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.
Industrial Bank is a major Chinese commercial bank that provides financial services to fossil fuel companies, enabling their operations and expansion. According to the Banking on Climate Chaos 2024 report, Industrial Bank is a significant financier of fossil fuel projects globally. The bank's own 2024 Green, Social and Sustainability Bond Impact Report highlights its sustainable finance activities but does not disclose the scale or proportion of its financing directed toward fossil fuel extraction, transportation, or power generation. This lack of specific disclosure for its fossil fuel portfolio, contrasted with its promoted green bond issuances, indicates continued material support for the fossil fuel industry. By providing capital and banking services, the bank acts as a critical ancillary enabler for fossil fuel operators.
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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.