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Oil Price Rise Stimulates Renewables, Climate Solutions Growth

Media and research company Corporate Knights has released its 2023 Global 100 list, highlighting the most sustainable companies of 2023. The list is led by US metals recycler Schnitzer Steel, with Ralph Torrie, Research Director at Corporate Knights, asserting that the global rise in oil prices has played a key role in the growth of renewables, smart buildings, electric vehicles and other climate solutions. Sustainable revenue now comprises half of gross revenue for the Global 100 firm compared to just 5% for the wider benchmark, with sustainable investment showing a similar trend. “Global 100 companies are providing the products and services that are needed for the sustainability transition and that will form the basis of the emerging 21st-century economy,” said Torrie. “They’ve outperformed the market through these last few tumultuous years.” 

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