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.
PetroChina is one of the world’s largest integrated oil and gas companies, deriving the vast majority of its revenue and profits from the exploration, production, refining, and sale of fossil fuels. Its operational scale makes it a significant global emitter of greenhouse gases. The company’s 2024 ESG report outlines a climate strategy focused on curbing carbon emissions and pursuing a “green and low-carbon transition,” including targets for carbon intensity reduction and investments in clean energy. However, PetroChina’s core business remains fundamentally tied to fossil fuel extraction and sales, with no announced plan to phase out its oil and gas production. Its emissions profile and transition trajectory are assessed as insufficiently aligned with the Paris Agreement’s 1.5°C goal by third-party frameworks like the Transition Pathway Initiative.
PetroChina is a major integrated oil and gas company engaged in upstream exploration and production, midstream transportation, and downstream refining and marketing. Its operations inherently carry significant environmental risks, including the potential for oil spills, groundwater contamination, and habitat disruption.
The company's own reporting documents a history of environmental incidents. Its 2022 ESG report acknowledges "major environmental pollution accidents" in prior years and details ongoing efforts to manage legacy contamination, including the remediation of soil and groundwater at historical production sites. While PetroChina reports annual spending on environmental protection and pollution control, its core business model—extracting, transporting, and processing hydrocarbons—continues to pose a persistent risk of environmental damage.
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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.
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