OCTOBER 2023 
Methodology Document
MSCI ESG Research LLC
MSCI ESG Ratings 
Methodology: 
Opportunities in 
Renewable Energy 
Key Issue 
 
MSCI ESG Research LLC 
October 2023

MSCI ESG Ratings Methodology: Opportunities in Renewable Energy Key Issue | October 
2023
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Introduction ................................................................................... 3 
Opportunities associated with this Key Issue ............................. 4 
Opportunities in Renewable Energy Key Issue Score .................. 4 
Opportunities in Renewable Energy Management Score ........... 5 
Management Score category: Strategy Score ......................... 5 
Management Score category: Programs & Initiatives Score ... 6 
Management Score category: Performance Score .................. 7 
Opportunities in Renewable Energy Exposure Score .................. 7 
Business Exposure Score .......................................................... 8 
Business Segment Exposure Scores ..................................... 9 
Geographic Exposure Score ...................................................... 9 
Geographic Segment Exposure Scores ............................... 10 
Data Sources ............................................................................ 11 
 
 
 
Contents

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Introduction 
This document provides essential information on the components of the 
Opportunities in Renewable Energy Key Issue to enable users of ESG Ratings to 
understand how our outputs are determined. Opportunities in Renewable Energy is a 
Key Issue in the Environmental Pillar of the MSCI ESG Ratings model. Companies are 
evaluated on their positioning to meet market demand for renewable power through 
capacity additions and network expansion. 
For additional details on the MSCI ESG Ratings Model, refer to Section 2, Data, 
ratings and scores, of “ESG Ratings Methodology.” 
Exhibit 1: MSCI ESG Key Issue hierarchy 
3 Pillars 
10 Themes 
33 ESG Key Issues 
Environmental 
Climate Change 
Carbon Emissions 
Climate Change Vulnerability 
Financing Environmental Impact 
Product Carbon Footprint 
Natural Capital 
Biodiversity & Land Use 
Raw Material Sourcing 
Water Stress 
Pollution & Waste 
Electronic Waste 
Packaging Material & Waste 
Toxic Emissions & Waste 
Environmental 
Opportunities 
Opportunities in Clean Tech 
Opportunities in Green Building 
Opportunities in Renewable Energy 
Social 
Human Capital 
Health & Safety 
Human Capital Development 
Labor Management 
Supply Chain Labor Standards 
Product Liability 
Chemical Safety 
Consumer Financial Protection 
Privacy & Data Security 
Product Safety & Quality 
Responsible Investment 
Stakeholder Opposition 
Community Relations 
Controversial Sourcing 
Social Opportunities 
Access to Finance 
Access to Health Care 
Opportunities in Nutrition & Health 
Governance 
Corporate Governance 
Board

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3 Pillars 
10 Themes 
33 ESG Key Issues 
Pay 
Ownership & Control 
Accounting 
Corporate Behavior 
Business Ethics 
Tax Transparency 
 
 
Opportunities associated with this Key Issue 
• 
Increased revenues from utilizing public subsidies. 
• 
Increased revenue due to changing consumer demand. 
• 
Increased access to markets due to renewable power generation mandates 
(state, national or regional objectives). 
• 
Increased market share in specific market segments due to early-mover 
status. 
 
Opportunities in Renewable Energy Key Issue Score 
The Opportunities in Renewable Energy Key Issue Score evaluates the company’s 
level of exposure to, and management of, opportunities on this Key Issue. The Key 
Issue Score on this Key Issue is based on the Exposure Score and the Management 
Score using the formula below. The Exposure Score and the Management Score are 
combined such that the Exposure Score determines the weight placed on the 
Management Score, ranging from 50% (when the Exposure Score is equal to zero) to 
100% (when the Exposure Score is equal to 10).  
𝐾𝐾𝐾𝐾𝑖𝑖 = ቆ൬𝐸𝐸𝐸𝐸𝐸𝐸𝑖𝑖
20 + .5൰× 𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝑖𝑖ቇ+ ቆ൬. 5 −𝐸𝐸𝐸𝐸𝐸𝐸𝑖𝑖
20 ൰× 5ቇ 
Where: 
• 
𝐾𝐾𝐾𝐾𝑖𝑖 is the Key Issue Score for company 𝑖𝑖. 
• 
𝐸𝐸𝐸𝐸𝐸𝐸𝑖𝑖 is the Exposure Score for company 𝑖𝑖. 
• 
𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝑖𝑖 is the Management Score for company 𝑖𝑖.

