Global Climate Solution Stocks

Effwa builds water treatment plants in India for a variety of industries. While they do offer some water recycling features, it is not the core driver of their revenue, so we exclude them.

RITES is an Indian consulting firm that specializes in helping plan and build infrastructure. While they do build some railways, most of their revenue comes from other segments like roadways and airports.

Banco Products make heat exchange systems purely for the cooling of combustion engines, so are not involved in any climate solution.

The Tata Power company is a large Indian utility that generates some of its power from hydropower, but most from coal and gas, so we exclude them

Elecon is an Indian manufacturer of gearboxes that transform electricity into mechanical force for a variety of applications. While some are for the grid and renewables, many are for other industries like cement. They do not provide a breakdown of end-use, so we exclude them for now.

Amara Raja is a large battery manufacturer in India. While it seems they are expanding into Lithium Ion batteries used in EVs and energy storage, as of our 2025 review, 96% of their revenue comes from lead-acid batteries that are used in traditional applications like automotive, so we exclude them.

Exide Industries is a large battery manufacturer in India that does generate batteries for EVs, e-rickshaws, and energy storage, but they build more products for traditional battery uses like automotive and backup devices inside industrial devices, which are not climate solutions, so we exclude them for now.

Triveni Turbine is an Indian producer of generators and electrical turbines. While some are built for low-carbon fuels, most are for traditional fossil fuels, so we exclude them.

Gujarat Mineral Development is an Indian mining company that extracts and refines many materials. One is uranium, which is a climate solution, but they generate far more revenue from others like coal.

Swelect Energy Systems is an Indian provider of solar panels and installation services, helping the Indian grid run more off of renewable energy than fossil fuels.

KEI Industries is an Indian wire and cabling manufacturer that generates most of its revenue from providing wires that enable the grid to expand and the electrification of everything.

Advait Energy Transitions is an Indian firm that generates a majority of their revenue from building out the electrical grid in India and developing renewables.

CMI Limited is an Indian manufacturer of electrical cables a majority of which are used to expand the electrical grid and enable the electrification of everything.

BGR Energy is an Indian construction firm that generated more power from building thermal plants and boilers than from construction activities to expand the electrical grid, so we exclude them.

Gravita India specializes in recycling lead and aluminum back into raw forms so that it can be used again, thus reducing the demand for virgin metals.

CG Power is an Indian manufacturer of electrical equipment, a majority of which is used to expand the grid, electrify trains, and enable the electrification of heavy industry.

Taylormade Renewables makes a variety of systems for turning things like seawater or contaminated water into fresh drinking water. While desalination is certainly a climate adaptation solution, they do not make any climate solutions that mitigate climate change directly as far as we can tell.

TD Power Systems makes the electrical generators that turn things like wind, hydro, and gas into electricity. Despite looking hard, we could not find a revenue breakdown of which segments they generate more revenue from, so we exclude them for now.

Adani Enterprises is one of the massive Indian conglomerates. While it does generate revenue from the hydrogen and solar industry, it generates far more from coal, so we exclude it