Source: MSCI ESG Research as of March 31, 2025. Notes: Companies shown here derived more than 50% of total revenues from solutions that address alternative energy, energy efficiency or green buildings. MSCI ESG Research’s Low-Carbon Patent Score seeks to establish a picture of the relative level and quality of patents held by companies. Patents receive a score based on forward citations, backward citations, market coverage and Cooperative Patent Classification (CPC)/International Patent Classification (IPC) coverage, based on a universe of roughly 125 million unique patents granted by more than 70 patent authorities worldwide as of October 2024. For more information, see “Climate Value-at-Risk Methodology: Transition Risk.” MSCI Research, Oct. 27, 2024. Client access only. We estimate the compound annual growth rate of Low Carbon Patent Quality Scores based on a time series of the scores.