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.
Bharat Petroleum Corporation Limited (BPCL) is a state-owned Indian oil refiner reporting approximately 10.4 billion kg CO2e in total emissions (2023). The Central Pollution Control Board (CPCB) fined BPCL Rs 2 crore in October 2023 and imposed an additional Rs 1 crore in November 2024 for failing to install vapour recovery systems (VRS) at 28 storage terminals within prescribed timelines. VRS prevents release of cancer-causing benzene, toluene, and xylene during refuelling. The Supreme Court upheld BPCL's liability on March 14, 2023, pursuant to orders from the National Green Tribunal and CPCB. BPCL spent over a year seeking reconsideration of the penalty rather than completing installation.
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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.