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BERKSHIRE HATHAWAY INC

BRK.B

6

exclusion reasons

4 themes

Environmental Harm (2) Fossil Fuels (2) Animal Welfare (1) Other (1)
BRK.B Current as of March 2026

BERKSHIRE HATHAWAY INC is screened out under 6 exclusion reasons spanning 4 issue categories.

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. It is a statement of values.

Emissions & Air Quality
Since Mar 12, 2026

Berkshire Hathaway operates one of the most carbon-intensive power generation fleets in the United States. In 2023, its coal-fired power plants emitted more nitrogen oxides (NOx) than any other corporate-owned coal fleet in the country, according to an analysis of EPA emissions data. A 2025 Reuters investigation identified Berkshire's coal fleet as the dirtiest in the nation by this key measure of air pollution.

The company has faced repeated shareholder pressure to disclose and reduce its greenhouse gas emissions. While subsidiary executives have stated goals to cut emissions 50-52% by 2030, Berkshire Hathaway itself fails to provide company-wide climate disclosures or Paris-aligned transition plans. This omission leaves investors without a clear view of the climate impact of its massive insurance and investment operations, or its plans to manage the physical and liability risks climate change poses to its core businesses.

Animal Exploitation
Since Mar 12, 2026

Berkshire Hathaway holds a controlling stake in Dairy Farmers of America, the largest dairy cooperative in the United States. Through this investment, Berkshire is materially linked to industrial-scale dairy production, a system reliant on the commercial exploitation of animals. Dairy Farmers of America supplies milk from thousands of farms, including operations implicated in widespread animal welfare issues.

This connection was highlighted by a 2020 $21 million settlement against Fairlife LLC, a joint venture between Coca-Cola and Select Milk Producers, for deceptive animal welfare marketing. While not a direct subsidiary, the case exposed systemic mistreatment within the industrial dairy supply chain that supplies major cooperatives like Dairy Farmers of America. Berkshire’s investment ties its capital directly to this industry, with no public commitment to reform the underlying animal exploitation inherent in its dairy operations.

Environmental Damage
Since Jun 1, 2024

PacifiCorp (owned by Berkshire Hathaway Energy) settled for $178M with 403 plaintiffs over liability for the 2020 Labor Day wildfires in Oregon (June 2024). PacifiCorp faces billions in additional wildfire liability across Oregon and California. Also: BNSF Railway (Berkshire subsidiary) ordered by Surface Transportation Board to transport 4.2M tons of Navajo Nation coal (June 2023) — mandated continuation of coal infrastructure.

Coal Operations
Since Jun 28, 2023

BNSF Railway (Berkshire Hathaway subsidiary) ordered by Surface Transportation Board to transport 4.2M tons of coal for Navajo Nation mining company (June 2023). BNSF is the primary rail carrier for Powder River Basin coal — transporting more coal than any other US railroad. PacifiCorp (also Berkshire) operates coal plants in 6 western states.

Coal Operations
Since Jul 10, 2018

Berkshire Hathaway Energy, a subsidiary of Berkshire Hathaway, operates one of the largest and most carbon-intensive coal-fired power fleets in the United States. A January 2025 Reuters analysis found that Berkshire’s coal plants emit more nitrogen oxide gases than any other coal-fired fleet in the country. The company has actively sought to maintain this exposure, lobbying for regulatory reprieves and fighting stricter air quality requirements.

This reliance on coal has led to significant legal and financial liabilities. Subsidiary PacifiCorp has been ordered by juries to pay over $1 billion in damages for its role in catastrophic wildfires. Furthermore, the company faces ongoing environmental risks from coal ash, with reports documenting toxic chemicals leaking from coal plants into groundwater. Despite these mounting costs, the parent company’s insurance units, including Berkshire Hathaway Reinsurance Group, continue to underwrite coal projects without announced restrictions.

While Berkshire Hathaway Energy’s public vision includes delivering “sustainable energy solutions,” its operational reality and lobbying posture demonstrate a continued strategic commitment to coal generation. There is no announced plan to phase out its coal assets, which remain central to its utility operations across multiple states.

Research Sources 5 organizations
Climate Transition Pathway
External
Cruelty Free Investors
External
External

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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.