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Opportunities in Renewable Energy Management 
Score 
The Opportunities in Renewable Energy Management Score evaluates the company’s 
ability to manage its exposure to opportunities on this Key Issue. It is based on an 
average of the scores associated with each of the Management Score categories 
listed below. These scores are derived from data points that are scored on a 0-10 
scale, with 10 corresponding to best practice and 0 corresponding to lack of 
management. Refer to Section 3.3, Analyzing risk management, of “ESG Ratings 
Methodology” for additional details. Sources are company disclosures except where 
otherwise indicated. The following formula is used to calculate the Opportunities in 
Renewable Energy Management Score: 
𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝑂𝑂𝑂𝑂𝑂𝑂,𝑖𝑖= 𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑂𝑂𝑂𝑂𝑂𝑂,𝑖𝑖+ 𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑂𝑂𝑂𝑂𝑂𝑂,𝑖𝑖  + 𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑂𝑂𝑂𝑂𝑂𝑂,𝑖𝑖
3
 
Where: 
• 
𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝑂𝑂𝑂𝑂𝑂𝑂,𝑖𝑖 is the Opportunities in Renewable Energy Management Score for 
company 𝑖𝑖. 
• 
𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑂𝑂𝑂𝑂𝑂𝑂,𝑖𝑖 is the Strategy Score for company 𝑖𝑖. 
• 
𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑂𝑂𝑂𝑂𝑂𝑂,𝑖𝑖 is the Programs & Initiatives Score for company 𝑖𝑖. 
• 
𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑂𝑂𝑂𝑂𝑂𝑂,𝑖𝑖 is the Performance Score for company 𝑖𝑖. 
 
The following data points, without constituting an exhaustive list, are representative 
of the inputs to the Management Score and are used in the Management Score 
calculation: 
Management Score category: Strategy Score 
• 
Targets to increase renewable capacity. 
Definition: Indicates whether the company has disclosed quantitative targets 
to increase renewable energy capacity. Includes targets referring to owned 
capacity only, i.e., excluding purchasing agreements. Applies to companies 
with an electricity generation business only. 
 
• 
Internal structures to develop renewable capacity.

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Definition: The company’s established internal structures related to 
developing renewable capacity. Best practice is to have a dedicated 
renewable energy subsidiary or be wholly involved in renewables. Applies to 
companies with an electricity generation business only.  
 
• 
Investments to increase connection of renewable power to electric grid.  
Definition: Indicates whether the company has made investments related to 
the increased connection of renewable power to the electric grid. Applies to 
companies with an electricity transmission or distribution business only. 
 
• 
Ratio of planned additional renewable electricity generation to current total 
capacity. 
Definition: The ratio of the company’s planned additional renewable 
electricity generation capacity to the company’s current total electricity 
generation capacity. 
 
Management Score category: Programs & Initiatives Score 
• 
Commercializes renewable power equipment. 
Definition: Indicates whether the company implements programs that involve 
the installation of equipment used in renewable energy generation. 
 
• 
Offers customers a green power option. 
Definition: Indicates whether the company offers its customers the option to 
purchase power from renewable generation sources. Applies to companies 
with an electricity supply business only. 
 
• 
Extent of integrating renewable energy technology with other industries. 
Definition: Assesses the extent to which the company integrates renewable 
energy technology with other industries (e.g., with car manufacturers, energy 
storage). Expressed as a 0-10 score, where 10 indicates strong evidence of 
partnerships with other businesses and that research and development is 
heavily focused on renewable power integration into other industries.

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Management Score category: Performance Score 
Assesses the company’s performance on opportunities in renewable energy 
metrics (including renewable capacity and percentage change in the 
proportion of renewable capacity to total generation capacity) relative to its 
peers. Expressed as a 0-10 score, where 10 indicates the highest level of 
performance.  
Representative performance metrics: 
• 
Renewable capacity (megawatts and percentage) 
o 
Wind. 
o 
Solar. 
o 
Geothermal. 
o 
Biomass. 
o 
Waste energy. 
o 
Wave tidal. 
o 
Hydroelectric. 
o 
Other renewable. 
o 
Total renewable capacity (including hydroelectric). 
• 
Percentage change in the proportion of renewable capacity to total 
generation capacity since 2005. 
 
