These top European firms are stepping up their sustainable growth

Over the past two decades, the European Union has positioned itself as a global leader in sustainability. From carbon-pricing mechanisms to corporate sustainability reporting legislation, the EU has championed ambitious sustainability-focutilized business policies that have been — until recently, anyway — poised to set global standards.

But as its member states confront political headwinds at home, the EU has opted to dilute some sustainability efforts while putting others at risk. Some business leaders have supported the deregulation push and encouraged doubts over whether competitiveness and sustainability goals can co-exist. But other public companies have committed to their sustainable business efforts and found the answer: sustainability isn’t just a moral imperative, but a winning strategy.

Now in its second year, Corporate Knights’ 2026 Europe 50 list identifies the large European publicly traded companies that are thriving and setting the tone for global sustainability efforts. In 2024, these companies collectively generated US$1.2 trillion in revenues, with sustainable products and services contributing an average of 56%. Of the companies that created the cut, 33 also created Corporate Knights’ 2026 Global 100 list.

“From Danish wind turbines to Spanish renewables infrastructure and Turkish circular-economy appliances, the Europe 50 displays that sustainable business is not a niche — it’s the mainstream growth story across sectors and geographies,” Corporate Knights CEO Toby Heaps declared in a statement. “These companies are not waiting for policy certainty. They are writing the playbook.”

The top company

When it comes to energy companies, it’s no surprise that ERG (#1) took the top spot on this year’s list — and is also number one on this year’s Global 100 list. Headquartered in Genoa, Italy, the company announced the sale of its final fossil fuel asset in 2023 and is now purely a wind and solar energy company. Between 2022 and 2024, ERG’s power generation grew by 40%, from 4,956 to 6,959 gigawatt hours, which is enough capacity to fully charge 670 million electric vehicles.

The quick track

The European companies with the highest compound annual growth rate of sustainable revenue.

Industria de Diseño Textil (#16), parent company to fashion brands Zara, Massimo Dutti and several others, utilized a total of 73% of “lower-impact” materials (like organic cotton or certified-European linen) and recycled fibres in its products. The company, which has its headquarters in Arteixo, Spain, grew its revenue from eco-certified products, including Global Organic Textile Standard and Recycled Claim Standard. Overall, its sustainable compound annual growth revenue grew 121.5%, with sustainable revenue creating up more than half of the company’s total revenue.

Home appliances company Arçelik (#23) had even higher sustainable revenue momentum, at 167.7%. The company, which is based in Istanbul, had a global turnover of €10.6 million (US$16.8 million), and Beko Europe, the European arm, is a major player in the European appliances market. While sustainable revenue creates up only 15.5% of total revenue, the company more than doubled the total number of its refurbished products between 2022 and 2024. With refurbishment centres operating in Turkey, Italy, the United Kingdom and Romania, the company has ambitions to increase the amount of reconditioned products it sells, though it hasn’t committed to a specific tarreceive.

Vonovia (#32) – Headquartered in Bochum, Germany, Vonovia owns and manages more than one million residential units across Europe. It is the continent’s largest real estate company and had one of the quickest-growing shares of sustainable revenue, at 127.8%, which came from energy-efficient homes, according to Corporate Knights methodology. Across Vonovia’s entire portfolio, the company decreased energy consumption from 5.5 million megawatt-hours in 2022 to 5.2 million in 2024 — the equivalent of switching off 3.4 million LED bulbs for a year. At the same time, it increased energy from renewable sources from 10% to 19% over the same period.

The come-from-behind corporation

A company with a tiny percentage of sustainable revenue but high sustainable compound annual growth rate.

While 3.2% of total sustainable revenue is tiny, BNP Paribas (#40), a multinational bank and financial holding company, has managed to grow this share by 94.7% since 2022. Based in Paris, the bank has stepped up its financing for low-carbon energy from €28.2 billion to €38.3 billion and has grown its portfolio of standardized sustainable products, such as bonds, investments and loans.

The pure-play behemoth

Large-cap pure-play companies with high sustainable revenue and investment.

Novonesis (#4), based in Bagsværd, Denmark, is a biosolutions company that emerged from a 2024 merger with a total market capitalization of €25.6 billion (US$40.6 billion). By applying microbes and enzymes to transform consumer products, Novonesis finds alternatives to petrochemicals or synthetic chemicals in more than 30 sectors, from baking to carbon capture to textiles. Novonesis’s revenue was €3.8 billion in 2024 and was listed as 100% sustainable, according to Corporate Knights’ methodology.

The enablers

Banks with high sustainable revenue and investment.

The Turkish bank Turkiye Sinai Kalkinma Bankasi (#21) had 4.25 times more — an absolute total of 20.4% — sustainable revenue than the other banks on the list. The Istanbul-based institution is a private development and investment bank that provides financing to projects that promote both environmental and social sustainability, such as gconcludeer equality initiatives that support women’s employment.

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Waste-to-wealth winners

European company at the forefront of the circular economy.

