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.
Qassim Cement is a Saudi Arabian cement producer operating in a sector that is globally recognized as one of the most carbon-intensive industrial processes. The company has not published a climate transition plan, science-based emissions reduction targets, or a net-zero commitment. There is no public evidence of investments in carbon capture, utilization, and storage (CCUS) technology or a shift to alternative fuels and raw materials, which are critical pathways for decarbonization in the cement industry.
The absence of a disclosed climate strategy, while the company continues core clinker and cement production, constitutes a failure to establish a credible pathway to align with the Paris Agreement. For a heavy industrial emitter, the lack of public targets and transition planning represents an active obstruction to climate policy goals by maintaining business-as-usual high emissions without a accountable decarbonization roadmap.
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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.