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.
The Transition Pathway Initiative rates Alcoa's emissions pathway as aligned only to national pledges, falling short of the Paris 1.5C trajectory for the aluminium sector. InfluenceMap's LobbyMap assessment finds Alcoa has disclosed limited information regarding its engagement with climate policy and maintains links to industry associations that have actively opposed meaningful climate change policy, including the Business Council of Australia. Alcoa does not disclose a full list of its industry association memberships or its indirect climate-related lobbying activities, nor has it published a full audit of its industry links, undermining its stated support for the Paris Agreement.
Alcoa Corporation is a global aluminum producer whose mining and refining operations have a documented history of causing significant environmental damage. The company manages a portfolio of legacy sites requiring remediation, including bauxite residue storage areas, which are a byproduct of alumina refining and can pose risks of soil and water contamination if not properly managed.
The issues are not contained to legacy operations. In february 2026, Alcoa was fined an "unprecedented" $55m (Australian) for illegally clearing Australia's northern Jarrah forest, which is an important habitat for protected species.
The company's historical operations have contributed to its inclusion on the Norwegian Government Pension Fund Global's exclusion list due to environmental concerns. While Alcoa publishes detailed sustainability goals and reports, its business model remains fundamentally tied to large-scale land disturbance for bauxite mining and the management of long-term waste streams. The scale of these operations means that, despite rehabilitation efforts, the company's activities continue to carry a significant risk of habitat destruction and ecological 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.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.