The Asia Pacific 50 Most Sustainable Corporations ranking spotlights unique sustainability sectors throughout the eastern hemisphere: green finance and electric vehicles in China, wind power in India, hydroelectricity in New Zealand and advanced high-speed rail in Taiwan.

The average sustainable revenue among the companies on Corporate Knights’ Asia 50 ranking was 65.5%, notes Michael Yow, Corporate Knights’ director of rankings. By comparison, the iShares Asia 50 ETF, which tracks the S&P Asia 50 Index, had an average sustainable revenue of only 3.8%. “This disparity suggests that investors using conventional large-cap benchmarks may be significantly underexposed to companies generating revenue from sustainable economic activities, despite the growing materiality of sustainability-related risks and opportunities among Asian companies,” Yow says.

How the ranking was made

To compose the list, Corporate Knights researchers rank publicly listed companies with more than US$1 billion in revenue based on their sustainability performance. Three key questions guide their analysis: To what extent are a company’s investments geared toward sustainability? Where does its sustainable revenue come from? And how fast is its sustainable revenue growing?

To answer these questions, the Corporate Knights research group relies on three equally weighted indicators: the share of revenue from sustainable products and services; the share of investments directed toward sustainable projects; and what they call “sustainable revenue momentum,” which is the compound annual growth rate in sustainable revenue from 2022 to 2024. This last metric was introduced to the Corporate Knights sustainability rankings this year, to reflect the urgency of the energy transition and the shift to a green economy.

Companies can also earn a bonus of up to 5% for linking CEO pay to sustainability targets. Alternatively, they face deductions of up to 5% each for legal sanctions and workplace fatalities. Companies are benchmarked against industry peers across 64 groupings.

The top company for 2026

Taiwan High Speed Rail Corporation (THSRC) tops this year’s Asia 50 ranking – and not only because nearly all its revenues come from its low-carbon, high-speed rail service. Over the past year the company stepped up investments in its electrified network, completing major extensions, replacements and upgrades. Its revenue rose from 37 billion Taiwan dollars in 2022 to TWD 53 billion in 2024, driven by its consistently strong performance in the operation and management of its rail lines.

THSRC has ranked in the top 5% of listed companies in the Corporate Governance Evaluation, an annual assessment by the Taiwan Stock Exchange, for eight consecutive years, and has been a persistent selection for the FTSE4Good TIP Taiwan ESG Index, which tracks Taiwanese companies with stronger-than-average environmental, social and governance (ESG) performance, since 2018. It has also become a regular presence on the Corporate Knights Global 100, placing fifth in 2025 and 2026 and fourth in 2024.

THSRC’s inherently low-carbon business model is only part of the story: it also uses measurable and improving environmental key performance indicators for its energy consumption, water conservation and waste recycling – reports transparently in line with global standards. Even though its trains are all-electric, Taiwan’s grid is largely powered by coal and natural gas, so THSRC discloses its greenhouse gas emissions with third-party verification and works to cut its carbon intensity. THSRC has also installed solar panels at some of its stations and depots to reduce the carbon footprint of its operations.

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But THSRC isn’t the only company that stands out from the list. Looking closely at the inaugural Asia Pacific 50 Most Sustainable Corporations, several stories emerge.

The fast track

Among the three companies with the highest sustainable compound annual growth rate (CAGR), one finances renewable-energy generation and the other two make electric vehicles.

