 Asia’s utilities are well down the ESG road and being rewarded by investors; renewables share prices tripled in past two years  It’s not just about environmental efforts, as we find social and  governance factors are increasingly impacting valuations  This report focuses on eight stocks (all rated Buy) that we  believe best represent the subsectors in terms of ESG If you care about ESG, start here: ESG matters more to Asia’s utilities than to most other sectors. It is not hard to see why. Power and gas distribution in Asia is  responsible for 60% of global primary energy consumption and 40% of global carbon  emissions. However, the really exciting part is how investors are rewarding  companies leading the journey towards net carbon emissions. For instance, Asia’s  renewable energy stocks have surged over 200% against their respective indices in  the past two years. We don’t believe the rally is over as we see more possible upside  as governments’ emission policies become more specific and stronger.