During the five-year period examined, each of the Clean Energy Leaders experienced growth in their market capitalizations, whereas Oil Majors exhibited mixed results. Tesla, which expanded from $43.4 billion in 2019 to $835.6 billion in 2024 (up 1,827%), surpasses all five Oil Majors in both total market cap and five-year growth. NextEra Energy’s 2024 market cap of $173.7 billion, up from $113.9 billion in 2019 (52.5% growth), exceeds that of BP and Total. Iberdrola grew from $65.4 billion in 2019 to $96.7 billion in 2024. China-based BYD grew 679.8% to a market cap of $106.2 billion. Another Chinese company, Contemporary Amperex Technology Co., Limited (CATL), grew its market cap by 619.9% to $157.5 billion.

During the five-year period tracked, two Oil Majors (Shell and BP) experienced shrinking market caps. Shell dropped from $233.6 billion to $219.1 billion, declining 6.2%, while BP’s market cap shrunk from $128.7 billion to $86.6 billion, down 32.7%. ExxonMobil, the largest of the Oil Majors, grew from $298.8 billion to $520.8, up 74.3%. Chevron grew to $269.3 billion and Total to $150.9 billion, up 20.1% and 11.2% respectively.

Note: Reflecting changes in the clean-energy market, this year we replaced Orsted and Vestas with CATL and BYD in our Clean Energy Leaders bucket. While it’s hard to pick five leaders (unlike the established oil majors) for the broad and diverse clean-energy sector, we believe this change reflects the growth of storage and vehicle electrification – where much of today’s clean-tech activity is focused.