky, Andrew Behar is licensed under a Creative Commons Attribution 4.0 International License.




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