BERKSHIRE HATHAWAY INC
BRK.B
3
exclusion reasons
2 themes
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.
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.
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.
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.
Research Sources
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Related Exclusions
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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.
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