Global Climate Solution Stocks

Super Borovets is a REIT that invests in various real estate projects. While some are in renewable energy, they do not actually develop these sights, they just invest in them, so we do not include them.

Masterplast is a Hungarian provider of insulation, a key climate solution so buildings can stay at a stable temperature with less energy.

Steico specializes and makes over 50% of their revenue from offering insulation made with low-value scrap lumber, thus enabling two climate solutions: Industrial Recycling and Insulation

Elektrotim is a electrical grid construction company that operates in Poland, helping the Polish grid move one step closer to the electrification of everything.

Lyckegard is a Swedish producer of agricultural equipment. While they do make some for water distribution and efficiency, they also generate revenue from tillers and weeding machines and we could not find a breakdown.

Ennogie Solar is a Danish provider of rooftop solar systems for residences and businesses.

Mayr-Melnhof Karton is an Austrian producer of kraft paper that produces some but not a majority of its products from recycled materials so we exclude them as of our 2025 review.

Kingspan Group is an Irish producer of high quality insulation materials for buildings that helps them use less energy to maintain a stable internal temperature.

While Centric Holdings does engage in the renewable energy industry in Greece, its main business is onboard entertainment at hotels and on yachts in Greece, which is not a climate solution.

Glaston is a Finnish company that builds manufacturing lines that enable manufacturers around the world to build high performance glass and windows.

Renewable Ventures Nordic is a Swedish VC fund that seeks to invest in early stage renewables companies. While admirable, they are not a direct climate solution themselves, so we do not include them.

Zumtobel is an Austrian high-end lighting company that uses LEDs, meaning their products can produce the same or better light for less energy. They also provide lighting automation and management solutions that can further enhance energy efficiency.

Philomaxcap is a German firm that is involved in many industries. While they do generate some revenue from renewable energy, they generate far more from real estate management and communications.

Romcab is a Romanian producer of cables, but the majority are used for low-voltage electrical uses like home electronics rather than grid expansion.

Romradiatoare is a Romanian manufacturer of heat exchangers. While some are used in heat pumps, others are used in automotive and general industrial applications and they do not provide a breakdown of each, so we exclude them as of our 2025 review.

Smart Grids is a German company that purports to specialize in solar and smart grids, but they have no revenue we can find and their last annual report was in 2022, so we will exclude them as of our 2025 review.

DB Energy is a Polish energy efficiency auditor and solutions provider that helps heavy industrial applications find capital efficient ways to reduce their energy usage by replacing outdated technologies.

Gaussin specializes in manufacturing electric versions of industrial vehicles like those that operate in ports and haul pallets.

Lilium is a Germany company developing electric vertical takeoff and landing aircraft that can help transport people through the air without fossil fuels.

Tenax is an Italian producer of electric street sweepers, enabling the electrification of an often overlooked type of vehicle.

Dizon Copper-Silver mines has not started extracting minerals, so we do not know their breakdown of revenue

Licogi 14 is a construction company in Vietnam that does construct hydropower projects, but generates most of its revenue from other public works like roadways.

Licogi 14 is a construction company in Vietnam that does construct hydropower projects, but generates most of its revenue from other public works like roadways.

Zixin specializes in providing sweet potato packaged snacks like potato sticks. While these are plant-based foods, they do not directly replace animal-based products, so we exclude them

Khanh Hoa Power is a Vietnamese utility that generates its power from hydropower, a carbon-free source

St. Augustine extracts copper, but generates most of its revenue from non-critical minerals like gold and silver.

Construction and Investment is a construction company in Vietnam that does construct hydropower projects, but generates most of its revenue from other public works like roadways.

IDI International is a fish production company. They generate more of their revenue from producing feed and fish meal however, which are not directly related to improved fisheries, so we exclude them for now.

Ha Giang Mineral seems to only produce purified antimony which is not listed as a critical mineral for the energy transition.

Philex Mining extracts copper, but generates most of its revenue from non-critical minerals like gold and silver.

Atlantis Subsea Indonesia provides underwater services for the wind industry, but generates the majority of their revenue from providing such services to the oil and gas industry.

Gelex Electricity is a Vietnamese producer of a variety of products from wiring to transformers that are used to expand the electrical grid.

GPP Resources generates most of their revenue from providing biogas and biomass reactors for palm oil farms in SE Asia. We do not consider biomass a climate solution and they do not breakdown their revenue from each category, so we exclude them.

