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.
AES Corporation operates coal-fired power generation facilities in multiple countries, including Chile through its subsidiary AES Andes. As of 2023, AES Andes reported a total installed capacity of 4,672 MW, of which 2,172 MW (approximately 46%) was coal-fired generation. This includes the 884 MW Angamos coal plant in Chile and the 1,288 MW Chivor coal plant in Colombia. While AES has announced a global commitment to exit coal by year-end 2025, the company's generation portfolio in Latin America remains significantly dependent on coal-fired assets. The French financial authorities' 2020 monitoring report on coal policies identified AES as a company with coal exposure, listing it among entities tracked by the Global Coal Exit List.
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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.