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.
Tokushu Tokai Paper is excluded under the climate policy category for its demonstrated climate intransigence. The company's primary business is the production of specialty paper products, a process that is energy-intensive and reliant on fossil fuels. According to the Transition Pathway Initiative's (TPI) Carbon Performance assessment, the company's current emissions trajectory is misaligned with the Paris Agreement goals. The TPI evaluation indicates the company has not set sufficiently ambitious or credible targets to reduce its operational and value chain emissions in line with limiting global warming to well below 2°C. This assessment places the company among those failing to demonstrate a credible transition plan, constituting a form of climate policy obstruction through inaction and inadequate target-setting.
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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.