January 2024

Green Revenues Data Model
Methodology

Methodology

Table of Contents
Overview ................................................................................................................................................................................... 3
Key features ............................................................................................................................................................................. 4
Data structure ........................................................................................................................................................................... 5
Research and Calculation process ........................................................................................................................................... 7
Quality measures ...................................................................................................................................................................... 9
Overview and history .............................................................................................................................................................. 10
Governance ............................................................................................................................................................................ 12
Tiering..................................................................................................................................................................................... 12

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Methodology

Section 1

Introduction
Overview
The greening of the global economy, in response to the threat of climate change and other environmental
challenges, presents myriad opportunities to investors. However, investors and policymakers face a common
challenge: How can green business activities be systematically identified, categorized, and measured acrossdiverse sectors and supply chains to mobilize investment at scale?
The FTSE Russell Green Revenues Data Model provides investors with a highly granular and flexible dataset forassessing over 19,000 listed companies for revenue exposure to green business activities. It identifies any
company with revenues derived from environmental products and services and classifies the green revenues
based on the Green Revenues Classification System.
FTSE Russell has been at the forefront of research and development of green industrial taxonomies since 2008,
starting with the launch of the FTSE Environmental Markets Index Series. The original Green Revenues data
model was launched in 2015 and continuously enhanced in 2020 and 2021. The updated data model offers
enhanced granularity and usability with an expanded classification system, a robust estimation model and tiering
based on the level of “greenness”.
The Green Revenues Data Model is a useful tool for investors to assess portfolio exposure to climate transition
risks and identify opportunities for investment in companies with green activities. It also provides a practicalsolution to the challenges that financial market participants face in complying with taxonomy regulatory
requirements such as the EU Taxonomy Regulation.
This document presents the Green Revenues Data Model, the Green Revenues Classification System (GRCS),
and the methodology used to generate the Green Revenues data.

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Key features
Define the green economy: FTSE Russell’s Green Revenues is a unique data model enabling users to identify
and quantify revenue exposure to the green economy and measure companies’ progress in achieving green
standards, based on a transparent and robust methodology.
Comprehensive classification: FTSE Russell’s Green Revenues Classification System (GRCS) identifies green
products and services across the whole value chain covering 10 green sectors, 64 subsectors and 133 micro
sectors. The updated data model offers enhanced usability via company point estimates at the company level andbroken down to the sector, subsector, and micro sector level.
Broad coverage and granular data: FTSE Russell Green Revenues data screens over 19,000 listed companies,
covering nearly 99% of total global market capitalization. It provides a detailed breakdown of business activities ofcompanies being identified with green revenues. Green revenue percentages are provided at both micro sector
and company levels.

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Section 2

Green Revenues Data Model
Data structure
FTSE Russell’s Green Revenues Data Model measures
the green revenue exposure of more than 19,000 listedcompanies across 49 developed and emerging markets
based on the FTSE Russell’s Green Revenues
Classification System (GRCS).
Over 4,000 of these companies generate revenues fromgreen products and services. For these companies, theGreen Revenues Data Model provides a detailed
breakdown of green activities and associated revenues,
as well as an overall company green revenue estimate.
Operational since 2015, the data model was
continuously enhanced in 2020 and 2021,
featuring:−

A comprehensive green classification
system with 10 subsectors, 64
subsectors, and 133 micro sectors−

An estimation model based on reported
data, company-specific estimates andsector-specific estimates that delivers
point estimates for all companies−

A green tiering system to allow clients toassess net “greenness” over sevenenvironmental objectives, assigned tothree tiers

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The latest model consists of the following data outputs for each company identified to generate green revenues in
the research universe.
Data fields

Description

Outputs

Green
Revenues
Percentage
and Range

Portion of revenue derived fromgreen activities

Percentage figure at the company level, andbroken down to sector, subsector, and micro
sector levels

Estimate
Type

Type of estimate used to calculate
portion of revenues derived fromgreen activities

Disclosed or Company SpecificTiering

Overall environmental impact
associated with the green activity

Tier 1, Tier 2 or Tier 3

The Green Revenues Data Model is updated on a rolling annual basis. Data sources reviewed and assessed areprimarily publicly disclosed information, such as company websites, Annual Reports, CSR Reports, Sustainability
Reports, Integrated Reports, Corporate Governance Reports, Factsheets, and Compliance handbooks.

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Methodology

Research and Calculation process

Box 1: Example – Company X

1. Semantic screening. Keywords based on the
Company X categorizes its business into
GRCS such as “biofuel” or “electric vehicles” areeight segments – some of which arebeing used for automated screening of corporate
green in their entirety and others which
combine green and non-green activities
disclosures to identify companies involved in green
and reports revenues.
business activities. Any companies with matches
Green segments include Renewable
are then verified by data collectors for actual
Energy, Energy Efficient Lighting andinvolvement in products or services that qualify
Locomotive Manufacturing, providing
under the GRCS.
9.7% of company revenues and the
2. Business segments identification. For thoseminimum green revenue. Additional Power
companies where involvement of green products orand Transportation segments containgreen and non-green activities andservices is confirmed, the company-reported
account for 24.2% of company revenues.
business segments are examined and GRCS
By adding all revenue from theseclassifications are attached to the relevant
segments to the fully green segments
segments. In this process, curators will also assessalready identified, the maximum green
revenue is established as 33.9%.
each reported segment to determine whether it
Company X therefore has a minimum andcontains: (a) non-green activities; (b) a mix of green
maximum green revenue range of 9.7%
and non-green activities; or (c) only green activities.
and 33.9%.
This step allows us to set a minimum and maximum
Information such as technology types,
range for green revenues based on corporate
numbers of product lines and revenues
disclosure levels.
at acquisition are then used to estimate
3. Micro sector breakdown. For the lion’s share ofgreen revenues from the power andtransportation segments at 5.9% andcompanies with green revenues, public disclosures
0.8%, respectively. Adding this to thewill be insufficient to determine exact revenues
revenue from the fully green segmentsfrom individual types of green business activities
yields the more precise company-specific(green ‘micro sectors’). This is because revenue
green revenue estimate of 16.4%.
segments reported by companies typically
Because all of Company X’s activities
aggregate multiple green activities (saythat qualify under the GRCS are also‘renewables,’ comprising wind, solar, and biomass),
eligible under the EU Taxonomy, this isalso represents the estimate of Company
or green and non-green business activities (sayX’s EU taxonomy-aligned revenue.
‘power generation’ consisting of gas, solar, andhydro power). This prevents not only a granular
revenue breakdown across green activities, but inmany cases makes it difficult to establish the overall green revenue for a company.

