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.
Shandong Chenming Paper Holdings Limited is a major integrated pulp and paper manufacturer based in China. The company's climate transition pathway has been assessed as insufficient by the Transition Pathway Initiative (TPI), placing it in the lowest performance category. TPI's analysis indicates the company's current climate policies, targets, and management actions are not aligned with the goals of the Paris Agreement. For a company in a carbon-intensive sector like pulp and paper, this assessment reflects a lack of credible, science-based commitments to reduce its significant operational emissions. The company has not demonstrated a clear, actionable plan to decarbonize its production processes or its supply chain.
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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.
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