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.
Yanbu Cement is a major Saudi Arabian cement producer, an industry whose core chemical process inherently generates significant carbon dioxide emissions. The company has not published a science-aligned decarbonization plan or set emissions reduction targets validated by the Science Based Targets initiative. Its public climate disclosures lack the granularity and forward-looking commitments required to demonstrate alignment with the Paris Agreement's 1.5°C pathway. This absence of a credible, public transition strategy constitutes climate intransigence for a high-emitting industrial sector.
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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.