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In these cases, further research is required to break down the revenues associated with each business segment
to obtain revenues associated with each green micro sector and to establish their share in the company’s overall
revenues. FTSE Russell achieves this through:a. Direct company engagement. All companies are engaged directly by FTSE Russell to verify the green
revenue assessment, and, where required, are asked to confirm the breakdown of revenues by green
activity and the overall green revenue. Guidance documents are provided during company engagement
so companies may better respond with related information within a two-week timeframe.
b. Company-specific estimates. Where companies provide limited revenue disclosures and do notrespond to the request for disclosure, analysts will identify additional data, such as non-revenue data (e.g.
production volumes) or relevant market or peer data (such as market share of a product) that can form areasonable basis for estimating revenues from each green micro sector.

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Quality measures
Quality measures occur in four stages:
1. Analyst Level Quality Controls. An automated quality check with pre-set rules immediately flag data
errors at the point of data entry. This is to ensure accurate research by preventing potential errors prior to
the publication of a company assessment in the system. Automated checks at the point of data entry
consist of the following features:a. 52 system-based checks implemented in the collection UI (such as missing data previously
collected, large fluctuations in data year over year) including restrictions to publication to preserve
the data integrity.
b. Severity levels assigned to system-based checks based including fatal checks (forcing immediate
revision before the company can be published) and forcible checks (allowing the analyst to
surpass this check by providing appropriate justification of the triggered change).
2. Advanced Quality Controls. Analysts conduct a further review, which includes checking accuracy ofdata assessed, consistency in comparison with companies in the same sector group, and companies’
feedback from the direct company engagement process. These checks occur in two phases:a. During the postproduction stage and are based on system logic on data extracted from thedatabase at regular frequency.
b. During manual audits by independent teams and performed by Senior Content Analysts.
The result of these checks is provided as feedback and recorded in a centralized databasefor performance assessments and quality analysis.
3. Company Review of Research. All companies are contacted and given the opportunity to comment on
the accuracy and completeness of the company’s data. Where companies identify pertinent publicly
available information (i.e. information relevant to its assessment), such as revenues or product specificattributes which was not included in the assessment, then the analyst incorporates the applicablechanges and the assessment is updated. FTSE Russell contacts every company and allows them torespond within a two-week timeframe.
4. Management Reviews. Subject matter experts along with collection teams conduct deep divequantitative analysis on the dataset to ensure data consistency and quality across all companies;
examples of analysis include outliers, year on year variations across the dataset, change of micro sectors
and peer comparisons. Additional management reviews include governance checks initiated by internalteams including Product and Content testing teams. All management reviews are centrally conducted todrive improvement actions. Additionally, during these monthly reviews, insights are drawn from audit
findings, client queries, and previous quality stages which are then used to systematically refine data
quality checks throughout the collection and postproduction process.
All data is subject to a final review (which may result in further remedies), defended or remedied before being
delivered for market consumption.

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Section 3

Green Revenues Classification System (GRCS)
Overview and history
FTSE Russell’s Green Revenues Classification System (GRCS) was created to help investors and financial
markets to better identify companies with green products and services, track their performance and facilitate theconstruction of financial products that seek exposure to such companies.
The GRCS identifies green products and services across the whole value chain covering 10 green sectors, 64
subsectors and 133 micro sectors (see Figure 1). When a company’s activity is identified to have green revenues,
it is mapped to one or more micro sectors and then aggregated at the company level.
See Appendix for detailed definitions by GRCS sector, subsector, and micro sectors.

Figure 1 The Green Revenues Classification System
Energy Generation (EG)19

Energy Management andEfficiency (EM)13
Buildings & Property(Integrated)
Controls

Energy Equipment (EQ)
22

Geothermal

Energy Management
Logistics & Support
Industrila Processors

Hydro

IT Processes

Geothermal

NuclearLighting

Hydro

Ocean & Tidal

Power Storage

Nuclear

Solar

Smart & Efficient Grids

Ocean & Tidal

Waste to Energy

Sustainable Property
Operator

Solar

Bio Fuels
Cogeneration
Clean Fossil FuelsWind

Bio Fuels

Enironmental Resources(ER)
11
Advanced & Light Materials

Cogeneration Equipment

Key Raw Minerals & Metals

Environmental Support
Services (ES)5
Environmental
Consultancies
Finance & Investment

Clean Fossil Fuels

Recyclable Products &Materials

Smart City Design &Engineering

Waste & Pollution Control(WP)
Cleaner Power

Fuel Cells

Waste to Energy
Wind

Food Agriculture (FA)Transport Equipment (TE)

Transport Solutions (TS)Agriculture

Aviation

Raiways Operator

Aquaculture

Railways

Road Vehicles

Water Infrastructure &Technology (WI)
Advanced Irrigation Systems& Devices
Desalination

Land Erosion

Road Vehicles

Video Conferencing

Flood Control

Logistics

Shipping

Natural Disaster Response

Decontamination Services &Devices
Environmental Testing &Gas Sensing
Particles & Emission
Reduction Devices
Recycling Equipment

Water Infrastructure

Recycling Services

Water Treatment

Waste Management

Meterologial Solutions

Food Safety, Efficient
Processing & Suistable
Packaging
Sustainable Plantations

Water Utilities

10
SECTORSFTSE Russell

64
SUBSECTORS133
MICRO SECORS
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Methodology

The roots of the GRCS stretch as far as 2008 when FTSE Russell and the Impax Asset Management launched
the Environmental Markets Index Series.1 The collaboration between FTSE Russell and Impax continues today.
The initial Environmental Markets Classification System had a thematic focus on sectors including clean energy,
energy efficiency, water and waste management and were assessed and included in the index family based onrevenue thresholds.2
On this basis, FTSE Russell created the GRCS in 2013 that offered a wider scope and improved granularity. It
provided a broader view of what could be considered green and therefore catered to a wider range of use cases
including portfolio monitoring and reporting, portfolio construction and benchmarks.
The latest iteration of the classification system, GRCS 2.0 was launched in 2020. It takes a broad, bottom-up viewof the green economy, capturing products and services across the whole value chain. These products andservices are analyzed based on their impact on climate change mitigation and adaptation, water, resource use,
pollution, and agricultural efficiency, which are well aligned with the EU’s environmental objectives.
Figure 2: GRCS – a decade of change1

https://www.ftserussell.com/products/indices/env-markets.
Companies are required to have at least 50% of their business derived from environmental markets and technologies to be eligible for the FTSE Environmental Technology
Index Series; at least 20% of their business derived from environmental markets and technologies to be eligible for the FTSE Environmental Opportunities Index Series.
2

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GovernanceAn independent committee structure reflects FTSE Russell’s dedication and commitment to the highest standardsof index governance. The FTSE Russell Sustainable Investment Committee helps FTSE Russell to ensure that
underlying methodologies evolve in line with best practice and investors’ needs.
The discussions and feedback from the advisory committee are a data set on which the FTSE Russell Index
Governance Board draws when making decisions.

