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7 Indian companies among top 200 carbon clean firms

Jyoti Mukul / New Delhi 18 Aug 16 | 12:27 AM

Seven Indian companies have made it to a carbon-clean list of 200 largest companies worldwide ranked by their total clean-energy revenues. The list is topped by Japan's Toyota Motor followed by Germany's Siemens AG. The ranking has been done by As You Sow and Corporate Knights.

Among Indian companies are Suzlon Energy at 68 rank for its wind farms, Bharat Heavy Electricals Ltd at 106 for its wind electric generators and solar cells, and Tata Chemicals at 114 for chemicals for biodiesel, solar energy, and fuel cells. Thermax Ltd is at 139 and Exide Indus at 153 for electric storage batteries. Besides, IDFC Ltd is at 155 for its green infrastructure financing and Havells India at 166 for energy meters.

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Four Indian companies — Godrej Industries, NHPC Ltd, SJVN, and Bharat Electronics — have moved out of the rankings for being laggards and being utilities producing less than 50 per cent green energy. "Over the past five years, and growing dramatically leading up to and post-Paris COP21, a movement of institutional and individual investors representing more than $3.4 trillion in assets under management have divested a portion of their fossil fuel investments and committed to divesting the balance in the next five years," the Carbon Clean 200: Investing in a Clean Energy Future said in a report released on Wednesday. COP21 refers to 21st annual Conference of the Parties in Paris from November 30 to December 11 2015.

The Carbon Clean 200 (Clean200TM)-a list of the 200 largest companies worldwide was created based on their total clean energy revenues. The report said it is intended as the clean energy inverse of the Carbon Underground 200TM. Where the Carbon Underground 200TM (which evolved from the Carbon Tracker Initiative report, Unburnable Carbon: Are the World's Financial Markets Carrying a Carbon Bubble), ranks the largest publicly listed companies by the carbon intensity of their coal, oil, and gas reserves.

The Clean200 ranks the largest publicly listed companies by their total clean energy revenues, "with a few additional screens to help ensure the companies are indeed building the infrastructure and services".

The report said coal, which accounts for over 40 per cent of global greenhouse gas emissions is declining rapidly in value, especially in the United States. Peabody Energy, the largest private-sector coal company in the world, filed for Chapter 11 bankruptcy protection this April, following Arch and Alpha. The Dow Jones Coal Index dropped 93 per cent over the past five years. Oil companies are facing similar problems with 52 of them filing for bankruptcy since 2015, and over a third of the world's biggest oil and gas companies have crushing debt loads (over $150 billion) and cash flows depressed by low oil prices, according to the Deloitte Center for Energy Solutions and a recent study by As You Sow.

The ranking's methodology is aimed 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).

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.

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 order to be eligible, a company must have a market capitalization greater than $1 billion (end of Q2 2016) and earn more than 10 per cent 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 per cent 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 deforestation14 , and child or forced labour and companies who engage in negative climate lobbying.

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