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.
China Resources Power operates a generation fleet that is overwhelmingly dependent on coal-fired power plants. The company's carbon performance, as assessed by the Transition Pathway Initiative, lags significantly behind global utility sector peers on the pathway to aligning with the Paris Agreement. Its current emissions intensity and projected trajectory are not consistent with the required decarbonization of the power sector.
While the company has established a carbon capture testing platform at its Haifeng plant and engages in corporate green power purchase agreements—selling renewable energy to clients like BASF and Merck—these efforts represent a minor portion of its overall business. The core operations remain tied to high-emission assets. The available evidence does not indicate a corporate-wide transition plan at the scale and pace necessary to meet stringent climate benchmarks.
Leadership's treatment of emissions governance appears insufficient relative to the climate crisis. The company’s sustainable development reporting lacks the specific, time-bound commitments for phasing out coal generation that would demonstrate it treats decarbonization as a central strategic imperative.
China Resources Power is a major coal-fired power generator in China, operating a fleet of power plants that rely heavily on thermal coal combustion. The company's operations are intrinsically linked to documented environmental destruction, including toxic contamination from coal ash disposal, water resource depletion for cooling, and significant air pollutant emissions that degrade local ecosystems and public health. While the emissions themselves are captured under separate exclusion codes, the physical environmental damage stems from the company's core business model of burning coal at scale.
The company's environmental record includes regulatory penalties for pollution violations, though specific incident documentation in English-language sources is limited. As a state-owned enterprise in China's power sector, the company operates under national energy policies that have historically prioritized coal capacity, contributing to regional ecological strain. The Stranded Assets Programme at the University of Oxford, supported by Norges Bank Investment Management, has identified coal-fired power utilities like China Resources Power as facing material environment-related risk due to the ecological impacts of their operations and associated regulatory liabilities.
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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.
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