The biggest US companies are badly trailing their Chinese counterparts when it comes to generating income from solar, wind, nuclear and other types of renewable energy, reports Bloomberg. Companies that make up the S&P 500 produce just 3.4% of their revenue from clean-energy sources, which is roughly half what companies on the Shanghai Composite Index earn, according to BloombergNEF.
With corporations struggling to make the transition to net-zero emissions, analysts at BNEF looked under the hood of more than 8,000 companies to determine how much of their revenue is attributable to clean energy.
“Shifting business models toward greener activities is about more than being virtuous for the sake of the planet,” says BNEF’s Michael Daly. “There’s a huge financial opportunity for companies that help drive the energy transition.”