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.
Air China reported total operational greenhouse gas emissions of approximately 27.9 million metric tons of CO2 equivalent in 2024. As a major international airline, its core business of passenger and cargo air travel is inherently emissions-intensive, with Scope 1 emissions from jet fuel combustion constituting the vast majority of its footprint. The Climate Transition Pathway initiative assesses companies relative to their sector peers on emissions intensity and governance. Air China's reported emissions profile places it among the higher-emitting entities within the global aviation industry.
The company's 2022 Corporate Social Responsibility Report outlines a response to China's national "dual carbon" strategy, citing specific operational initiatives such as the use of auxiliary power unit alternatives, which it estimated reduced CO2 emissions by 248,000 tonnes in 2022. It has also announced plans to introduce more fuel-efficient aircraft to support energy conservation and emissions reduction. However, the fundamental carbon intensity of its business model—long-haul air travel—remains significant, and its disclosed emissions trajectory must be evaluated against the aviation sector's alignment with a 1.5°C pathway. Leadership's treatment of emissions governance as a core operational mandate, beyond stated commitments, is a material factor in this assessment.
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The Naughty List
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.