1. Industrial Bank Co. Ltd. (#16), commonly known as CIB, significantly expanded its renewables portfolio over the past year, aggressively financing large-scale wind and solar projects under its “All-Green” strategy. Headquartered in Fuzhou, Fujian, CIB deploys green bonds and specialized credit lines to support China’s carbon-neutrality goals. The bank’s green loans are growing faster than traditional corporate loans, reflecting a strategic pivot toward sustainable infrastructure. As China’s first bank to adopt the Equator Principles for environmental and social risk management, CIB has prioritized clean energy over high-emission industries and integrated ESG metrics into its core credit-approval process. CIB’s sustainable revenue momentum stands out because while its sustainable revenue ratio is only 7%, its CAGR is 132%.
2. Seres (#26) is part of China’s new crop of automotive stars, even though it was founded almost four decades ago. Based in Chongqing, the company started out making components for shock absorbers and household appliances. But in the mid-2010s, its parent company, now known as Seres Group, launched a vehicle-manufacturing arm, and in 2019 Seres rolled out its first EV, the SF5. Although that debut met with only muted market response, Seres has since partnered with Huawei Technologies to co-develop better-selling Aito-branded EVs. Seres saw its revenue increase in 2024 by more than 300%; this past year brought more strong performance, with higher margins and increased investment in research and development.
3. Li Auto Inc. (#10) is coming off a hard year, which saw the pioneering EV company deliver 19% fewer vehicles than 2024. The downshift followed several years of high demand for its extended-range electric vehicles (EREVs), which carry small gas-powered engines to top up the battery, and where the carmaker had been an early leader. But as competition heats up and technology improves for more affordable battery-electric vehicles (BEVs), Li Auto is fighting to retain its leadership position. The company plans to double down on EREVs while still transitioning to BEVs.

The waste-to-wealth winner

Among companies at the forefront of the circular economy, the Australian supply-chain logistics company Brambles Ltd. (#9) stands out for its “share and reuse” system for pallets, crates and containers. This model eliminates the need for customers to purchase and manage their own equipment, instead allowing them to borrow standardized platforms and then return them for reconditioning and redistribution. The company’s pooling approach also offers a sustainability advantage: shared assets reduce the total number of pallets and containers in circulation, thereby cutting down on waste, deforestation and carbon emissions compared to traditional pallets and crates.

The transition enabler

Looking at banks with high sustainable lending, Taiwan’s Chang Hwa Commercial Bank Ltd. (#42) is exceptional, with a CAGR of 48% thanks to its marked increase in lending to renewable-energy, circular‑economy and low‑carbon-manufacturing projects. Chang Hwa has set a target to phase out investment and financing for coal and unconventional fossil fuels by 2040. Notably, this 120-year-old bank also ranked 42nd on the World’s Safest Banks 2025: Emerging Markets Top 50 by Global Finance, thanks to its strong balance sheet and conservative risk profile.

The long-game player

We looked for companies with small sustainable revenue but high sustainable investment to see who’s leaning hardest into the green shift. StarHub (#50) showed that targeted, long-term investment – not revenue growth alone – defines value. The Singapore-based telecommunications company has channelled capital into cloud transformation, renewable energy and cybersecurity, and backed this up with science‑based climate targets, long‑term renewable power-purchase agreements and executive pay tied directly to ESG performance.

The pure-play behemoth

When you’re near the ocean, you keep an eye out for whales. Likewise, on a ranking like this, it’s interesting to look out for the big pure-play companies with high sustainable revenue and investment. One major standout in the clean-energy revolution is LG Energy Solution (#14), the battery arm of LG Corp., which has grown its manufacturing business by securing long-term supply agreements with major global automakers including General Motors, Stellantis and Hyundai. LG now boasts joint-venture gigafactories in North America and Europe alongside Asia to meet surging demand. The company has also capitalized on the rapid global build-out of grid-scale and commercial energy storage, emerging as one of the leading suppliers for utilities and renewable projects.

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This marks a shift: the world is going “post-America” just as it once went “post-Soviet.” Global attention is turning to the markets that matter – and they’re in Asia. This vast region, home to half the world’s population, is seeing the future unfold: the rooftop solar revolution is just beginning to accelerate.

With U.S. tariff barriers changing by the day, manufacturers in Cambodia, Vietnam, Malaysia and Thailand are competing with one another and China to sell clean energy tech to regional peers. China is investing in production capacity, such as battery factories in Indonesia and EV production in Pakistan. The result: nations once dependent on fossil fuel imports are starting to trade in technologies that make them energy independent. This is akin to the investment India made in coal production in the 1970s following the “oil shock” of the era.

