The Carbon Underground 200™, compiled and maintained by Fossil Free Indexes℠, identifies the top 100 coal and the top 100 oil and gas publicly-traded reserve holders globally, ranked by the potential carbon emissions content of their reported reserves.
The 11 Morningstar industries considered fossil fuel and screened by Fossil Free Funds are combined into three overall categories: coal, oil/gas, and fossil-fired utilities. The coal screen consists of companies engaged in mining coal as designated by Morningstar, as well as the top 100 coal reserve holders from the Carbon Underground 200™.
The oil/gas screen consists of companies from six Morningstar sub-categories: drilling, extraction and production, integrated, midstream, refining and marketing, and equipment and services. It also includes the top 100 oil/gas reserve holders from the Carbon Underground 200™.
The Macroclimate® 30 is an exclusion list of the 30 largest public-company owners of coal-fired power plants in Developed Markets plus China and India. Macroclimate® compiled the list of 30 companies using open-source data on coal-fired power plants worldwide.
The fossil-fired utilities screen consists of companies from four Morningstar sub-categories: independent power producers, diversified, regulated electric, and regulated gas. Prior to screening, we remove any companies in these categories that are engaged in 100% renewable operations, pure transmission, or otherwise don't burn fossil fuels to generate power.
We also search for investments in companies that are leading the way with solutions for the transition to clean energy.
The Clean200 are the largest 200 public companies ranked by green energy revenues. The dataset is developed by multiplying a company’s most recent year-end revenues by its clean revenue estimate, primarily sourced from Corporate Knights Research supplemented by FactSet, Bloomberg BNEF, and FTSE Russell data. In order to be eligible, a company must have USD revenue of at least $1 billion (most recent available fiscal year-end data) and earn more than 10% of total revenues from clean sources, which extends beyond energy efficiency, green energy, and zero emission and hybrid vehicles. We include banks that are financing the low-carbon solutions; real estate companies leading the way on low-carbon buildings; forestry companies protecting carbon sinks; responsible miners of critical materials for the low carbon economy; food and apparel companies with products that are primarily made of raw materials with a significantly lower carbon footprint; and energy-hungry information and communications technology companies that are leading the way on renewable energy. The Clean200 was created by As You Sow and Corporate Knights.