Our global economy is undergoing the "Great Transition" from an energy system based on fossil fuels to one based on clean, renewable energy sources and technologies. So as longtime advocates for a safe, just and sustainable future, we at As You Sow decided to partner with our friends at Corporate Knights and develop the Carbon Clean 200—to start a broad and dynamic conversation about how all investors can create a clean energy economy and how best to recognize companies that are already on this path.
Six years ago, students began to call on their university endowments to divest from fossil fuels, urging university leaders to stop profiting from companies that were destroying their future. Over time, many of those investments have increased risk in university endowment portfolios, and the trustees who listened to their students and aligned their institutions' investing with the school's mission ended up avoiding significant financial pain.
Since then, a great deal of effort has been devoted to identifying the fossil fuel companies that most threaten our fragile climate. These 200 companies were first identified by the Carbon Tracker Initiative in their seminal "Carbon Bubble" report. The Clean200 turns the Carbon Bubble inside out and asks which companies are currently profiting from participation in the clean transition and what is the best way to spot them?
How We Did It.
The Clean200 ranks the largest publicly listed companies worldwide by their total clean energy revenues as rated by Bloomberg New Energy Finance (BNEF). 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 percent of total revenues from clean energy sources.
More than 70 of the companies on the list receive a majority of their revenue from clean energy. The list excludes all oil and gas companies and utilities that generate less than 50 percent of their power from renewable sources, as well as the top 100 coal companies measured by reserves.
The list also filters out companies profiting from weapons manufacturing, tropical deforestation, the use of child and/or forced labor, and companies that engage in negative climate lobbying. We then took the top 200 and ranked them by estimated clean revenue—the Clean200.
We compared the Clean200 to the Carbon Underground 200, the list of the largest fossil fuel companies that the Divest-Invest movement and many fossil free mutual funds use as a screen. We also compared the Clean200 to the S&P 1200 global benchmark. Our findings were telling, to say the least. First, more than one-third of the Clean200 companies are Chinese, which speaks to a quiet green energy revolution brewing in the world's largest economy. Another interesting finding is that 26 countries are represented.
The performance analysis for each of the three lists is based on a "snapshot in time" analysis of current constituents as the BNEF clean energy revenue exposure database is new and does not go back in time. The analysis also introduces a survivorship bias that 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.
We also noted that the top 10 Clean200 companies with a majority of their revenue from clean energy include Vestas (wind power), Philips Lighting (LED lighting), Xinjiang Gold-A (wind plants), Tesla Motors (electric vehicles), Gamesa (wind turbines), First Solar (solar modules), GCL-Poly Energy (solar grade polysilicon), China Longyuan-H (wind Farms), Kingspan Group (Insulation and building envelopes) and Acuity Brands (LED lights).
This inaugural version is just the beginning. We want to see how our Clean200 methodology may be improved over time, so we decided to make the data available to anyone and everyone on creative commons, and to update the list every quarter to track the changes and trends. With this list, we hope to open a broad and transparent global conversation. We hope that the best minds will find this thought exercise as exciting as we do and join us.
As You Sow and Corporate Knights are not investment advisors nor do we provide financial planning, legal or tax advice. Nothing in the Carbon Clean 200 Report shall constitute or be construed as an offering of financial instruments or as investment advice or investment recommendations.
EcoWatch Daily Newsletter
The U.S. reported more than 55,000 new coronavirus cases on Thursday, in a sign that the outbreak is not letting up as the Fourth of July weekend kicks off.
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By Jason Bruck
Human actions have taken a steep toll on whales and dolphins. Some studies estimate that small whale abundance, which includes dolphins, has fallen 87% since 1980 and thousands of whales die from rope entanglement annually. But humans also cause less obvious harm. Researchers have found changes in the stress levels, reproductive health and respiratory health of these animals, but this valuable data is extremely hard to collect.
Researchers work with trained dolphins to learn more about their sensory abilities, seen here testing a dolphin's hearing. Jason Bruck / CC BY-ND
A Lot to Learn From Hormones<p>When sampling the blow, we are looking for hormones in mucus as these can be used to gauge psychological and physiological health. We are specifically interested in <a href="https://dx.doi.org/10.1371%2Fjournal.pone.0114062" target="_blank">hormones like cortisol</a> and <a href="https://doi.org/10.1016/j.ygcen.2018.04.003" target="_blank">progesterone</a>, which indicate stress levels and reproductive ability respectively, but can also help determine overall health.</p><p>Additionally, blow samples can detect <a href="https://dx.doi.org/10.1128%2FmSystems.00119-17" target="_blank">respiratory pathogens</a> in the lungs or nasal passages - blowholes evolved from noses after all.</p><p>This health analysis is especially important in areas with oil spills as the chemicals can cause hormonal problems that harm <a href="https://www.carmmha.org/investigating-how-oil-spills-affect-dolphins-and-whales/" target="_blank">development, metabolism and reproduction</a> in dolphins.</p><p>Hormone samples can provide scientists with valuable data, but collecting them from intelligent and unpredictable animals is challenging.</p>