Opportunities in Renewable Energy Exposure Score 
The Opportunities in Renewable Energy Exposure Score evaluates the company’s 
exposure to opportunities on this Key Issue. It is based on the Business and 
Geographic Exposure Scores. The Geographic Exposure Score functions as a 
multiplier on the Business Exposure Score, with an impact ranging from -50% to 
+50%. The Business and Geographic Exposure Scores are scored on a 0-10 scale, 
with 10 corresponding to the highest opportunity and 0 corresponding to the lowest 
opportunity. Refer to Section 3.2, Analyzing risk exposure, of “ESG Ratings 
Methodology” for additional details. The following formula is used in the Exposure 
Score calculation:

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𝐸𝐸𝐸𝐸𝐸𝐸𝑂𝑂𝑂𝑂𝑂𝑂,𝑖𝑖= 𝐵𝐵𝐵𝐵𝐵𝐵𝑂𝑂𝑂𝑂𝑂𝑂,𝑖𝑖(1 + 0.1൫𝐺𝐺𝐺𝐺𝐺𝐺𝑂𝑂𝑂𝑂𝑂𝑂,𝑖𝑖−5൯) 
Where: 
• 
𝐸𝐸𝐸𝐸𝐸𝐸𝑂𝑂𝑂𝑂𝑂𝑂,𝑖𝑖 is the Opportunities in Renewable Energy Exposure Score of 
company 𝑖𝑖. 
• 
𝐵𝐵𝐵𝐵𝐵𝐵𝑂𝑂𝑂𝑂𝑂𝑂,𝑖𝑖 is the Business Exposure Score of company 𝑖𝑖. 
• 
𝐺𝐺𝐺𝐺𝐺𝐺𝑂𝑂𝑂𝑂𝑂𝑂,𝑖𝑖 is the Geographic Exposure Score of company 𝑖𝑖. 
 
Exhibit 2: Exposure Score components 
 
Business Exposure Score 
The Business Exposure Score is a weighted average of the Business Segment 
Exposure Scores of a company’s business segments. Scores are weighted by the 
proportion of a company’s total revenue in each business segment using the 
following formula to calculate the Business Exposure Score: 
𝐵𝐵𝐵𝐵𝐵𝐵𝑂𝑂𝑂𝑂𝑂𝑂,𝑖𝑖= ෍
𝑤𝑤𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅,𝑖𝑖,𝑗𝑗𝐵𝐵𝐵𝐵𝐵𝐵𝑂𝑂𝑂𝑂𝑂𝑂,𝑗𝑗
𝑛𝑛𝑖𝑖
𝑗𝑗=1
 
Opportunities in 
Renewable Energy 
Exposure Score 
Geographic Exposure 
Score 
Business Exposure 
Score 
Business Segment 
Exposure Score 
Geographic Segment 
Exposure Scores 
Exposure to Power 
Generation 
Government 
Incentives for 
Renewable Energy

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Where:  
• 
𝐵𝐵𝐵𝐵𝐵𝐵𝑂𝑂𝑂𝑂𝑂𝑂,𝑗𝑗 is the Business Segment Exposure Score for the business segment 𝑗𝑗. 
• 
𝑤𝑤𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅,𝑖𝑖,𝑗𝑗 is the weight of business segment 𝑗𝑗 for company 𝑖𝑖 based on the 
contribution to total company revenue.  
• 
𝑛𝑛𝑖𝑖 is the number of business segments of company 𝑖𝑖. 
 
Business Segment Exposure Scores 
The Business Segment Exposure Score of a business segment is based on a mapping 
of the business segment as disclosed by the company to a corresponding business 
activity. MSCI ESG Research uses the Standard Industrial Classification (SIC) system 
along with industry-specific adjustments to define business activities. The score 
associated with a business activity is used to calculate a Business Segment Exposure 
Score. The Business Segment Exposure Score is determined by a qualitative 
assessment of whether a business activity has a core involvement in power 
generation. A higher involvement will result in a higher exposure score for the business 
activity. 
 