Even before U.S. tariffs, the tide was turning. In 2024, the Asian Development Bank (ADB) mobilized a record US$8.7 billion in non-sovereign co-financing, much of it for private-sector clean energy in Asia and the Pacific. A key example is Thailand’s Gulf solar and battery energy storage project, backed by $260 million from ADB and $529 million from other partners.

China is crushing it . . .

China is turning a critical corner. With massive manufacturing and clean energy deployment, it may finally be reducing coal dependence. In 2024 alone, China installed 120 gigawatts (GW) of rooftop solar, denting coal demand by 1%. Paired with growing use of electric arc furnaces for steel and structural changes in the economy, the first quarter of 2025 might mark China’s peak in coal emissions.

Even more important: China’s green exports are booming. Since 2023, more than US$150 billion in foreign direct investment has flowed into its “new energy economy” – EVs, batteries, photovoltaic, wind and more. In 2024, most solar exports went to Global South countries for the first time. And the Belt and Road Initiative now prioritizes “new energy” financing.

What about the rest of the region?

South Asia is rising too. Pakistan leads, but Bangladesh and India are scaling fast. India’s solar mission includes 10 million solar roofs. In the fourth quarter of 2024 alone, India added 1.3 GW of rooftop solar – up 64% from the third quarter and more than 219% year-on-year.

Pakistan will double solar installations in 2025

Pakistan’s solar boom, which surged in 2024, shows no signs of slowing in 2025. Based on first-quarter import data, the country may double its solar installations this year. At around 10 cents per watt, solar capacity is being deployed rapidly as citizens abandon an unaffordable grid. In Karachi, where nights can stay over 40°C, cooling is essential. Like California and Australia, Pakistan is learning to pair solar with storage to balance the grid. And any reduction in coal use will bring relief to some of the world’s worst urban air pollution.

AC demand will dwarf AI data centre needs

Air conditioning demand – especially in megacities like Singapore, Lahore, Bangkok and Jakarta – will drive rooftop solar adoption in Asia. Historically low electricity consumption is set to rise, with AC demand dwarfing debates in the West over whether data centres will require more power. In Asia, it’s about AC, not DC.

ASEAN takes off

Southeast Asia is just getting started. Generation in the ASEAN region (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam) was 26% renewable in 2024, well below the global average of 40%, according to the global energy think tank Ember. With 690 million people and expected sixfold growth in energy demand, the region is ripe for a solar surge. There’s more than 30,000 GW of potential known in the region, with only 26.6 GW of installed capacity.

Watch as these dynamic economies move to the average world capacity with the lowest cost source and then to achieve abundance. Vietnam has unlocked direct solar contracts for businesses; Malaysia has launched a new solar program; and Indonesia is surely going to catch up when its friends from Saudi Arabia to Australia are charging ahead.

Australia’s drive to be a renewable-energy superpower

Australia, with its world-leading rooftop solar penetration, is a postcard from the future. South Australia now runs a grid with the highest solar, wind and battery penetration, and no baseload. Last month, South Australia recorded its biggest drop in power prices. And as of December last year it had the most stable electricity supply in the national electricity market.

Combine that kind of know-how with the political will of the newly re-elected Labor government to become a renewable power and you have a huge role for the land down under. Australia’s job now is to share its grid-integration know-how and low-cost clean energy products with the world.

This article was produced by and is copyright of Climate and Capital Media. It has been edited to conform with Corporate Knights style. Read the original article here. It has been republished with permission. 

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Fresh from a landslide election victory in April, South Korean President Moon Jae-in is promising to launch a “Green New Deal” that aims to provide economic stimulus while putting the country on track for net-zero emissions by 2050.