Make To Win is a Thai manufacturer that generated 89% of its revenue from selling electric motorcycles.

Thai Agro Energy makes ethanol based biofuels. We do not consider ethanol biofuels to be a climate solution unless they are derived from waste products.

Asiamet Resources is an Indonesian mining company that generates most of its revenue from extracting critical minerals like copper and zinc.

Light Up Total Solutions is a Thai provider of LED lights that enable users in Thailand to get the same light with far less electricity.

Swift Energy is a relatively new public company. They make process and control systems for a number of industries including both oil and gas and renewables. They do not provide an industry breakdown (yet), so we exclude them for now.

MAG Holdings owns two Malaysian shrimp farms. They say they are in process of installing floating solar panels on their farms, so the farms would not need to run on diesel generators. When this happens, we will include them.

Manila Mining Corporation explores for a critical mineral, copper, but generates most of its revenue from gold and silver which are not critical minerals.

Marine Electricals is an Indian construction company that specializes in serving the shipping industry. They also offer an automated building management system, but this is a fraction of their revenue.

Ahasolar builds software for the solar industry in India working to help expand the industry and help it run more efficiently.

Waa Solar is an Indian solar developer that owns multiple solar farms in the region, helping more of it run on sunshine instead of fossil fuels.

Indian Railway Finance Corporation specializes in granting leases to build out rail services in India. While this is critical to building railways, an important part of mass transit, it is fundamentally secondary to the primary activities of building and operating, so we exclude them.

MSTC engages in multiple business lines in India. While it generates some revenue from scrap recovery, it generates most from e-commerce, so we exclude them

Veer Energy is a pure play wind developer in India having built seven farms so far and counting.

Mena Mani claims to be involved in biofuel, which can be a climate solution, but they seem to be out of business, so we cannot clarify.

Associated Ceramics makes ceramic bricks that are used in the cement and aluminum industries. They say they also engage in solar energy, but we could find no confirmation of this in their financials.

Narmada Macplast Drip specializes in offering drip irrigation technologies so farmers can use less water to raise their crops.

Shivamshree Businesses is a pure play provider of solar systems in India, enabling more of that grid to run on sunshine.

BKV Industries seems to own a shrimp farm, but they offer no information on their farming practices and their relative efficiency, so we exclude them.

Rex Pipes and Cables makes some climate solutions like cables for the electrical grid and, interestingly, automotive buses, but they make pipes and sprinklers and other products that are not climate solution. They do not provide an accurate revenue breakdown of use cases between them, so we exclude them.

Ramco generates most of its revenue from providing cement in India. While they talk a lot about sustainability, they do not seem to actually be incorporating any kind of lower carbon, alternative cements, so we exclude them.

Sejal Glass is an Indian manufacturer of high quality architectural glass that helps buildings stay better insulated.

Kay Cee Energy & Infra specializes in siting and constructing electricity transmission towers that enable the electrical grid to expand.

Hariyana Ship Breakers specializes in breaking down old ships to extract the valuable metal so it can be repurposed, reducing the demand for virgin materials.

Trom Industries is a solar pure play company in India. They serve as a solar developer as well as offering solar products like rooftop systems and even deep freezers.

Jayshree Chemicals generated 6% of their revenue from wind power when last reported and 94% from chemicals, so we exclude them.

Australian Premium Solar India is a pure play manufacturer of solar cells in India, enabling more of the country's electrical grid to run on sunshine.

We could find no online information about GR Cables at all, so we exclude them for lack of information.

While Sibanye Stillwater does explore for some critical minerals like copper and cobalt, it generates a majority of its revenue from precious minerals like platinum and gold

While Sail Mining Group does explore for some critical minerals like copper and cobalt, it generates a majority of its revenue from precious minerals like platinum and gold

Copperbelt Energy is a Zambian utility that largely serves the mining business. While it does have a solar and biodiesel plant, it generates the majority of its power from thermal sources like coal and gas, leading us to exclude them

CMGP.CAS is a Moroccan agricultural conglomerate that offers products that help farmers grow the same crops with less water and fertilizer. They also offer solar panels for farms.

