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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™).


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Q4 2022 Review

by Ron Pernick

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

2022 was a volatile and difficult year, punctuated by high commodity prices, massive supply disruptions, and continued lockdowns in China. But the coup de grace, as governments, companies, and individuals worked to recover from the Covid-19 pandemic, was Russia’s invasion of Ukraine. This destructive and unjustified act left the European continent and world on edge and roiled oil, gas, and food markets from London to Lagos. It was a trying year by all accounts. 

From an energy perspective, an overarching question is whether Russia’s war on Ukraine will speed or slow the energy transition. In the short term, the fossil fuel sector saw a surge in demand, and a significant increase in commodity and end-product pricing, as European countries scrambled to find alternatives to Russian natural gas... 


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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 October 2022 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 

Q4 2022 Index Performance

Clean Edge Stock Indexes