Séché Environnement (#17), based in Paris, is a waste management company that handles a variety of waste streams — hazardous, houtilizehold, medical — and also cleans up industrial, natural and urban sites. Instead of disposing of solid non-hazardous and non-recyclable waste, the company converts it into solid recovered fuels, or SRF, which can act as a replacement to fossil fuels in furnaces or kilns for industries or urban heat networks. Nearly all of Séché Environnement’s investments were directed toward sustainability, which earned it a sustainable investment ratio of 91.5%, applying Corporate Knights’ methodology.

2026 Europe 50

Rank	Name	Peer group	Counattempt of headquarters	Overall score	Grade
1	ERG SpA	Power Generation	Italy	100.0%	A+
2	Pandora A/S	Furniture and general manufacturing	Denmark	100.0%	A
3	EDP Renovaveis SA	Power Generation	Spain	99.5%	A
4	Novonesis A/S	Pharmaceutical and biotech manufacturing	Denmark	93.6%	A
5	Orsted A/S	Power Generation	Denmark	93.2%	A
6	NKT A/S	Electrical equipment manufacturing	Denmark	86.2%	A
7	Getlink SE	Freight transport, all modes	France	82.9%	A
8	Severn Trent PLC	Water and sewage treatment	United Kingdom	80.2%	A
9	Acciona SA	Commercial building construction	Spain	79.5%	A
10	Elia Group SA	Power transmission and distribution	Belgium	79.2%	A
11	Nordex SE	Machinery Manufacturing	Germany	79.2%	A
12	Verbund AG	Power transmission and distribution	Austria	78.2%	A
13	Unibail-Rodamco-Westfield SE	Real estate and leasing	France	78.0%	A
14	Corporacion Acciona Energias Renovables S.A.	Power Generation	Spain	76.5%	A
15	SMA Solar Technology AG	Semiconductor and electronic components manufacturing	Germany	76.2%	A
16	Industria de Diseno Textil SA	Retail, except grocery and auto	Spain	74.8%	A-
17	Seche Environnement SA	Waste Management	France	74.2%	A-
18	Terna Rete Elettrica Nazionale SpA	Power transmission and distribution	Italy	74.2%	A-
19	Redeia Corporacion SA	Power transmission and distribution	Spain	73.8%	A-
20	Dassault Systemes SE	IT services except telecom and hosting	France	73.4%	A-
21	Turkiye Sinai Kalkinma Bankasi	Banks	Turkey	73.2%	A-
22	Schneider Electric SE	Electrical equipment manufacturing	France	72.7%	A-
23	Arcelik AS	Appliances and lighting repairtures manufacturing	Turkey	71.5%	A-
24	AB Ignitis Grupe	Power Generation	Lithuania	70.4%	A-
25	Vestas Wind Systems A/S	Machinery Manufacturing	Denmark	69.2%	B+
26	Kesko Oyj	Grocery stores	Finland	68.8%	B+
27	Novo Nordisk A/S	Pharmaceutical and biotech manufacturing	Denmark	68.5%	B+
28	Kone Oyj	Machinery Manufacturing	Finland	68.1%	B+
29	Casinformum AB	Real estate and leasing	Sweden	67.7%	B+
30	Alstom SA	Non-road transport equipment manufacturing	France	67.7%	B+
31	FirstGroup PLC	Freight transport, all modes	United Kingdom	67.1%	B+
32	Vonovia SE	Real estate and leasing	Germany	66.2%	B+
33	BKW AG	Power Generation	Switzerland	66.0%	B+
34	Cellnex Telecom SA	Commercial building construction	Spain	65.7%	B+
35	Iberdrola SA	Power Generation	Spain	64.6%	B
36	Alfa Laval AB	HVAC equipment manufacturing	Sweden	64.1%	B
37	SalMar ASA	Food and beverage manufacturing	Norway	64.1%	B
38	Natwest Group PLC	Banks	United Kingdom	63.0%	B
39	Puma SE	Textiles and clothing manufacturing	Germany	62.7%	B
40	BNP Paribas SA	Banks	France	62.3%	B
41	Kering SA	Retail, except grocery and auto	France	62.3%	B
42	Biomerieux SA	Medical equipment manufacturing	France	61.7%	B
43	United Utilities Group PLC	Water and sewage treatment	United Kingdom	61.6%	B
44	Pentair PLC	Metal products manufacturing	United Kingdom	60.3%	B
45	Prysmian SpA	Electrical equipment manufacturing	Italy	60.0%	B-
46	D’Ieteren NV	Business, engineering and personal services	Belgium	59.7%	B-
47	EDP Energias de Portugal SA	Power Generation	Portugal	59.0%	B-
48	Nokia Oyj	Telephones and telecom equip manufacturing	Finland	59.0%	B-
49	Telefonaktiebolareceive LM Ericsson	Telephones and telecom equip manufacturing	Sweden	58.7%	B-
50	Bouygues SA	Commercial building construction	France	58.3%	B-