For more information, please see the FTSE Russell Governance Framework and the webpage on the External
Advisory Committees.

Tiering
The tiering system identifies the level of “greenness”, or net environmental impact, of companies’ businessactivities and revenues. Each micro sector in the GRCS is assessed against seven environmental objectives:
climate change mitigation, climate change adaptation, pollution prevention and control, protection of healthy
ecosystems, sustainable use and protection of water and marine resources, transition to a circular economy,
waste prevention and recycling, and sustainable and efficient agriculture. Of which, six environmental objectives
are set by the European Commission and aligned with the EU Taxonomy. Sustainable and efficient agriculture,
which accounts for significant environmental benefits, was incorporated as an additional environmental objective.
It plays a key part in the Environmental Markets and Green Revenues classification systems.
Each micro sector is allocated to a tier based on its overall environmental impacts relating to the sevenenvironmental objectives:•••

Tier 1 covers activities (micro sectors) with significant and clear environmental benefits (e.g. EG.08.0
Energy Generation – Solar).
Tier 2 covers activities (micro sectors) with more limited but net positive environmental benefits (e.g.
WI.08.0 Water Utilities).
Tier 3 covers activities (micro sectors) which have some environmental benefits but are overall net
neutral or negative (e.g. EG.06.0 Energy Generation – Nuclear).

The micro sector level tiering and green revenues data allows users to understand the exposure to various levelsof green products and services and provides users the flexibility to focus on activities with higher environmental
impact.

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AppendixDefinitions of GRCS sectors, subsectors, andmicro sectors
Sector EG

Energy Generation

Revenue generating activities from the generation of power from renewable and alternative energy
sources.

Sub-Sector

Micro-sector

Green Tier

Code

Description

Bio Fuels (General)

TIER 3EG.01.0

Revenue generating activities related specifically to the operation andsupply of power generation facilities that utilizes non-fossilized organic
material, with the exception of peat.

Bio GasTIER 2

EG.01.1

Revenue generating activities related specifically to the operation andsupply of power generation facilities that utilizes gas generated
through the active decomposition of organic matter, typically during
landfill processes.

Bio Mass (Grown)

TIER 3EG.01.2

Revenue generating activities related specifically to the operation andsupply of electricity from power generation facilities that utilizes crops
grown as a fuel source.

Bio Mass (Waste)

TIER 2

EG.01.3

Revenue generating activities related specifically to the operation andsupply of electricity from power generation facilities that utilizes
organic byproducts of the agricultural and other systems.

Cogeneration(General)

TIER 2

EG.02.0

Revenue generating activities related specifically to the operation andsupply of power generation where the waste heat is utilized for largescale heating and/or cooling purposes.

Cogeneration(Biomass)

TIER 1

EG.02.1

Revenue generating activities related specifically to the operation andsupply of power generation where primary source is biomass-based,
and where the waste heat is utilized for large-scale heating and/or
cooling purposes.

Cogeneration(Renewable)

TIER 1

EG.02.2

Revenue generating activities related specifically to the operation andsupply of power generation where primary source is renewablesbased, and where the waste heat is utilized for large-scale heating
and/or cooling purposes.

Cogeneration (Gas)

TIER 2

EG.02.3

Revenue generating activities related specifically to the operation andsupply of power generation where the primary source is natural gas,
but where the waste heat is utilized for large-scale heating and/or
cooling purposes.

---

EG.03.0

Revenue generating activities related specifically to the operation andsupply of power generation that utilizes fossilized organic material.
Only clean fossil fuels (EG.03.01) are considered green revenues.

Bio Fuels

Cogeneration

Fossil Fuels(General)
Clean Fossil
Fuels

Geothermal

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Clean Fossil Fuels

TIER 1

EG.03.1

Revenue generating activities related specifically to the operation andsupply of power generation that utilizes fossilized organic material,
where chimney emissions are zero (or practically so), for instancethrough Carbon Capture & Storage.

Geothermal

TIER 1

EG.04.0

Activities related specifically to the operation and supply of power
generation that utilizes energy produced by the internal heat of theearth, excluding small-scale heat pump systems.

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Sector EG

Energy Generation

Revenue generating activities from the generation of power from renewable and alternative energy
sources.

Sub-Sector

Green Tier

Code

Description

TIER 2

EG.05.0

Revenue generating activities related specifically to the operation andsupply of power generation that utilizes the energy produced byflowing fresh water.

EG.05.1

Revenue generating activities related specifically to the operation andsupply of power generation that utilizes the energy produced byflowing fresh water, where the power generation capacity of thesystem is greater than 10MW.

Micro-sector

Hydro (General)

Hydro

Nuclear

Ocean & Tidal

Large Hydro

TIER 2

Small Hydro

TIER 1

EG.05.2

Revenue generating activities related specifically to the operation andsupply of power generation that utilizes the energy produced byflowing fresh water, where the power generation capacity of thesystem is less than 10MW.

Nuclear (General)

TIER 3EG.06.0

Revenue generating activities related specifically to the operation andsupply of power generation that harnesses the energy present within
atomic nuclei or their components.

EG.07.0

Revenue generating activities related specifically to the operation andsupply of power generation that utilizes the energy produced byharnessing the power of wave, tidal or other ocean and marine current
forces.

EG.08.0

Revenue generating activities related specifically to the operation andsupply of power generation that harnesses the power of solar
radiation, such as solar photovoltaic or concentrated solar systems
but excluding solar thermal heating systems.

Ocean & Tidal(General)

TIER 1

Solar

Solar (General)

TIER 1

Waste toEnergyWaste to Energy(General)

TIER 1

EG.09.0

Revenue generating activities related specifically to the operation andsupply of power generation that utilizes the energy derived from theincineration of municipal waste, or from a fuel source derived thereof.
Otherwise known as Energy from Waste.

Wind

Wind (General)

TIER 1

EG.10.0

Revenue generating activities related specifically to the operation andsupply of power generation that harnesses the power of movements
or currents in the air.

