At least 40% of the world's power will come from renewable sources by 2040 — here are the companies leading the charge

The explosive growth of renewable energy has shaken up the energy industry over the last decade.

As the costs of solar and wind continue to fall and bottlenecks like storage capacity are diminished, the International Energy Agency predicts that renewable energy will comprise 40% of global power generation by 2040. In the next five years, the share of electricity generated by renewables worldwide is set to grow faster than any other source. 

In November, Thomson Reuters released its inaugural Energy 100 list, which evaluates companies in the sector (both traditional and renewable) based on eight criteria, including innovation, environmental impact, social responsibility, and risk management. The top companies go "beyond the balance sheet," according to the report — in addition to solid financials, they have created advanced sustainability programs, developed groundbreaking technologies, and benefited their surrounding communities.

Thomson Reuters created a sub-list of the top 25 renewable energy companies, which are generally smaller and younger than the energy giants on the main ranking. Eight of those renewables leaders are based in China, Hong Kong, or Taiwan.

Here are the top 14 renewable energy companies in the world:

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1) Canadian Solar Inc is one of the three biggest solar companies in the world by revenue.

Based in Toronto, Canadian Solar has developed a high-efficiency solar panel that the company says is more reliable than competing technology and works in a wider range of temperatures.

Canadian Solar has reduced its amount of carbon dioxide emitted per megawatt of electricity generated by 42% since 2012, according to the company's most recent Corporate Sustainability Report.

Canadian Solar also has an ongoing initiative to replace kerosene lamps in sub-Saharan Africa with solar-powered lights. The company has donated solar panels to Virunga National Park in Rwanda — a UNESCO World Heritage site, and home to endangered mountain gorillas — to phase out the use of diesel in the park. 

2) CropEnergies AG is the leading European manufacturer of sustainably-produced biofuels.

CropEnergies, based in Mannheim, Germany, makes fuels out of renewable crops. Such biofuels, like CropEnergies' bioethanol, emit less carbon dioxide than gasoline or diesel. 

CropEnergies had a knockout 2017, increasing revenue by 31%, according to company documents. 

3) First Solar Inc is an Arizona-based manufacturer of solar panels.

First Solar has installations across the globe. The company's thin-film panels have approximately half the carbon footprint of traditional solar panel installations.

First Solar says its technology emits 89-98% less greenhouse gas compared to traditional methods of electricity generation.