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.
In July 2025, the Bureau of Investigative Journalism revealed Chubb became lead reinsurer for Nghi Son 2, a 1.2GW coal-fired power plant in Vietnam that could emit up to 175 million tonnes of CO2 over 25 years — more than the Philippines' annual emissions. This directly violates Chubb's own July 2019 pledge to stop underwriting new coal-fired plants. Chubb's oil & gas policy explicitly excludes pipelines and LNG export infrastructure from restrictions. In March 2026, Chubb blocked a shareholder proposal from As You Sow requesting a report on climate loss subrogation; As You Sow sued but a DC federal judge declined to force inclusion.
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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.