Around the world, national and sub-national governments are grappling with the need to stabilize their economies with emergency financing to support individuals and businesses that are being devastated by shuttered economies. As they plan longer-term stimulus packages, a growing group of them – from the European Union to New York State – are insisting that stimulus spending and tax measures must be consistent with net-zero goals.

On May 27, the European Commission proposed a €750 billion ($1.15 trillion) stimulus package in which 25% is allocated to green projects, ranging from zero-emission infrastructure to building retrofits to construction of 15 gigawatts of renewable power generation over two years.

Institutions like the International Monetary Fund (IMF), the World Bank and the International Energy Agency (IEA) are urging governments to use the opportunity to accelerate the transition to a net-zero-emissions world.

“If this recovery is to be sustainable – if our world is to become more resilient – we must do everything in our power to promote a ‘green recovery,’” IMF managing director Kristalina Georgieva-Kinova told an online climate conference in April. “In other words, taking measures now to fight the climate crisis is not just a ‘nice-to-have.’ It is a ‘must-have’ if we are to leave a better world for our children.”

In South Korea, President Moon’s Democratic Party of Korea launched its environmental platform in March as the country was successfully locking down to prevent the spread of COVID-19. The platform includes plans for a carbon tax, the end to public financing of coal-based electricity, major investments in green energy infrastructure, and transitional training for the work-force.

South Korea – the world’s seventh largest greenhouse gas (GHG) emitter – also became the first East Asian nation to commit to achieve net-zero carbon emissions by 2050, a target that Canada’s Liberal government has also embraced.

“South Korea is about to lead Asia in charting a course away from an energy mix that has fuelled unprecedented growth but also accelerated climate change,” Chaoni Huang, head of sustainable investing in Asia for French bank BNP Paribus, wrote in the Nikkei Asian Review.

Fatih Birol, executive director of the International Energy Agency, has called on governments to focus their recovery efforts on clean energy projects in order to speed up the transition to a net-zero economy.

Current national commitments under the 2015 Paris Accord are insufficient to meet the goal of holding the global temperature increase to less than 2 degrees Celsius above pre-industrial levels.

The United Nations Framework Convention on Climate Change reports that 110 countries have said they will submit enhanced targets – known as nationally determined contributions, or NDCs – while 124 nations have committed to net-zero emissions by 2050. However, most countries are not yet on track to meet their original targets submitted in 2015, let alone more ambitious ones.

Canada has pledged to improve its 2030 target – which is to reduce GHGs by 30% below 2005 levels by 2030 – and has also committed to carbon neutrality by 2050. However, the two leading global emitters, China and the United States, have done neither.

The European Union has endorsed the net-zero target for 2050, and individual countries are pledging to pursue a green recovery as they attempt to spend their way out of the COVID-19 slump. Several governments – including those of Italy, Germany, Spain and Britain – have announced plans to issue green bonds to help finance green infrastructure projects in 2020.

In response to the COVID pandemic, China is ramping up spending after seeing its economy shrink by 6.8% in the first quarter. Beijing is targeting what’s been termed “neo infrastructure,” which could help cut emissions but isn’t focused on green measures. It includes expanding 5G networks, industrial internet and data centres, as well as boosting rail service and electric vehicle charging stations.

In the U.S., states are taking the lead. New York Governor Andrew Cuomo is promising to speed up approval of low-carbon power projects, including a transmission line to bring power from Quebec to New York City. California Governor Gavin Newsom has assembled a task force to advise on the state’s economic recovery that includes a strong climate lens.

Among South America’s largest economies, Chile has shown the greatest willingness to pursue a low-carbon transition as it battles the economic slowdown. In April, it became the first Latin American country to strengthen its existing commitment to reduce emissions. Chile’s government – which has announced an $11.75 billion stimulus plan – pledged to stabilize its emissions by 2025, and then achieve net-zero peak emissions by 2050.

Shawn McCarthy writes on sustainable finance and climate for Corporate Knights. He is also senior counsel for Sussex Strategy Group.

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