Sector EM

Energy Management &Efficiency
Sub-Sector

Micro-sector

Buildings &Property(Integrated)

Buildings & Property(Integrated)(General)Controls

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Controls (General)

Revenue generating activities from products and services enabling more efficient methods ofenergy usage and management.
Green
Tier

TIER 1TIER 2

Code

Description

EM.01.0

Revenue generating activities related specifically to the design,development, manufacture or installation of energy and otherresource efficient products and services for use in residential,commercial and municipal buildings. Products include those that
contribute to international certification standards such as LEED and
BREEAM and can include entire buildings.

EM.02.0

Revenue generating activities related specifically to the design,development, manufacture or installation of efficient energy
manipulation and optimization systems. Activities include efficient
semiconductor controllers and microgrid controllers.

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Sector EM

Energy Management &Efficiency

Revenue generating activities from products and services enabling more efficient methods ofenergy usage and management.

Sub-Sector

Micro-sector

Green
Tier

Code

Description

EnergyManagement
Logistics &SupportEnergyManagement
Logistics & Support(General)

TIER 2EM.03.0

Revenue generating activities related to the design, development,
manufacture or installation of energy management or efficiency
products or services that are directly related to the other coreproducts but do not by themselves lead to increased efficiencies.

Industrial
Processes

IT Processes

Lighting

Power Storage

Industrial Processes(General)

TIER 1

EM.04.0

Revenue generating activities related specifically to the design,development, manufacture or installation of energy and otherresource efficient products and services for use in industrial
applications. These include products and core components which
improve energy profiles, and products or systems which reduceenergy and other resource usage within processes.

IT Processes(General)

TIER 2EM.05.0

Revenue generating activities related specifically to the design,development, manufacture or installation of energy efficient
information technology products and services.

Cloud Computing(General)

TIER 2EM.05.1

Revenue generating activities related specifically to the design,development, manufacture or installation of cloud computing
products and services. These include infrastructure and underlying
platforms but not pure software. General data centers are notincluded.

Efficient IT (General)

TIER 1EM.05.2

Revenue generating activities related specifically to the design,development, manufacture or installation of highly energy efficient IT
equipment and electronics.

Lighting (General)

TIER 1

EM.06.0

Revenue generating activities related specifically to the design,development, manufacture or installation of energy efficient lighting.

Power Storage(General)

TIER 1

EM.07.0

Revenue generating activities related specifically to the design,development, manufacture, installation or operation of products that
store energy at a grid or building level.

EM.07.1

Revenue generating activities related specifically to the design,development, manufacture, installation or operation of products that
store electrical energy at a grid or building level. Also include lithiumion and other advanced batteries and their components unlessspecifically designed for consumer products.

EM.07.2

Revenue generating activities related specifically to the design,development, manufacture, installation or operation of products andfacilities that store potential energy at grid level through the utilisationof electricity at times of low demand to pump water to an upper
reservoir.

Power Storage(Battery)Power Storage(Pumped Hydro)

TIER 1TIER 1

Smart &
Efficient Grids

Smart & Efficient
Grids (General)

TIER 1EM.08.0

Revenue generating activities related specifically to the design,development, manufacture or installation of equipment and services
that enhance the efficiency of operation of the electrical power
network. This includes advanced meters, distributed generation,“smart grid” technologies, high efficiency power generation,transmission and distribution technologies.

Sustainable
Property
Operator

Sustainable
Property Operator(General)

TIER 2

EM.09.0

Revenue generating activities related specifically to the operation ofsustainable buildings.

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Sector EQ

EnergyEquipment
Sub-Sector

Microsector

Bio Fuels(General)

Bio Fuel(1st & 2nd
Generation)

Bio Fuels

Green
Tier

TIER 3

TIER 3

Code

Description

EQ.01.0

Revenue generating activities related specifically to the development,
processing, production and distribution of bio-derived fuels for transport, heatand electrical power generation. Bio-derived fuels include bioethanol, biodiesel,and ‘advanced’ biofuels such as cellulosic ethanol. Excluded are blends
combining bio and conventional fuels.

EQ.01.1

Revenue generating activities related specifically to the development,
processing, production and distribution of bio-derived fuels predominantly fortransport. These include 1st Generation Biofuels that use food stock (such ascorn) and 2nd Generation uses other biomass types such as woodcuttings or
waste products from food stock (such as sugarcane bagasse).

Bio Fuel(3rd
Generation)

TIER 3

EQ.01.2

Revenue generating activities related specifically to the development,
processing, production and distribution of bio-derived fuels for transport, heatand electrical power generation. These include 3rd Generation uses speciallyengineered non-food items such as algae.

Bio GasTIER 2

EQ.01.3

Revenue generating activities related specifically to the development,
processing, production and distribution of bio-derived gas generated throughthe active decomposition of organic matter, typically during landfill processes.

Bio Mass(grown)TIER 3

EQ.01.4

Revenue generating activities related specifically to the development,
processing, production and distribution of bio-derived fuels typically for heat
and/or electrical power generation using crops grown as a fuel source.

EQ.01.5

Revenue generating activities related specifically to the development,
processing, production and distribution of bio-derived fuels typically for heat
and/or electrical power generation using organic byproducts of the agriculturaland other systems.

EQ.02.0

Revenue generating activities related specifically to the development,
processing, production and distribution of equipment for power generation
where the waste heat is utilized for large-scale heating and/or cooling
purposes.

EQ.02.1

Revenue generating activities related specifically to the development,
processing, production and distribution of equipment for power generation
where primary source is biomass-based, and where the waste heat is utilized
for large-scale heating and/or cooling purposes.

Bio Mass(waste)CogenerationEquipment(General)Cogeneration(Biomass)
CogenerationEquipment

Revenue generating activities from the renewable and alternative energy value chain, excluding power
generation activities.

TIER 2TIER 2TIER 1

Cogenerati
on(Renewable)

TIER 1

EQ.02.2

Revenue generating activities related specifically to the development,
processing, production and distribution of equipment for power generation
where primary source is renewables-based, and where the waste heat is
utilized for large-scale heating and/or cooling purposes. This excludes
activities where biomass is the primary energy source.

Cogeneration (Gas)TIER 2

EQ.02.3

Revenue generating activities related specifically to the development,
processing, production and distribution of equipment for power generation
where primary source is natural gas, and where the waste heat is utilized forlarge-scale heating and/or cooling purposes.

Fossil Fuels(General)—

EQ.03.0

Revenue generating activities related specifically to the development,
processing, production and distribution of equipment for power generation
using fossilized organic material. Only activities related to carbon capture &storage (EQ.03.1) are considered green revenues.