Cetacean Collaborators<p>To build a drone that can stealthily collect spray from moving dolphins, we needed more data on their eyesight and hearing, and this is data that couldn't be collected in the wild nor simulated in a lab.</p><p>We worked with dolphins at facilities like Dolphin Quest in Bermuda, which provides guests opportunities to learn about dolphins while allowing <a href="https://dolphinquest.com/about-us/our-story/" target="_blank">scientists access to animals for noninvasive research</a>. Here the dolphins can swim away if they choose not to work with us, so we had to design the study like a game; the way a kindergarten teacher entertains a class. If the dolphins aren't interested, we don't get to do the science.</p><p>Over the course of hundreds of sessions, we sought to answer two questions: What can dolphins hear and what can they see around their heads?</p><p>To test dolphin hearing, we set up microphones and cameras to record dolphin behavior as we played drone noise in the air. We analyzed the responses to each noise – such as how many dolphins looked at the speaker – and used these as a proxy for their ability to hear the sounds.</p>
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Robodolphin doesn't look like a real dolphin, but it doesn't need to in order to train our drone pilots. C.J. Barton / Oklahoma State University / CC BY-ND<p>To build robodolphin, we worked with dolphins trained to "chuff" or sneeze on command to measure spray characteristics. We used high-speed photography to see the dolphins' breath as it moved through the air. Then we conducted high resolution CT scans of a dolphin head and 3D-printed a replica of a nasal passage.</p><p>Now, we have a complete robodolphin and are tweaking its sprays to be nearly identical to the real thing. This will allow us to determine how close we need to get to collect the samples, and therefore, how quiet our drone needs to be.</p>
The replica dolphin blowhole was designed from a scan of a real blowhole passage, and the spray it produces closely matches the real thing. Alvin Ngo, Mitch Ford and CJ Barton / Oklahoma State University / CC BY-ND
A Bit of Practice, Then Into the Wild<p>In the next few months, we will test flights over robodolphin with existing drones to determine the timing and strategy for collection. From there, we will fabricate a low-noise drone that can fly fast enough and with sufficient maneuverability to capture samples from wild dolphins. Like a video game, we will use the visual field data to develop approach trajectories to stay in the visual blindspots.</p><p>We plan to test our drones on a truck-mounted robodolphin moving down a runway, then using a boat to simulate realistic conditions. The next steps will involve ocean testing with dolphins trained for open ocean swimming. These tests will determine if our devices can catch and hold the hormones as the drone flies back to a researcher's boat.</p><p>Finally, we will deploy the system to collect data on wild dolphins. Our first goal is to test resident dolphins – animals that live on the coasts and deal directly with boat and oil industry noise – which will allow us to learn more about stress resulting from human impacts.</p><p>Those samples are a way off, but if all goes well we will have a specially built drone capable of flying long distances and capturing samples undetected in a few years. The samples collected will allow researchers to do better science with impact on the animals they study.</p>
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Fireworks have taken a lot of heat recently. In South Dakota, fire experts have said President Trump's plan to hold a fireworks show is dangerous and public health experts have criticized the lack of plans to enforce mask wearing or social distancing. Now, a new study shows that shooting off fireworks at home may expose you and your family to dangerous levels of lead, copper and other toxins.
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By Ashutosh Pandey
Billions worth of valuable metals such as gold, silver and copper were dumped or burned last year as electronic waste produced globally jumped to a record 53.6 million tons (Mt), or 7.3 kilogram per person, a UN report showed on Thursday.
Environmental and Health Hazard<p>Experts say e-waste, which is now the world's fastest-growing domestic waste stream, poses serious environmental and health risks.</p><p>Simply throwing away electronic items without ensuring they get properly recycled leads to the loss of key materials such as iron, copper and gold, which can otherwise be recovered and used as primary raw materials to make new equipment, thereby reducing greenhouse gas emissions from extraction and refinement of raw materials.</p><p>Refrigerants found in electronic equipment such as fridge and air conditioners also contribute to global warming. A total of 98 Mt of CO2-equivalents, or about 0.3% of global energy-related emissions, were released into the atmosphere in 2019 from discarded refrigerators and ACs that were not recycled properly, the report said.</p><p>E-waste contains several toxic additives or hazardous substances, such as mercury and brominated flame retardants (BFR), and simply burning it or throwing it away could lead to serious health issues. Several studies have linked unregulated recycling of e-waste to adverse birth outcomes like stillbirth and premature birth, damages to the human brain or nervous system and in some cases hearing loss and heart troubles.</p><p>"Informal and improper e-waste recycling is a major emerging hazard silently affecting our health and that of future generations. One in four children are dying from avoidable environmental exposures," said Maria Neira, director of the Environment, Climate Change and Health Department at the World Health Organization. "One in four children could be saved, if we take action to protect their health and ensure a safe environment."</p>
Europe Leads the Way<p>While most of the e-waste was generated in Asia (24.9 Mt) in 2019, Europe led the charts on a per person basis with 16.2 kg per capita, the report said.</p><p>But the continent also recorded the <a href="https://www.dw.com/en/the-eu-declares-war-on-e-waste/a-51108790" target="_blank">highest documented formal e-waste collection and recycling</a> rate at 42.5%, still below its target of 65%. Europe was well ahead of the others on this front. Asia ranked second with 11.7%.</p><p>The authors said while more that 70% of the world's population was covered by some form of e-waste policy or laws, not much was being done toward implementation and enforcement of the regulations to encourage the take-up of a collection and recycling infrastructure due to lack of investment and political motivation.</p><p>"You have to think about new economic systems," said Kühr.</p><p>One approach could be that consumers no longer buy the products, but only the service they offer. The device would remain the property of the maker, who would then have an interest in offering his customers the best service and the necessary equipment. The maker would also be interested in designing his products in such a way that they are easier to repair and easier to recycle, Kühr said.</p>
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