This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
China Hongqiao Group, the world's largest aluminum producer, has been assessed by the Transition Pathway Initiative (TPI) as having a "High Carbon" performance rating. This rating indicates the company's climate transition plan is misaligned with the Paris Agreement's goals. The company's disclosed emissions intensity and decarbonization strategy are insufficient to meet the benchmarks required to limit global warming to 1.5°C or 2°C. As a major industrial emitter, the absence of a credible, science-aligned transition plan constitutes climate policy intransigence.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.