Best Green Energy Stocks for Ethical Investors (2026)
Investing in green energy sounds like an easy ethical win. Solar panels, wind turbines, clean hydrogen — these are companies building the future, right?
Not always. Some renewable energy companies score poorly on worker rights, supply chain transparency, or corporate governance. A company can manufacture solar panels while relying on forced labour in its supply chain. It can build wind farms while fighting indigenous land rights.
We scored the world's leading clean energy companies across 11 independent ethical dimensions using court filings, regulatory records, investigative journalism, and NGO reports. Here are the companies that score highest — not just on environmental impact, but across the full ethical picture.
1. First Solar (FSLR) — Average Score: +13.2
First Solar leads our green energy ranking with the highest average score and a standout performance on ethical sourcing.
| Dimension | Score |
|---|---|
| Fair Trade & Ethical Sourcing | +60 |
| Planet-Friendly Business | +40 |
| Honest & Fair Business | +30 |
| Respect for Cultures & Communities | +25 |
| Better Health for All | +10 |
First Solar's +60 on ethical sourcing is the highest in our clean energy ranking. As a US-based manufacturer of thin-film solar panels, the company has actively positioned itself as an alternative to polysilicon supply chains that have faced scrutiny over labour practices. Its governance score of +30 reflects a clean regulatory record.
View First Solar's full score breakdown →
2. Enphase Energy (ENPH) — Average Score: +12.3
Enphase, the microinverter manufacturer, scores second-highest with strong sustainability metrics and broad positive performance.
| Dimension | Score |
|---|---|
| Zero Waste & Sustainable Products | +60 |
| Planet-Friendly Business | +30 |
| Respect for Cultures & Communities | +25 |
| Honest & Fair Business | +20 |
| No War, No Weapons | +10 |
Enphase's +60 on sustainable products reflects its focus on product longevity and circular design. Notably, it scores positively on 9 out of 11 dimensions — the broadest positive spread in our clean energy ranking.
View Enphase Energy's full score breakdown →
3. Enlight Renewable Energy (ENLT) — Average Score: +10.0
Enlight, the Israeli renewable energy developer, earns a notable score on the weapons dimension.
| Dimension | Score |
|---|---|
| No War, No Weapons | +80 |
| Planet-Friendly Business | +40 |
Enlight's +80 on the No War, No Weapons dimension is among the highest scores we record for any company on any dimension. Combined with a +40 on planet-friendly operations, Enlight demonstrates that renewable energy developers can maintain strong ethical positions across multiple dimensions.
View Enlight's full score breakdown →
4. Orsted (D2G.XETRA) — Average Score: +7.3
Orsted, the Danish offshore wind leader, earns the highest environmental score in our green energy ranking.
| Dimension | Score |
|---|---|
| Planet-Friendly Business | +70 |
| Better Health for All | +10 |
| Fair Pay & Worker Respect | +10 |
Orsted's +70 planet score is the highest environmental score of any company in this ranking. The company's transition from fossil fuels to offshore wind — one of the most significant corporate energy transitions on record — is reflected in independent data.
View Orsted's full score breakdown →
5. SSE (SSE.LSE) — Average Score: +5.9
SSE, the Scottish energy company focused on renewables and networks, demonstrates balanced performance across multiple dimensions.
| Dimension | Score |
|---|---|
| Fair Pay & Worker Respect | +30 |
| Planet-Friendly Business | +30 |
| Respect for Cultures & Communities | +25 |
| Fair Money & Economic Opportunity | +10 |
SSE is the only utility in our top 10 to score +30 on worker respect. Its community relations score of +25 also stands out for an energy company that develops large infrastructure projects.
View SSE's full score breakdown →
6. Iberdrola (IBE1.XETRA) — Average Score: +5.0
Iberdrola, the Spanish renewables giant and one of the world's largest wind energy producers, scores well on environment and community relations.
| Dimension | Score |
|---|---|
| Planet-Friendly Business | +40 |
| Respect for Cultures & Communities | +25 |
| Better Health for All | +20 |
| Zero Waste & Sustainable Products | +10 |
Iberdrola's environmental score of +40 reflects its significant renewable generation capacity. However, scores of -20 on both worker respect and tech safety indicate areas where independent data has identified concerns.
View Iberdrola's full score breakdown →
7. Renew Energy Global (RNW) — Average Score: +3.6
Renew Energy Global, the Indian renewable energy independent power producer, earns a clean profile with no negative scores.
| Dimension | Score |
|---|---|
| Planet-Friendly Business | +40 |
Renew scores +40 on environmental performance and zero across all other dimensions — no negatives anywhere. For investors seeking clean energy exposure without hidden ethical concerns, this clean-sheet profile is notable.
View Renew Energy's full score breakdown →
8. Canadian Solar (CSIQ) — Average Score: +3.6
Canadian Solar, one of the world's largest solar module manufacturers, scores well on sustainability metrics.
| Dimension | Score |
|---|---|
| Zero Waste & Sustainable Products | +40 |
| Planet-Friendly Business | +30 |
The sustainability score of +40 reflects Canadian Solar's manufacturing scale and product recycling initiatives. However, the company scores -20 on tech safety and -10 on worker respect, which bring the average down.
View Canadian Solar's full score breakdown →
9. ITM Power (IJ8.XETRA) — Average Score: +3.6
ITM Power, the UK-based green hydrogen electrolyser manufacturer, demonstrates a clean ethical profile.
| Dimension | Score |
|---|---|
| Honest & Fair Business | +20 |
| Planet-Friendly Business | +10 |
| Zero Waste & Sustainable Products | +10 |
ITM Power's governance score of +20 leads its profile. As a pure-play hydrogen technology company, it operates in a lower-risk ethical environment with no identified negative flags.
View ITM Power's full score breakdown →
10. GE Vernova (GEV) — Average Score: +1.8
GE Vernova, the energy-focused spinoff of General Electric, rounds out our top 10 with strong scores on environment and tech safety, balanced by supply chain concerns.
| Dimension | Score |
|---|---|
| Planet-Friendly Business | +30 |
| Safe & Smart Tech | +30 |
| Better Health for All | +10 |
| No War, No Weapons | +10 |
GE Vernova's +30 on both environment and tech safety reflects its wind turbine and grid technology focus. Its -40 on ethical sourcing is the trade-off — legacy supply chain complexities from its GE heritage bring down the overall average.
View GE Vernova's full score breakdown →
What About NextEra Energy?
NextEra Energy (NEE), America's largest renewable energy generator, did not make our top 10 despite a respectable +30 on planet-friendly business. Its average was pulled down by a -30 on community respect and -20 on governance, based on regulatory proceedings and community impact findings in public records.
View NextEra's full score breakdown →
Green Does Not Automatically Mean Ethical
This ranking illustrates an important principle: building renewable energy products does not guarantee high ethical scores across all dimensions. Supply chain practices, worker treatment, corporate governance, and community impact all matter.
A company can produce solar panels while scoring poorly on labour rights. It can build wind farms while scoring poorly on community relations. The environmental score is only one of 11 dimensions we measure.
Check Your Green Energy Holdings
If you hold green energy ETFs or individual clean energy stocks, do you know how they score across all 11 ethical dimensions?