While Northam Platinum does explore for some critical minerals like copper and cobalt, it generates a majority of its revenue from precious minerals like platinum and gold

TAQA Arabia is an Egyptian operator of electrical transmission lines, but they generate a majority of their revenue from distributing natural gas, which is not a climate solution

While Anglo American, a South African mining company, does extract some critical minerals like cobalt, it generates a majority of its revenue from precious metals like platinum and gold

South Ocean Holdings company generates a majority of their revenue from building electrical wiring that is necessary for expanding the electrical grid, a key climate solution

The Kenya Power company is an electrical utility that generates 92% of its power from zero carbon sources like hydro, geothermal, solar, and wind

United Bus Service is a provider of public transportation on the island nation of Mauritius that enables those who are looking to get around to use a bus instead of a car.

Alpha Namibia is a pure play renewables developer that installs and operates solar farms in Namibian and Southern Africa.

Copper 360 is a South African mining company that mines for just thing that happens to also be a critical mineral for the energy transition, copper.

SICABLE is an Ivorian manufacturer of electrical cables that are used to expand the electrical grid, a key step in the electrification of everything.

Cutix is a Nigerian producer of cables and wires. They generate over half of their revenue from wires built for expanding the electrical grid system, a key step in the electrification of everything.

Africa Clean Energy Solutions, based in Mauritius builds and maintains clean energy systems in Africa with multiple solar and biogas farms. They do also have a biomass plant which we do not consider a climate solution, but they generate most of their revenue from their other activities, so we include them

CAFCA is a Zimbabwe-based company that makes a variety of cables with a majority of their revenue coming from cables used for electricity transmission, a key precursor for the electrification of everything and the switch away from fossil fuels.

TransCentury is a Kenyan engineering and construction firm that specializes in projects related to expanding the electrical grid, a key step towards the electrification of everything.

Cartier Saada is a Moroccan company that makes a majority of its revenue from preserving fruits that come from perennial sources like olives and tree fruits. Olive trees in particular can live 100's of years and can be a great storer or carbon while providing food.

Umeme Limited is an electrical company in Uganda that specializes in constructing things like substations and high voltage electrical towers that are key for expanding the electrical grid

El Sewedy Electric is an Egyptian manufacturing firm that generates a majority of its revenue from building wires and other equipment needed for expanding the electrical grid in Egypt. They also build renewable energy projects like solar and wind.

ForRich is a Jamaican lighting and electrical services company. They provide energy efficient lighting, solar systems, and grid connection services to businesses in Jamaica, thus enabling more processes to run on electricity instead of fossil fuels

Salmones Camanchaca is a Chilean provider of farmed salmon. They track the efficiency of their fisheries to improve energy usage and reduce climate impacts, enabling them to make more protein with fewer resources.

Grupo Energia Bogota is a Columbian electrical utility that does not publish their electrical generation mix, so we exclude them

ISA Energia Brasil specializes in building high transmission power line projects that expand the electrical grid, an important-precursor to the electrification of everything

Equatorial Pará Distribuidora de Energia is a Brazilian utility that does not disclose their full electricity generation mix, so we exclude them

Wetzel is a Brazilian provider of Industrial LEDs as well as automotive parts and materials for low-voltage electrical installations. They do not disclose how much of their revenue they make from their LED business in their investor relations, so we exclude them

Conciviles is a Colombian construction company. While they do help build electrical transmission systems, an important climate solution, they generate more of their revenue from constructing roads and buildings.

Enel Generacion Piura is a Peruvian electric utility that generates most of its electricity from thermal sources, so we exclude them

Enel Generación Chile is a Chilean utility that generates almost 40% of its power from thermal sources, so we exclude them

Light is a Brazilian utility that generates all of its electricity from renewable assets

Monteiro Aranha is a Brazilian conglomerate involved in the paper, petrochemical, and real estate industries. While they do make some revenue from recycling paper, it is much less than half.

Companie de Electricidad de Tulua is a Columbian utility that generates power from multiple sources, including thermal. We could not find any publication of the exact mix of their sources however, so we exclude them

Natluk is an Ecuadorian company that provides wild and farm-raised shrimp. While more efficient fisheries are a climate solution, we could find no indication that Natluk was instituting any practices that would achieve this

COPEL is a Brazilian utility that generates 100% of its electricity from zero-carbon sources like hydro, solar, and wind

Irani is a large Brazilian paper and cardboard company. While they do seek to source their paper from sustainably managed forests, scaling paper and cardboard production will not mitigate climate change. They do generate some revenue from recycling, but it is a small amount, so we exclude them

Klabin is a large Brazilian paper and cardboard company. While we commend them for their efforts in sustainable forest management, the only climate solution they participate in directly is recycling, which makes up less than half of their revenue

Tecnoglass is a Columbian company that generates all of its revenue from providing high performance glass for buildings that enable them to keep a stable internal temperature with less energy

Rumo is a large Brazilian rail freight shipping company. They neither participate in passenger trains (mass transit) not seem to be investing in electrifying their train fleet, so we exclude them

Blumar is a Chilean provider of farm raised salmon. While making aquaculture more efficient is an important climate solution, we could not find any evidence that Blumar was investing in any activities beyond industry standard.