CarbonCapture &Storage

TIER 1

EQ.03.1

Revenue generating activities related specifically to the development,
processing, production and distribution of equipment for capturing carbon
dioxide produced through power generation for long-term storage.

Clean
Fossil Fuels

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Sector EQ

EnergyEquipment

Revenue generating activities from the renewable and alternative energy value chain, excluding power
generation activities.

Sub-Sector

Microsector

Green
Tier

Code

Description

Fuel Cells

Fuel Cells

TIER 2

EQ.04.0

Revenue generating activities related specifically to the development,
processing, production and distribution of equipment for power generation
through fuel cells, which are primary cells that consume fuel continuously andconverts its chemical energy directly into electrical energy.

Geothermal

Geothermal

TIER 1

EQ.05.0

Revenue generating activities related specifically to the development,
processing, production and distribution of equipment and plants engaged in the
supply of power generation that utilizes energy produced by the internal heat of
the earth, excluding small-scale heat pump systems.

Hydro(General)

TIER 2

EQ.06.0

Revenue generating activities related specifically to the development,
processing, production and distribution of equipment and plants engaged in the
supply of power generation that harnesses the energy produced by flowing
fresh water.

EQ.06.1

Revenue generating activities related specifically to the development,
processing, production and distribution of equipment and plants engaged in the
supply of power generation that harnesses the energy produced by flowing
fresh water, where the power generation capacity of the system is greater than
10MW. This includes dam construction.

Hydro

Large
Hydro

TIER 2

Small
Hydro

TIER 1

EQ.06.2

Revenue generating activities related specifically to the development,
processing, production and distribution of equipment and plants engaged in the
supply of power generation that harnesses the energy produced by flowing
fresh water, where the power generation capacity of the system is less than
10MW.

Nuclear

Nuclear(General)

TIER 3

EQ.07.0

Revenue generating activities related specifically to the development,
processing, production and distribution of equipment and plants engaged in the
supply of power generation that harnesses the energy present within atomic
nuclei or their components.

Ocean &
Tidal

Ocean &
Tidal
(General)

TIER 1

EQ.08.0

Revenue generating activities related specifically to the development,
processing, production and distribution of equipment and plants engaged in the
supply of power generation that harnesses the power of wave, tidal or otherocean and marine current forces.

Solar

Solar
(General)EQ.09.0

Revenue generating activities related specifically to the development,
processing, production and distribution of equipment and plants engaged in the
supply of power generation that harnesses the power of solar radiation, suchas solar photovoltaic or concentrated solar systems but excluding solar thermal
heating systems.

Waste toEnergyWaste toEnergy(General)

EQ.10.0

Revenue generating activities related specifically to the development,
processing, production and distribution of equipment and plants engaged in the
supply of power generation that utilizes the energy derived from theincineration of municipal waste, or from a fuel source derived thereof.

Wind

Wind
(General)

EQ.11.0

Revenue generating activities related specifically to the development,
processing, production and distribution of equipment and plants engaged in the
supply of power generation that harnesses the power of movements or currents
in the air.

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17

Methodology

Sector ER

Environmental Resources

Revenue generating activities from production, processing and sale of key and advanced
materials which specifically enable the minimization of negative environmental impacts andimprove the efficiency of natural resource use.

Sub-Sector

Micro-sector

Green
Tier

Code

Description

Advanced &Light Materials

Advanced & Light
Materials (General)

TIER 1

ER.01.0

Revenue generating activities related specifically to the design,development or manufacture of materials that during their
manufacture or through their use allow for considerable increases inthe efficiency of resource usage.

Key Raw Minerals& Metals (General)

TIER 3ER.02.0

Revenue generating activities related specifically to the mining,processing, handling or owning of raw materials fundamental to thetransition to a green economy.

CobaltTIER 3ER.02.1

Revenue generating activities related specifically to the mining,processing, handling or owning of cobalt, a key input into advanced
batteries.

Lithium

TIER 3ER.02.2

Revenue generating activities related specifically to the mining,processing, handling or owning of lithium, a key input into advanced
batteries.

Platinum &Platinum-Group
Metals (PGM)

TIER 3ER.02.3

Revenue generating activities related specifically to the mining,processing, handling or owning of the Platinum Group Metals (PGMs),a key input into pollution control systems.

Rare Earths

TIER 3ER.02.4

Revenue generating activities related specifically to the mining,processing, handling or owning of Rare Earth Metals, a key input into
super-strength magnets for the renewable energy and advanced
vehicles industries.

SilicaTIER 3ER.02.5

Revenue generating activities related specifically to the mining,processing, handling or owning of silica, a key raw material for thesolar photovoltaic industry.

Uranium

TIER 3ER.02.6

Revenue generating activities related specifically to the mining,processing, handling or owning of uranium, a key raw material for the
nuclear power industry.

Recyclable
Products &Materials (General)

TIER 1

ER.03.0

Revenue generating activities related specifically to products andmaterials that are explicitly designed with disassembling andrepurposing abilities or that biodegrade rapidly at the end of theiruseful life.

Recyclable
Materials

TIER 1

ER.03.1

Revenue generating activities related specifically to materials thathave been created to allow for repurposing or are able to be or tobiodegrade rapidly at the end of their useful life.

ER.03.2

Revenue generating activities related specifically to products thathave been created to allow for multiple re-use, disassembling andrepurposing or are able to biodegrade rapidly at the end of their usefullife.

Key Raw
Minerals &MetalsRecyclable
Products &Materials

Recyclable &Reusable Products

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18

Methodology

Sector ES

Environmental Support
Service

Revenue generating activities from environmental support services relating to consulting,investment or urban design that enable or indirectly contribute to green activities resulting in alarge breadth of environmental utility.

Sub-Sector

Micro-sector

Green
Tier

Code

Description

Environmental
Consultancies

Environmental
Consultancies(General)

TIER 2

ES.01.0

Revenue generating activities related specifically to companies thatprovide advice and/or support regarding environmental issues andstrategies.

Finance &Investment(General)

TIER 2ES.02.0

Revenue generating activities related specifically to tradable
environmentally based credits and to investment vehicles thatspecialize in environmental themes.

Carbon Credits
trading

TIER 2ES.02.1

Revenue generating activities related specifically to tradable
environmentally based credits or certificates, such as RECs, TRCs orcarbon credits.

Sustainable
Investment Funds

TIER 2ES.02.2

Revenue generating activities related specifically to investment
vehicles that specialize in environmental themes.

