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.
Saudi Aramco is the world’s largest integrated oil and gas company, producing approximately 12.8 million barrels of oil equivalent per day. Its operations generate outsized greenhouse gas emissions relative to its industry peers. The company’s reported Scope 1 and Scope 2 emissions from wholly owned and operated assets are managed under an internal program, but its disclosed climate strategy centers on reducing the carbon intensity of its operations rather than absolute emissions reductions. This approach stands in contrast to the sector’s most ambitious transition pathways, which require absolute declines in fossil fuel production. ClientEarth has flagged Aramco’s climate claims for potential greenwashing, noting the tension between its stated environmental stewardship and its core business model of expanding hydrocarbon production. The company’s emissions profile remains among the highest in the global energy sector, with no announced plan to phase out its primary product.
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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.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.