Renewable energy provider Good Energy has been awarded the Green Economy Classification and Mark by the London Stock Exchange Group.
The classification is a new initiative which identifies London-listed companies and funds which generate more than 50 per cent of total annual revenues which contribute to the global green economy.
The scheme claims to be the first of its kind anywhere in the world by a stock exchange.
Companies are given greater visibility to investors who are interested in funding green economy activities.
Responding to the company’s classification Juliet Davenport, founder and chief executive of Good Energy, said: “It’s great that Good Energy has been recognised by London Stock Exchange for its longstanding role in making the economy cleaner and greener.
“Good Energy is leading the market in a shift to low carbon energy services, as the UK moves towards a zero-carbon economy.
“The Green Economy Mark is really timely and means that investors in Good Energy can be reassured that their investment won’t cost the earth.”
The green credentials of renewable energy suppliers have come under increased scrutiny in recent weeks, with consumer group Which? claiming some retailers were at risk of misleading customers over renewable energy.
For example, some of the suppliers who offer 100 per cent renewable energy do not generate renewable electricity themselves or have contracts to buy renewable electricity directly from generators.
Instead they use renewable electricity guarantees of origin (REGO) certificates which prove to the final customer that a given share of energy was produced from renewable sources. They do not require suppliers to produce their own electricity.
Earlier this year big six supplier Eon said it would be offering all its customers 100 per cent renewable energy.
Eon will generate electricity from its own renewable assets, covering more than half of its electricity customer base (1.7 million homes). It also has agreements with independent wind generators around the country to directly purchase the electricity produced.
The remaining electricity is matched with 100 per cent renewable electricity sourced externally through initiatives such as REGO certificates.
The use of REGOs prompted some to question whether Eon’s announcement was quite as revolutionary as first thought.