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.
Nippon Light Metal is a major Japanese aluminum producer whose primary smelting operations rely on coal-fired power, resulting in significant greenhouse gas emissions. The company's climate transition planning, as assessed by the Transition Pathway Initiative (TPI), is rated as "Not Aligned" with the Paris Agreement's 1.5°C warming limit. This rating reflects a lack of robust, science-aligned targets and a decarbonization strategy insufficient for its high-emission sector. The company has not set a public, verifiable net-zero target that includes Scope 3 emissions from its products, which constitute a material portion of its carbon footprint. Its current commitments and disclosed actions do not demonstrate a credible pathway to align with international climate goals.
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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.