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.
Aluminum Corporation of China Limited (Chalco) is one of the world’s largest producers of primary aluminum, a process that is highly energy- and emissions-intensive. The company’s carbon footprint is significant relative to its global industry peers. Chalco has stated a commitment to peak carbon emissions by 2030 and achieve carbon neutrality by 2060, with an interim target to reduce carbon emissions by 40% by 2035. However, these targets are not aligned with the Paris Agreement’s 1.5°C pathway and lag behind the more ambitious goals set by some Western aluminum producers. The company’s reported climate commitments do not yet encompass Scope 3 emissions, which represent a substantial portion of the aluminum sector’s total lifecycle carbon impact.
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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.