The Clean200: The biggest 200 public companies ranked by green energy revenues, was first published on
August 15, 2016 by Corporate Knights and As You Sow. Its first live performance period took place between August 15, 2016 and January 31, 2017.

The Clean200 are listed by their estimated green revenues in USD. The dataset is developed by multiplying a company’s most recent year-end revenues by its BNEF New Energy Exposure Rating* mid-point. In cases where companies disclosed their clean energy revenues, this number was verified to ensure consistency and, in some cases, used to override the BNEF data.In order to be eligible, a company must have a market capitalization greater than $1 billion (end of Q3 2016) and earn more than 10% of total revenues from New Energy sources.

The Clean200 uses negative screens. It excludes all oil and gas companies and utilities that generate less than
50% of their power from green sources, as well as the top 100 coal companies measured by reserves, top 100
weapons producers, as well as laggards on tropical deforestation, and child or forced labor and companies
who engage in negative climate lobbying.

Clean200 Chart

Benchmarking: To calculate the performance of the Carbon Underground 200 versus the Clean200 versus the S&P 1200, a ‘snapshot in time’ analysis was used consisting of the current constituents of the Clean200 (July 1, 2016), S&P 1200 (July 1, 2016) and the most recent publicly available list of the Carbon Underground 200 (May 15, 2015). The ‘snapshot-in-time analysis’ was necessitated due to the absence of historical data series for Bloomberg’s BNEF New Energy Exposure field. All three lists were equally weighted and re-balanced quarterly from January 1, 2006 to July 1, 2016. Returns were calculated using Bloomberg monthly total returns including gross dividends for each security. Rebalancing takes effect immediately after the rebalancing date. A ‘snapshot-in-time analysis’ based on a static list introduces a survivorship bias. Survivorship bias can be present when stocks which do not currently exist (because they have failed, for example) are excluded from the historical analysis. This bias can result in the overestimation of past returns.


*Bloomberg New Energy Finance’s estimate of the percent of an organization’s value that is attributable to its activities in renewable energy, energy smart technologies, carbon capture and storage (CCS), and carbon markets. To arrive at its estimate, Bloomberg New Energy Finance assesses an organization’s sectors and subactivities within these clean energy areas, and then calculates an estimate using reported segmented revenues (as the preferred metric), along with any other available metrics such as segmented Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), GWh breakdown of energy production and megawatt breakdown of generation assets.

Bloomberg New Energy Finance’s exposure estimate is presented as one of these units:

A1 Main driver (50-100% of value) 50 to 100% of the organization’s value is estimated to derive from this activity.

A2 Considerable (25-49% of value) 25 to 49% of the organization’s value is estimated to derive from this activity.

A3 Moderate (10-24% of value) 10 to 24% of the organization’s value is estimated to derive from this activity.

A4 Minor (<10% of value) Less than 10% of the organization’s value is estimated to derive from this activity.