Smart City Design& Engineering(General)

TIER 2

ES.03.0

Revenue generating activities related specifically to the design,development, manufacture or installation of products and services thatallow cities to use IT and communication technologies to operate at asignificantly higher resource efficiency level.

Finance &Investment

Smart City
Design &Engineering

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19

Methodology

Sector FA

Food & Agriculture
Sub-Sector

Revenue generating activities from products that improve yield, productivity and sustainability inagriculture, silviculture, aquaculture and food production or distribution, whilst minimizing negativeenvironmental impacts.

Micro-sector

Green
Tier

Code

Description

Agriculture(General)

TIER 3FA.01.0

Revenue generating activities specifically designed to improve yield,
productivity and sustainability in agriculture, silviculture, aquaculture andfood production or distribution, whilst minimizing negative environmental
impacts, or that help with adaptation to long term issues of climate change.

GM Agriculture

TIER 3FA.01.1

Revenue generating activities related specifically to the design,development or manufacture of advanced seeds in which the genetic
material (DNA) has been altered in a way that does not occur naturally bymating and/or natural recombination.

Machinery

TIER 1FA.01.2

Revenue generating activities related specifically to the design,development or manufacture of agricultural machinery that demonstrate
exceptionally high levels of operational efficiencies.

Meat & Dairy
Alternatives

TIER 1FA.01.3

Revenue generating activities related specifically to the design,development or manufacture of advanced or modern foods that aim to
replicate either animal meat or dairy products.

Non GM Advanced
Seeds

TIER 2FA.01.4

Revenue generating activities related specifically to the design,development or manufacture of advanced seeds in which the genetic
material (DNA) has been altered in a way that occurs naturally by mating
and/or natural recombination.

Organic & LowImpact Farming

TIER 1FA.01.5

Revenue generating activities related specifically to the food producers
and distributors of food that meets national organic standards. Typically,
these are those that use natural pesticides and fertilizers, no antibiotics orgenetically modified ingredients, and that encourages wildlife.

Aquaculture(General)

TIER 3FA.02.0

Revenue generating activities related specifically to the design,development or manufacture of fish farming equipment, or those who
operate fish farms.

FA.02.1

Revenue generating activities related specifically to the design,development or manufacture of standard fish farming equipment, or those
who operate fish farms that do not meet feed inputs, antibiotic use andtransparency levels as defined by the ASC.

FA.02.2

Revenue generating activities related specifically to the design,development or manufacture of fish farming equipment that is designed tosignificantly reduce the impact the industry has on the environment, or
those who operate fish farms where feed inputs, antibiotic use andtransparency levels are meet as defined by the ASC.

Agriculture

Aquaculture

Aquaculture(Conventional)

Aquaculture(Sustainable)

TIER 3

TIER 1

Land Erosion

Land Erosion(General)

TIER 1FA.03.0

Revenue generating activities related specifically to the design,development, manufacture or installation or application of products orservices that reduce the degradation and movement of the upper layer ofsoil, particularly in areas exposed to natural disasters or those that haveerosion-related soil quality issues.

Logistics

Logistics (General)

TIER 1FA.04.0

Revenue generating activities related specifically to the operation ofefficient logistics systems and infrastructure in areas of high food wastage
in the transportation stage of production.

Food Safety,
Efficient
Processing &Sustainable
PackagingFood Safety,
Efficient
Processing &Sustainable
Packaging(General)FA.05.0

Revenue generating activities related specifically to the design,development, manufacture, installation or application of products orservices that raise food safety standard, test or monitor food, or packaging
technologies that extend shelf life and reduce waste.

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Methodology

Sector FA

Food & Agriculture
Sub-Sector

Micro-sector
Food Safety,
Efficient
Processing &Sustainable
Packaging (nosingle use plastic)
Food Safety,
Efficient
Processing &Sustainable
Packaging (withsingle use plastic)
Sustainable
Plantations(General)

Sustainable
Plantations

Sustainable
Forestry

Sustainable Palm
Oil

Sector TE

Transport Equipment
Sub-Sector

Aviation

Micro-sector

Revenue generating activities from products that improve yield, productivity and sustainability inagriculture, silviculture, aquaculture and food production or distribution, whilst minimizing negativeenvironmental impacts.
Green
Tier

TIER 1TIER 3

TIER 2TIER 2TIER 2

Code

Description

FA.05.1

Revenue generating activities related specifically to the design,development, manufacture, installation or application of products orservices that raise food safety standard, test or monitor food, or packaging
technologies that extend shelf life and reduce waste where no single-use
plastic material is used in the product.

FA.05.2

Revenue generating activities related specifically to the design,development, manufacture, installation or application of products orservices that raise food safety standard, test or monitor food, or packaging
technologies that extend shelf life and reduce waste where single-use
plastic material is used in the product.

FA.06.0

Revenue generating activities related specifically to the cultivation offorests and oil palms to verifiable international standards and protocols,
which maintain or improve the long-term productivity of timberlands andplantations while enhancing the efficiency of input resources used.

FA.06.1

Revenue generating activities related specifically to the cultivation oftimber and lumber to verifiable international standards and protocols,
which maintain or improve the long-term productivity of timberlands andplantations while enhancing the efficiency of input resources used.

FA.06.2

Revenue generating activities related specifically to the cultivation of oilpalms to verifiable international standards and protocols, which maintain or
improve the long-term productivity of plantations while enhancing theefficiency of input resources used.

Revenue generating activities from the provision of technologies, systems and services which
minimize the environmental impacts and improve the efficiency of natural resource use associatedwith the transportation industry.
Green
Tier

Code

Description

Aviation (General)

TIER 2TE.01.0

Revenue generating activities related specifically to the design,development or manufacture of advanced aircraft, or products orservices that enable advances in the environmental impact of aviation
above and beyond the improvements in fuel economy typicallyassociated with new generations of aircraft.

Railways (General)

TIER 2

TE.02.0

Revenue generating activities related specifically to the design,development or manufacture of rolling stock or its key components.

Railway(Infrastructure)

TIER 1

TE.02.1

Revenue generating activities related specifically to the design,
construction or management of rolling stock and rail infrastructure.
Activities include locomotives, rolling stock, railway infrastructure,systems and equipment (excluding infrastructure where the primary
good transported is coal)

Trains (Electric /Magnetic)

TIER 1

TE.02.2

Revenue generating activities related specifically to the design,development or manufacture of electrical or magnetically poweredrolling stock and their key components.

