Top 10: Sustainable Companies in Energy
Companies across the energy sector have spent recent years firmly shifting their focus toward renewable sources and ensuring their operations are as efficient and environmentally conscious as possible. And that can not be more truthfully said for the 10 companies that make up this month’s Top 10.
For April, we’re focusing on the leading sustainable companies operating in the energy space and the contributions they are making to paving a path to a greener future. Whether that be through promoting energy conservation or offering solutions to reduce carbon footprint, the showcasing of eco-friendly practices and implementation of green initiatives not only benefits the companies themselves, but sets a mark for others to follow in their footsteps.
10. Plug Power
Market cap: US$2.25bn
Engaged in the development of hydrogen fuel cell systems that replace conventional batteries in equipment and for the likes of EVs, Plug Power positions itself and its workforce as trailblazers and innovators. As stated in its latest ESG report, Plug Power’s commitment to sustainability “goes hand in hand with our company’s mission to displace diesel and
other fossil fuels with the accelerated use of green hydrogen as we transition to a global net-zero economy”. The brand is focused on leading the green hydrogen industry to minimise the impact of climate change.
Revenue: US$891m
Employees: 3,868
CEO: Andrew J. Marsh
Founded: 1997
9. Algonquin Power & Utilities
Market cap: US$4.18bn
Algonquin’s vision of sustainability revolves around its three strategic pillars of growth, operational excellence and sustainability leadership. The company, which has more than three decades of experience developing and operating renewable and clean energy facilities, has a long history of working in sustainable power generation, and works to enable ongoing access to affordable, reliable, sustainable and modern energy all while taking tangible action to reduce the environmental impacts of its daily operations, ensuring the quality of its service aren’t compromised, nor the future of its current and prospective customers.
Revenue: USUS$2.7bn
Employees: 3,951
CEO: Chris Huskilson
Founded: 1988
8. Siemens Gamesa
Market cap: US$12.93bn
Siemens Gamesa’s Sustainability Vision 2040 outlines the company’s ambitious objectives and pledges when it comes to environmental responsibility. The company, which achieved carbon neutrality in 2019, continues to strive in going beyond this achievement and aims to become climate positive by 2040 — removing more CO2 from the atmosphere than it emits. It aims to do this through a number of methods, including microalgae that absorb CO2 from the atmosphere and hydrogen-powered reach stackers.
Revenue: US$9.9bn
Employees: 24,500
CEO: Jochen Eickholt
Founded: 1976
7. Enphase Energy
Market cap: US$14.52bn
Producing 64.2 TWh of clean energy in 2022 alone, Enphase boasts a wealth of sustainability credentials. More than three million systems, like solar panels, have been deployed and more than 815MWh of storage. As a result of its efforts, 45m metric tonnes of CO₂e have been stopped from entering the atmosphere, equivalent to the power needed to power 5.7m homes for a year. This also equates to 12,500 thousand wind turbines running for 12 months or 54bn acres of forests being planted across the US in the same time frame.
Revenue: US$2.3bn
Employees: 3,157
CEO: Badri Kothandaraman
Founded: 2006
6. Brookfield Renewable Partners
Market cap: US$17.47bn
Brookfield Renewable Partners states that sound ESG practices are integral to building resilient businesses and creating long-term value for its investors and other stakeholders. With that in mind, the company stated in its 2022 ESG report that progress made across its business works to accelerate the global transition to net zero. “We have made considerable progress and have our sights set firmly on achieving a great deal more,” CEO Connor Teskey says. “The tailwinds for our sector continue to strengthen and we are well positioned to grow across a diverse range of net-zero transition opportunities.”
Revenue: US$5.7bn
Employees: 4,770
CEO: Connor Teskey
Founded: 1999
5. Ørsted
Market cap: US$24.11bn
A renewable energy company with a vision to create a world that runs entirely on
green energy, Ørsted works across a variety of renewable sectors — from offshore and onshore wind farms to renewable hydrogen — to make the future green. The Danish company creates a lasting positive impact while aspiring to do more to improve nature and society, working to give more back than it takes. Ørsted has four main sustainability priorities — climate, nature, people and governance — and dedicated sustainability programmes it uses to address key challenges within them.
Revenue: US$11.4bn
Employees: 8,900
CEO: Mads Nipper
Founded: 1972
4. Vestas Wind Systems
Market cap: US$28.58bn
With a sustainability strategy stating ‘sustainability in everything we do’, Vestas Group President and CEO Henrik Andersen says: “Sustainability is the business we are in, it's one of the key purposes that our more than 29,000 employees come to work every day — to make the world a more sustainable place. Now we are embedding sustainability into everything we do as we become the global leader in sustainable energy solutions.”
On average, Vestas wind turbines are 85% recyclable, and, as wind turbine rotors consist of a relatively large amount of non-recyclable composite materials, the company is focusing on improving the recyclability of these elements. It is working to increase the recyclability rate from 42% to 50% by 2025, doubling that to 100% by 2030.
Revenue: US$16.8m
Employees: 29,463
CEO: Henrik Andersen
Founded: 1945
3. Iberdrola
Market cap: US$74.6bn
Iberdrola aims to reconcile its growth in renewables and grids with the goal of achieving carbon neutrality in Scopes 1 and 2 by 2030 and net-zero emissions before 2040 for all scopes, including Scope 3. Its 2023-2025 Investment Plan is based on more electricity grids and selective growth in renewables, to promote a safe, clean and competitive system that will accelerate the energy transition. The brand prides itself as an international benchmark for sustainability, transforming its business model to make it more sustainable.
Revenue: US$5.2bn
Employees: 42,276
CEO: Armando Martínez Martínez
Founded: 1992
2. NextEra Energy
Market cap: US$121.62bn
By investing in infrastructure and innovative clean energy technology, NextEra is helping to create a sustainable energy future that is affordable, efficient and clean. The company is shaping the future thanks to its smart investments in clean energy, holding the firm belief that sustainability includes, but is not limited to, respecting our environment, delivering outstanding customer value, supporting our communities, empowering its team and growing shareholder value.
President and CEO John W. Ketchum, who has worked for NextEra for more than two decades, says: “Our company has made many ambitious goals. Some, such as reliable and affordable electric service, date from the founding of our company nearly a century ago. Others, such as our new Real Zero goal, keep us focused on what we can achieve in the decades ahead.
“Reaching each of our goals is the imperative of the most talented team in our industry.”
Revenue: US$28.1bn
Employees: 9,500
CEO: John W. Ketchum
Founded: 1925
1. General Electric
Market cap: US$145.76bn
Larry Culp, Chairman of the Board and CEO of GE and CEO of GE Aerospace, says: “It all starts with our unique ability to innovate new technology the world needs to address the most pressing sustainability challenges. By sharpening our focus on the specific missions of each business, we gain more opportunity for GE Vernova to electrify and decarbonise the world, for GE Aerospace to invent the future of flight and for the newly-independent GE HealthCare to create a world where healthcare has no limits.”
A company driven by innovation, GE addresses pressing sustainability challenges, pushing decarbonisation through the energy transition and smarter and more efficient future. The brand says its sustainability priorities are built on the safety of its people, environmental stewardship, commitment to human rights and lifting up of the communities it serves.
According to its most recent sustainability report, GE makes a substantial contribution to the energy transition, with around 30% of the world’s electricity generated with the help of GE technology.
Revenue: US$68bn
Employees: 125,000
CEO: H. Lawrence Culp Jr.
Founded: 1892
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