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.
Excelerate Energy operates a global fleet of Floating Storage and Regasification Units (FSRUs) and develops onshore LNG import terminals, providing essential midstream infrastructure for the transportation and processing of fossil fuels. The company’s business model is built on expanding access to liquefied natural gas, with its infrastructure enabling the delivery of natural gas to markets worldwide.
The company explicitly acknowledges in its SEC filings that climate policies aimed at reducing fossil fuel use pose a material risk to its business. Its public narrative emphasizes providing "clean, reliable, and affordable energy," a claim that aligns with industry efforts to position natural gas as a climate solution despite its significant greenhouse gas emissions. Excelerate’s operations, including the recent milestone of its 3,000th ship-to-ship transfer, are focused on scaling LNG trade, locking in fossil fuel infrastructure for decades.
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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.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.