In developed markets outside the United States, more carbon-efficient companies experienced stronger performance over a seven-year study period. They found companies’ green revenue share was clearly associated with higher earnings growth and relatively better stock performance within a given sector. Carbon-intensive companies experienced declining valuation in terms of price-to-book ratios than their less carbon-intensive sector peers—suggesting that markets have discounted the book value of carbon-intensive companies during the study period. In contrast, companies with significant green revenues saw their price-to-earnings ratios increase relative to their sector peers.