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.
BMW Brilliance Automotive Ltd. is a joint venture that produces BMW-branded vehicles for the Chinese market, manufacturing over 700,000 cars in 2021. The Climate Transition Pathway initiative assesses companies based on their carbon performance relative to sector peers, and BMW Brilliance has been flagged for insufficient climate action. While the company publishes sustainability reports and makes aspirational statements about carbon as "the new currency," its disclosed performance and targets lack the specificity and ambition required to demonstrate leadership or alignment with a 1.5°C pathway. The available evidence does not show quantified, science-based emissions reduction targets covering its full value chain, nor does it provide transparent, peer-comparable data on emissions intensity reductions. For an automotive manufacturer of its scale, this absence of robust, third-party-verified climate governance and trajectory is material.
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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.