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Clean Edge has been at the forefront of tracking clean-tech markets since 2000. The company is a leading publisher of thematic research on clean energy, transportation, water, and the grid. It is a joint developer of and contributor to the Nasdaq Clean Edge Green Energy™ Index (CELS™), launched in partnership with Nasdaq in 2006. Other indexes include the Nasdaq OMX Clean Edge Smart Grid Infrastructure™ Index (QGRD™), the ISE Clean Edge Global Wind Energy™ Index (GWE™), and the ISE Clean Edge Water™ Index (HHO™).


Ron Pernick's picture

Q3 2023 Review

by Ron Pernick

Quarterly overview of stock index performance and the top trends impacting the state of clean tech.

In the just-released Enabling the Energy Transition 2023 and Water Infrastructure and Resiliency 2023 publications, Nasdaq and Clean Edge examine the major trends, opportunities, and challenges impacting the energy transition and water markets. Based on deployment growth, historical cost declines, environmental pressures, and a host of other factors, this is perhaps the most dynamic period since we began analyzing and researching the thematic clean-tech sector more than two decades ago. At the same time, higher interest rates (making the deployment of capital-intensive clean technologies more challenging in some sectors) and historically high fossil fuel prices (bolstering the oil and gas sector) have put pressure on some of the publicly traded companies that we track.


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Published by NASDAQ in collaboration with Clean Edge, Enabling the Energy Transition takes a look at corporate, investor, and government net-zero and clean-energy initiatives that are driving a new era in the energy transition.

Stock Indexes

Nasdaq Clean Edge stock indexes cover U.S. and global clean energy, transportation, water, and grid infrastructure markets. All tracking financial products of Nasdaq Clean Edge indexes exceed $4 billion in assets under management (as of July 11, 2023 based on FactSet data). 

  • CELS: U.S. clean energy 
  • GWE: Global wind  
  • HHO: U.S. potable water and wastewater 
  • QGRD: Global smart grid and grid infrastructure 

Q3 2023 Index Performance

Clean Edge Stock Indexes