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.
China CITIC Bank is a major financier of fossil fuel projects globally. According to the Fossil Fuel Finance Report 2021, the bank was a leading financier of coal power after the Paris Agreement, alongside Bank of China and ICBC. The report identifies multiple coal power case studies linked to its financing. Further analysis from 2023 notes that global money is flowing in the wrong direction, with Chinese banks like CITIC continuing to provide significant capital for fossil fuel expansion. The bank's own sustainability and ESG reports do not indicate a policy to restrict or phase out this financing activity, focusing instead on general environmental risk management without excluding fossil fuels.
Research Sources
1 organization
Related Exclusions
Wondering what we do invest in?
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.