The World Economic Forum unveiled a report Thursday naming 16 companies from 10 developing countries as the "New Sustainability Champions" based on their innovative business practices.

The report, prepared by the World Economic Forum and Norway-based Boston Consulting Group (BCG), focused on 16 exemplary companies in 10 emerging markets, showing how they create unconventional and profitable solutions that positively impact economic growth and enhance overall sustainability in their respective regions.

The World Economic Forum and BCG analyzed more than 1,000 businesses and identified 16 fast-growing companies based on indicators regarding sustainability, innovation, scalability, geography and size.

The "New Champions," selected out of 11 million companies, include China's Broad Group, Kenya's Equity Bank, Costa Rica's Florida Ice & Farm, as well as other firms from the Philippines, Chile, Brazil, Papua New Guinea, Egypt and South Africa.

The companies have excelled in implementing cost-effective ideas to address resource constraints in their societies, setting positive policy-influencing examples and helping shape their industries, according to the report.

"The New Sustainability Champions are more than just symbols. Their overall performance matters because emerging markets in total are set to contribute more than three-quarters of global growth by 2025 and they will likely feel resource scarcity most," said Knut Haanaes, partner and managing director of BCG.