Lee & Man Paper Manufacturing
2314
2
exclusion reasons
1 theme
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.
Lee & Man Paper Manufacturing is a major producer of containerboard and paperboard, an energy-intensive sector where emissions intensity relative to peers is a key indicator of climate governance. According to data from DitchCarbon, the company reported a greenhouse gas emission intensity of approximately 970 tonnes CO₂e per million USD in revenue for 2023. While this represents an improvement from an intensity of about 1,200 tonnes CO₂e per million USD in 2022, the current level remains high for the industry. The Transition Pathway Initiative, which assesses corporate climate alignment, has not published a detailed Carbon Performance assessment for the company, indicating a lack of disclosed, verifiable climate transition planning. There is no public evidence that Lee & Man Paper Manufacturing has set science-based emissions reduction targets or made a net-zero commitment.
Lee & Man Paper Manufacturing is a major producer of packaging paperboard, containerboard, and pulp, with a significant portion of its production capacity located in mainland China. The company's operations have been linked to documented environmental damage, particularly concerning water pollution. A 2010 report by the China Water Risk initiative, "Water in China: Issues for Responsible Investors," identified Lee & Man Paper as one of several companies operating in sectors with high water pollution risk, noting specific concerns about its compliance with wastewater discharge standards. The report highlighted that companies in the pulp and paper sector, due to the chemical-intensive nature of the production process, pose a significant threat to local water quality if environmental controls are not rigorously maintained.
Research Sources
2 organizations
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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.
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