Ambipar is a Brazilian conglomerate that does emergency response, waste management, and risk planning. They do not generate a majority of their revenue from waste management with methane capture, so we exclude them

Chongqing Water Group is a water distribution company. They distribute tap water and collect and process wastewater, neither of which are direct climate solutions. They do say they consult on the construction of hydroelectric power plants, but that is a small part of their revenue.

Xizi Clean Energy has a big stated goal of being the "#1 provider of clean energy equipment and solutions, but it is unclear how much revenue they generate from their traditional energy business, which is larger boilers, so we exclude them.

Zhongmin Energy is a Chinese energy developer. They build wind and solar projects but it is unclear whether they still are invested in biomass projects which would lead to their exclusion from this index.

Riyue Heavy Industry makes fittings and parts for many heavy industry applications. While they do specifically support wind and high speed rail, both of which are climate solutions, they generate a majority of their revenue from other industries like maritime shipping and thermal power.

Tianjin Capital Environmental Protection Group is a sewage processing company in China. While important, processing wastewater is not a climate solution. They do discuss their water recycling which is a part of their business we would like to see more public information on in the coming reviews.

Jiangxi Hongcheng Environment is a tap water distribution company that also processes waste water. While they do claim to supply solar panels, this seems to be a very small part of their revenue, so we exclude them.

In our 2025 update, we are pleased to see Tongwei meet threshold for inclusion as they now generate over 50% of their revenue from their solar panel production businesses over their animal feed businesses.

Guangxi Guiguan Electric Power Co is a Chinese owner of mainly zero-carbon power plants like hydropower, solar, and wind. But it does own coal plants meaning it fails our strict utility filter and is therefore excluded.

Beijing Capital Eco-Environment Protection Group is named this because it is simply a traditional waste management company. They collect and dispose of garbage as well as process wastewater. While it is certainly better such waste get collected and processed, the act of doing so is not a climate solution.

Wuhan Tianyuan is a Chinese wastewater processing company. While important for environmental safety, the processing of waste water is not a climate solution.

The reason the word "clean" is in Suzhou's (aka Canmax)'s name is because they specialize in clean rooms. While critical for many industrial and medical applications, the growth of clean rooms is not needed for solving climate change

Wuhan Nusun is a Chinese landscaping company that designs and builds landscapes for businesses and apartment complexes. Restoring land to its natural condition is a climate solution, not landscaping it.

Beijing Originwater produces high quality membranes and filters for wastewater treatment and desalination. While both are important technologies, neither is built to improve the energy efficiency of these processes or to reduce water waste, so we exclude them

CEC Environmental Protection is a water distribution and utility company. The "Environmental Protection" part of their business comes from zero-discharge wastewater processing, which while admirable, is not a climate solution. They do engage in some composting of kitchen and household waste, but this is a small portion of their business.

We have added Hunan Zhongke Electric as a climate solution company in 2025 given their focus on providing electromechanical solutions for the production of steel, which can replace needing to combust fossil fuels in steel production.

Lingnan Eco & Culture-Tourism is a Chinese company that does landscaping and tours of nature. While both are important to foster a connection with nature, neither is a climate solution themselves. While they report doing nature "restoration" we could find no evidence that they return degraded landscapes back to natural ones.

As of 2025, China Longyuan is an impressively green Chinese utility with a vast majority of their power coming from wind and solar. Yet they still operate three coal plants, thus failing the zero coal threshold of this index.

Hunan Kaimeite is a Chinese supplier of various industrial gases. Distribute gases is not a climate solution. While they do distribute some GHG gasses like CO2 and CH4 for commercial use, they do not share how these gases are sourced (likely from fossil fuels).

As of 2025, Chengdu Xingrong continues to mainly be a water distribution business. They do not make products the improve the energy efficiency of doing so and their waste to energy business still represents a small part of their overall revenue

Beijing Orient Landscape generates a majority of its revenue from managing industrial waste. They do not report their methane capture nor their environmental services in any detail, so we exclude them.