Geographic Exposure Score 
The Geographic Exposure Score is a weighted average of the Geographic Segment 
Exposure Scores of the countries and regions in which a company operates. Scores 
are weighted by the proportion of a company’s total revenue in each geographic 
segment through the following equation:  
𝐺𝐺𝐸𝐸𝐸𝐸𝑂𝑂𝑂𝑂𝑂𝑂,𝑖𝑖= ෍
𝑤𝑤𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅,𝑖𝑖,𝑟𝑟𝐺𝐺𝐺𝐺𝐺𝐺𝑂𝑂𝑂𝑂𝑂𝑂,𝑟𝑟
𝑛𝑛𝑖𝑖
𝑟𝑟=1
 
Where:  
• 
𝐺𝐺𝐺𝐺𝐺𝐺𝑂𝑂𝑂𝑂𝑂𝑂,𝑟𝑟 is the Geographic Segment Exposure Score in region 𝑟𝑟 for 
company 𝑖𝑖. 
• 
𝑤𝑤𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅,𝑖𝑖,𝑟𝑟 is the weight of total revenue in region 𝑟𝑟 for company 𝑖𝑖. 
• 
𝑛𝑛𝑖𝑖 is the number of geographic segments for company 𝑖𝑖.

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For geographic segments reported as regions (example: Asia Pacific), a nominal GDP-
weighted country aggregation is used to calculate region-level scores, using the 
following equation: 
 
𝐺𝐺𝐺𝐺𝐺𝐺𝑂𝑂𝑂𝑂𝑂𝑂,𝑟𝑟= ෍
𝑤𝑤𝐺𝐺𝐷𝐷𝑃𝑃,𝑟𝑟,𝑐𝑐𝐺𝐺𝐺𝐺𝐺𝐺𝑂𝑂𝑂𝑂𝑂𝑂,𝑐𝑐
𝑛𝑛𝑟𝑟
𝑐𝑐=1
 
Where: 
• 
𝐺𝐺𝐺𝐺𝐺𝐺𝑂𝑂𝑂𝑂𝑂𝑂,𝑟𝑟 is the Geographic Segment Exposure Score of region 𝑟𝑟. 
• 
𝐺𝐺𝐺𝐺𝐺𝐺𝑂𝑂𝑂𝑂𝑂𝑂,𝑐𝑐 is the Geographic Segment Exposure Score of country 𝑐𝑐. 
• 
𝑤𝑤𝐺𝐺𝐺𝐺𝐺𝐺,𝑟𝑟,𝑐𝑐 is the specific weight of country 𝑐𝑐 within region 𝑟𝑟. 
 
Geographic Segment Exposure Scores 
The Geographic Segment Exposure Score is determined by the incentives provided 
by a country to expand renewable power generation capacity.  
𝐺𝐺𝐺𝐺𝐺𝐺𝑂𝑂𝑂𝑂𝑂𝑂,𝑐𝑐= 𝑇𝑇𝑇𝑇𝑐𝑐+ 𝑅𝑅𝑅𝑅𝑅𝑅𝑐𝑐 
Where: 
• 
𝑇𝑇𝑇𝑇𝑐𝑐 is the Total Incentives Score for country 𝑐𝑐. 
• 
𝑅𝑅𝑅𝑅𝑅𝑅𝑐𝑐 is the Renewable Energy Outlook for country 𝑐𝑐. 
 
The following types of regulatory, fiscal and public financing incentives are 
considered for the Total Incentives Score: 
1. Feed-in tariffs 
2. Tradable energy certificates 
3. Renewable portfolio standards 
4. Capital subsidies, grants or rebates 
5. Investment tax credits 
6. Sales tax credits 
7. Tax exemptions/reductions 
8. Public investment loans

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9. Public competitive bidding 
 
The Total Incentives Score measures the number of incentives provided by a 
country. Provision of more incentives results in a higher opportunity score for a 
country.  
The Renewable Energy Outlook for a country is based on a qualitative assessment by 
MSCI ESG Research on the planned renewable capacity additions and investments in 
renewable power generation in the country. 
Data Sources 
The following sources are used to determine the Climate Change Vulnerability 
Exposure Score: 
Refinitiv, MSCI ESG Research, company disclosures, Renewable Energy Policy 
Network for the 21st Century.

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Contact us 
msci.com/contact-us 
 
 
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* toll-free 
 
About MSCI 
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About MSCI ESG Research Products and Services  
MSCI ESG Research products and services are 
provided by MSCI ESG Research LLC, and are 
designed to provide in-depth research, ratings and 
analysis of environmental, social and governance-
related business practices to companies 
worldwide. ESG ratings, data and analysis from 
MSCI ESG Research LLC. are also used in the 
construction of the MSCI ESG Indexes. MSCI ESG 
Research LLC is a Registered Investment Adviser 
under the Investment Advisers Act of 1940 and a 
subsidiary of MSCI Inc. 
 
To learn more, please visit www.msci.com.

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