7 Indian firms among 200 in green energy revenues

Only four countries have a larger representation than India on the Clean200 report

India is among the top 11 countries as seven of its companies are among a list of the 200 largest publicly traded entities that are making significant revenue from clean energy, an international report said.

India ranked fifth after China (68), the US (34), Japan (20) and Germany (nine).

South Korea, Canada, Sweden, Denmark, Ireland and the UK take the spot after India as per their ranking in the list of top 11 countries compiled by compiled by non-profit organisation As You Sow and Corporate Knights.

The seven companies on the list released earlier this month are Suzlon Energy (Rank 55), Bharat Heavy Electricals (Rank 85), Tata Chemicals (Rank 144), Exide Industries (Rank 155), IDFC Ltd (167), Thermax Ltd (Rank 169), and Havells India (Rank 200).

The Clean200 are listed by their estimated green revenues in US dollars and only include companies with over $1 billion of market capitalisation (at Q3 2017-end) and those that earn more than 10 per cent of total revenues from New Energy sources.

The Dataset is developed by multiplying a company’s most recent year-end revenues by its Bloomberg New Energy Finance (BNEF) New Energy Exposure Rating mid-point.

The list excludes oil and gas companies and utilities that generate less than 50 per cent of their power from renewable sources, as well as the top 100 coal companies measured by reserves, top 100 weapons producers, and laggards on tropical deforestation, and child or forced labour and companies who engage in negative climate lobbying.

According to the report, more than 30 countries are represented by the Clean200, which have an average market capitalisation of $8.3 billion and generate over $353 billion in clean energy revenues per year.

In the one year since Corporate Knights and As You Sow started the Clean200 rank list, the Clean200 companies generated a return of 16.9 per cent versus a decline of 1.2 per cent for its fossil fuel benchmark the S&P 1200 Global Energy Index.

According to Bloomberg New Energy Finance (BNEF), “The world is currently adding twice as much clean power capacity as coal, oil and gas combined.”

BNEF estimated that electric vehicles may cost the same as their internal combustion counterparts by 2022, and if growth continues at the current pace, oil displacement by electric cars will reach 2 million barrels per day by 2023 — the size of the current oil glut and enough to drive global oil prices to record lows. “Factoring in autonomous cars and ride-sharing services, electric cars could reach 50 per cent of new car sales by 2040, 50 times higher than what OPEC is projecting,” the Clean200 report said quoting BNEF.