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ALMARAI

2280

Consumer Staples

1

exclusion reason

1 theme

Environmental Harm (1)
2280 Consumer Staples Current as of March 2026

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.

Climate Intransigence
Since Mar 12, 2026

Almarai is a vertically integrated dairy and food company operating in the Middle East, with a business model that is fundamentally at odds with climate transition pathways. The company's core operations—dairy farming, feed production, and extensive logistics—are inherently carbon-intensive, yet it lacks a credible, science-aligned decarbonization strategy. Its public climate commitments are insufficient to address the material emissions from its supply chain.

According to the Transition Pathway Initiative (TPI) Carbon Performance assessment, Almarai is classified as "Not Aligned" with any Paris Agreement benchmark, including the least ambitious 4°C scenario. The TPI assessment notes the company has not set long-term, quantitative targets for reducing its Scope 1 and 2 greenhouse gas emissions, and it provides no targets whatsoever for its Scope 3 emissions, which constitute the vast majority of its climate footprint from agriculture and livestock.

While a subsidiary, Beyti, promotes sustainability awards for operating a solar farm and reducing plastic usage, these operational efficiency measures do not constitute a transition plan for the parent company's core, emissions-intensive business. The absence of a science-based target, a net-zero commitment, or a plan to address agricultural methane and land-use emissions demonstrates a lack of serious engagement with the climate crisis, placing Almarai among companies assessed as climate policy lagards.

Research Sources 1 organization
Climate Transition Pathway
External

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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.