**2. S&P Global Clean Energy Index**

The Standard and Poor's Global Clean Energy Index (USD) is an equity index launched in 2007 that aims to measure the performance of companies in developed and emerging markets that have businesses linked to global clean energy [21,22]. In particular, companies contained in the index are "involved in the production of clean energy or provision of clean energy technology and equipment" [22]. Figure 1 displays the geographical location of the headquarters of the companies (as of July 2021) contained in the S&P Global Clean Energy Index. Gray color highlights the countries with headquarters in them and the marker size reflects the relative size of the company in terms of the market capitalization, as obtained from Yahoo Finance [23].

Out of the 81 companies included in this study, the headquarters of 28 companies are located in Europe (in Austria, Denmark, France, Germany, Italy, Norway, Portugal, Spain, Sweden, Switzerland, and United Kingdom). The headquarters of another 28 companies can be found in North America (in Canada and the United States). Finally, there are 15 headquarters in Northeast Asia (in China, South Korea, and Japan), 4 in South America (in Brazil and Chile), 3 in Southeast Asia (in New Zealand and Singapore), 3 in MENA (in Israel), and 1 in SAARC (in India). The largest number of companies (20) are headquartered in the United States (24.7%). In contrast to that, none of the 81 companies in the index is headquartered in Africa or the Eurasian regions. However, the authors of this study acknowledge that these companies may operate/have subsidiaries in African or Eurasian countries.

In terms of the business activity, about 52% of the companies are involved (directly or through their subsidiaries) in the power generation process, which includes the development, construction, and operation of power plants as well as the subsequent transmission and distribution of electrical energy. The second-largest group of companies (about 21% of the companies) are linked to the manufacturing of solar PV systems and their components (for instance, production of monocrystalline and polycrystalline silicon for solar PV cells,

solar PV modules, inverters, storage systems, software, etc.). Apart from that, the thirdlargest group (10% of the companies) are developers of wind power generation systems. This group consists of companies, which, for example, design and manufacture blades and wind towers, construct wind turbines and wind farms, as well as provide various services to wind power generation companies. *Sustainability* **2021**, *13*, x FOR PEER REVIEW 4 of 29

**Figure 1.** Location of the headquarters of the companies in the S&P global clean energy index. **Figure 1.** Location of the headquarters of the companies in the S&P global clean energy index.

Out of the 81 companies included in this study, the headquarters of 28 companies are located in Europe (in Austria, Denmark, France, Germany, Italy, Norway, Portugal, Spain, Figure 2 displays the market capitalization of the companies and their corresponding Environmental, Social, and Governance (ESG) scores obtained from Thompson Reuters Datastream (see Appendix A Table A1).

Sweden, Switzerland, and United Kingdom). The headquarters of another 28 companies can be found in North America (in Canada and the United States). Finally, there are 15 headquarters in Northeast Asia (in China, South Korea, and Japan), 4 in South America (in Brazil and Chile), 3 in Southeast Asia (in New Zealand and Singapore), 3 in MENA (in Israel), and 1 in SAARC (in India). The largest number of companies (20) are headquartered in the United States (24.7%). In contrast to that, none of the 81 companies in the index is headquartered in Africa or the Eurasian regions. However, the authors of this study acknowledge that these companies may operate/have subsidiaries in African or Eurasian countries. In terms of the business activity, about 52% of the companies are involved (directly or through their subsidiaries) in the power generation process, which includes the development, construction, and operation of power plants as well as the subsequent transmission and distribution of electrical energy. The second-largest group of companies (about 21% of the companies) are linked to the manufacturing of solar PV systems and their components (for instance, production of monocrystalline and polycrystalline silicon for solar PV cells, solar PV modules, inverters, storage systems, software, etc.). Apart from that, the The ESG score takes values from 0 to 100 and is based on self-reported (but verifiable) information of companies on their performance in terms of environmental, social, and governance indicators. In particular, the environmental score contains components such as "resource use" and "emissions", the social score elements such as "workforce" and "human rights", and the governance component for instance the "corporate social responsibility (CSR) strategy" [24]. The point labels are the Datastream symbols for the companies (shorter than the complete company names) and the levels of ESG scores (from "Low" to "Very high") were artificially created for this study for better representation of the ESG scores. The *y*-axis is on a logarithmic scale. In general, companies with larger market capitalization tend to be associated with higher Environmental, Social, and Governance (ESG) scores. One possible explanation for this could be that the operations of larger companies might be more in the public's attention and more exposed, which may create pressure from stakeholders such as society, civil organizations, as well as from (potential) investors. Additionally, larger companies might be able to allocate larger financial resources to reporting tools for ESG rating agencies (for instance, to provide higher quality and more comprehensive data to better fit the ESG measurement systems). Apart from that, it could be that the

third-largest group (10% of the companies) are developers of wind power generation sys-

blades and wind towers, construct wind turbines and wind farms, as well as provide var-

ious services to wind power generation companies.

management enumeration of larger companies may be more tied to the accomplishment of ESG-based objectives, thus incentivizing a stronger focus on ESG-conform activities and behavior. Figure 2 displays the market capitalization of the companies and their corresponding Environmental, Social, and Governance (ESG) scores obtained from Thompson Reuters Datastream (see Appendix A Table A1).

**Figure 2.** Market capitalization of companies in relation to the Environmental, Social, and Governance (ESG) score. **Figure 2.** Market capitalization of companies in relation to the Environmental, Social, and Governance (ESG) score.

The ESG score takes values from 0 to 100 and is based on self-reported (but verifiable) information of companies on their performance in terms of environmental, social, and