Trains (General)

TIER 2

TE.02.3

Revenue generating activities related specifically to the design,development or manufacture of diesel-powered rolling stock, and their
key components.

Railways

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21

Methodology

Sector TE

Transport Equipment
Sub-Sector

Revenue generating activities from the provision of technologies, systems and services which
minimize the environmental impacts and improve the efficiency of natural resource use associatedwith the transportation industry.

Micro-sector

Green
Tier

Code

Description

Road Vehicles(General)

TIER 1TE.03.0

Revenue generating activities related specifically to the design,development or manufacture of low-impact and other advanced roadvehicles and their key components.

Advanced Vehicle
Batteries

TIER 1TE.03.1

Revenue generating activities related specifically to the design,development or manufacture of advanced batteries designed for roadvehicles.

Bikes and Bicycles

TIER 1TE.03.2

Revenue generating activities related specifically to the design,development or manufacture of bicycles, and advanced electrified
components.

Bus and Coach
Manufacturers

TIER 1TE.03.3

Revenue generating activities related specifically to the design,development or manufacture of buses and coaches for public
transportation.

Electrified Road
Vehicles & Devices(incl Hydrogen
powered)TIER 1TE.03.4

Revenue generating activities related specifically to the design,development or manufacture of advanced road vehicles and their key
components. These include hydrogen-powered, electric and hybrid
vehicles, but exclude mild hybrids and gas-powered vehicles.

Energy Use
Reduction Devices

TIER 1TE.03.5

Revenue generating activities related specifically to the design,development or manufacture of road vehicle devices that lead toconsiderable savings in fuel economy, such as Stop-Start systems.

Shipping (General)

TIER 2

TE.04.0

Revenue generating activities related specifically to the design,development or manufacture of advanced ships and components thatlead to considerable savings in fuel economy. This does not include
shipping operators.

Road Vehicles

Shipping

Sector TS

Transport Solutions
Sub-Sector

Railways
Operator

Revenue generating activities from the operation of transportation solutions and services which
minimize the environmental impacts and improve the efficiency of natural resource use associatedwith the transportation industry.

Micro-sector

Green
Tier

Code

Description

Railways Operator(General)

TIER 2TS.01.0

Revenue generating activities related specifically to the operation ofrolling stock networks.

General Railways

TIER 2TS.01.1

Revenue generating activities related specifically to the operation ofdiesel-powered public transportation and railway freight networks(excluding those where the primary good transported is coal).

Electrified Railways

TIER 1TS.01.2

Revenue generating activities related specifically to the operation ofelectrified public transportation and railway freight networks (excluding
those where the primary good transported is coal).

Road Vehicles(General)

TIER 3TS.02.0

Revenue generating activities related specifically to the operation ofsustainable road transportation services.

Bike Sharing

TIER 1TS.02.1

Revenue generating activities related specifically to the operation of city
cycle hire schemes and other similar ultra-short-term individual transport
vehicle schemes.

Bus and Coach
operators

TIER 3TS.02.2

Revenue generating activities related specifically to the operation of bus
and coach fleets.

Car Clubs

TIER 2TS.02.3

Revenue generating activities related specifically to the operation or
management of fleets of self-drive road vehicles (typically in urban orRoad Vehicles

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Methodology

Sector TS

Transport Solutions
Sub-Sector

Micro-sector

Revenue generating activities from the operation of transportation solutions and services which
minimize the environmental impacts and improve the efficiency of natural resource use associatedwith the transportation industry.
Green
Tier

Code

Description
residential locations) which members may rent, usually on an hourly or
per minute basis.

Video
Conferencing

Ride Hailing

TIER 2TS.02.4

Revenue generating activities related specifically to the operation of prebooked taxi fleets, particularly those that offer ride-sharing services.

Video
Conferencing(General)

TIER 2TS.03.0

Revenue generating activities related specifically to the design,development, manufacture of video-based teleconference facilities
designed for business purposes that allow participants to see as well ashear one another.

Sector WI

Water Infrastructure &Technology

Revenue generating activities from technologies, infrastructure, products and services for the
supply, management and treatment of water.

Sub-Sector

Micro-sector

Green
Tier

Code

Description

Advanced
Irrigation
Systems &DevicesAdvanced
Irrigation Systems& Devices(General)

TIER 1

WI.01.0

Revenue generating activities related specifically to the design,development, manufacture or installation of equipment that enables
water to be applied efficiently in agricultural contexts.

Desalination

Desalination(General)

TIER 1

WI.02.0

Revenue generating activities related specifically to the design,development, manufacture, operation or installation of facilities thatremove salt from marine and other saline waters for subsequentindustrial, agricultural or residential use.

Flood Control

Flood Control(General)

TIER 2

WI.03.0

Revenue generating activities related specifically to the design,development, manufacture, operation or installation of products andservices that prevent or reduce the impact of flood waters.

Meteorological
Solutions

Meteorological
Solutions(General)

TIER 1

WI.04.0

Revenue generating activities related specifically to the design,development, manufacture, operation or installation of products andservices that enable accurate weather forecasting and climate
predictions.

Natural Disaster
Response

Natural Disaster
Response(General)

TIER 2

WI.05.0

Revenue generating activities related specifically to the design,development, manufacture, operation or installation of products andservices that help reduce the adverse impact on human life and property
in the event of a natural disaster.

Water
Infrastructure

Water
Infrastructure(General)WI.06.0

Revenue generating activities related specifically to the design,development, manufacture, operation or installation of products andservices that enhance water infrastructure systems. This includes
specialty pipes, pumps, valves, actuators, hydrants and meters activities
and the development and construction of water infrastructure.

Water
Treatment

FTSE Russell

TIER 1

Water Treatment(General)

TIER 2

WI.07.0

Revenue generating activities related specifically to the design,development, manufacture or installation of technologies or facilities forthe separation and purification of water to meet environmental
standards. This includes membranes, ultra-violet, desalination, filtration,ion exchange, biological treatment, chemical and environmental
treatment.

Water Treatment
Chemicals

TIER 2

WI.07.1

Revenue generating activities related specifically to the design,development, manufacture or installation of chemicals produced for the
separation and purification of water to meet environmental standards.

23

Methodology

Sector WI

Water Infrastructure &Technology
Sub-Sector

Water Utilities

Revenue generating activities from technologies, infrastructure, products and services for the
supply, management and treatment of water.

Micro-sector

Green
Tier

Code

Description

Water Treatment
Equipment

TIER 1

WI.07.2

Revenue generating activities related specifically to the design,development, manufacture or installation of equipment used for the
separation and purification of water to meet environmental standards.
This does not include any chemicals.

Water Utilities(General)

TIER 2

WI.08.0

Revenue generating activities related specifically to the operation ofwater treatment and supply infrastructure, providing potable water orwastewater and sewage services.

Sector WP

Waste & Pollution Control

Revenue generating activities from products and services which reduce, monitor, or prevent thecontamination of air, water and soil to address global, regional and local environmental issue andtechnologies, systems and services for waste management, reuse and recycling.

Sub-Sector

Micro-sector

Green
Tier

Code

Description

Cleaner Power

Cleaner Power(General)

TIER 2

WP.01.0

Revenue generating activities related specifically to facilitating thesubstitution of more polluting fuels by cleaner burning fuels in areas ofchronic air pollution, in particular relating to the powering of industry.

Decontamination
Services &Devices (General)

TIER 1

WP.02.0

Revenue generating activities related specifically to the design,development, manufacture, installation or operation of equipment andservices for the clean-up of air, soil or water pollution.

Air
Decontamination
Services &Devices

TIER 1

WP.02.1

Revenue generating activities related specifically to the design,development, manufacture, installation or operation of equipment andservices for the clean-up of air pollution.

Land & Soil
Decontamination
Services &Devices

TIER 1

WP.02.2

Revenue generating activities related specifically to the design,development, manufacture, installation or operation of equipment andservices for reduction, prevention or clean-up of land & soil pollution.

Sea & Water
Decontamination
Services &Devices

TIER 1

WP.02.3

Revenue generating activities related specifically to the design,development, manufacture, installation or operation of equipment andservices for reduction, prevention or clean-up of marine, river andother water table pollution.

Environmental
Testing & Gas
Sensing (General)

TIER 2

WP.03.0

Revenue generating activities related specifically to the design,development, manufacture, installation or operation of equipment andservices for environmental analysis, monitoring and modelling,
auditing, site evaluation and environmental impact assessments.

WP.04.0

Revenue generating activities related specifically to the design,development, manufacture, installation or operation of equipment andservices for the clean-up of air pollution. Principal areas are theindustrial and power generation sectors (such as smoke stackscrubbing technologies), and the transportation sector (such as
particulate filters and catalytic converters).

WP.04.1

Revenue generating activities related specifically to the design,development, manufacture, installation or operation of equipment andservices for the prevention of air pollution associated to the industrial
and power generation sectors (such as smoke stack scrubbing
technologies).

Decontamination
Services &Devices

Environmental
Testing & Gas
Sensing

Particles &Emission
Reduction
Devices

Particles &Emission
Reduction Devices(General)Industrial Pollution
Reduction

FTSE Russell

TIER 1TIER 1

24

Methodology

Sector WP

Waste & Pollution Control
Sub-Sector

Micro-sector

Revenue generating activities from products and services which reduce, monitor, or prevent thecontamination of air, water and soil to address global, regional and local environmental issue andtechnologies, systems and services for waste management, reuse and recycling.
Green
Tier

Code

Description

Transport Pollution
Reduction

TIER 1

WP.04.2

Revenue generating activities related specifically to the design,development, manufacture, installation or operation of equipment andservices for the prevention of air pollution associated to thetransportation sector (such as particulate filters and catalytic
converters).

Recycling
Equipment

Recycling
Equipment(General)

TIER 1

WP.05.0

Revenue generating activities related specifically to the design,development, manufacture, installation or operation of equipment for
the return of materials to a previous stage of a cyclic process.

Recycling
Services

Recycling Services(General)

TIER 1

WP.06.0

Revenue generating activities related specifically to the design,development, manufacture, installation or operation of services for the
return of materials to a previous stage of a cyclic process.

WasteManagement(General)

TIER 2

WP.07.0

Revenue generating activities related specifically to the design,development, manufacture, installation or operation of equipment andservices for the collection, management and treatment of waste.

Hazardous Waste
Management

TIER 1

WP.07.1

Revenue generating activities related specifically to the design,development, manufacture, installation or operation of equipment andservices for the processing and treatment of hazardous waste such as
clinical waste, batteries, end of life vehicles, electronic equipment (ewaste) and radioactive waste.

Organic Waste
Process

TIER 1

WP.07.2

Revenue generating activities related specifically to the design,development, manufacture, installation or operation of equipment andservices for the processing and treatment of animal and plant-based
waste.

WP.07.3

Revenue generating activities related specifically to the design,development, manufacture, installation or operation of equipment andservices for general municipal and commercial waste management
operations, typically including collection, processing and disposal(including landfill and incineration)

Waste
Management

General Waste
Management

FTSE Russell

TIER 225

ABOUT FTSE RUSSELL
FTSE Russell is a leading global provider of index and benchmark solutions, spanning diverse asset classes and investment objectives. As a trusted
investment partner we help investors make better-informed investment decisions, manage risk, and seize opportunities.
Market participants look to us for our expertise in developing and managing global index solutions across asset classes. Asset owners, asset
managers, ETF providers and investment banks choose FTSE Russell solutions to benchmark their investment performance and create investment
funds, ETFs, structured products, and index-based derivatives. Our clients use our solutions for asset allocation, investment strategy analysis andrisk management, and value us for our robust governance process and operational integrity.
For over 35 years we have been at the forefront of driving change for the investor, always innovating to shape the next generation of benchmarks
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CONTACT US
To learn more, visit lseg.com/ftse-russell; email info@ftserussell.com; or call your regional Client Service team office:
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Disclaimer© 2024 London Stock Exchange Group plc and its applicable group undertakings (“LSEG”). LSEG includes (1) FTSE International Limited (“FTSE”), (2) Frank Russell Company(“Russell”), (3) FTSE Global Debt Capital Markets Inc. and FTSE Global Debt Capital Markets Limited (together, “FTSE Canada”), (4) FTSE Fixed Income Europe Limited (“FTSE FI
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FTSE International Limited is authorised and regulated by the Financial Conduct Authority as a benchmark administrator. Refinitiv Benchmark Services (UK) Limited is authorised andregulated by the Financial Conduct Authority as a benchmark administrator.
FTSE Russell® is a trading name of FTSE, Russell, FTSE Canada, FTSE FI, FTSE FI Europe, WOFE, RBSL, RL and BR. “FTSE®”, “Russell®”, “FTSE Russell®”, “FTSE4Good®”, “ICB®”,“WMR™”, “FR™”, “Beyond Ratings®” and all other trademarks and service marks used herein (whether registered or unregistered) are trade marks and/or service marks owned or
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