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.
Enbridge operates the longest and most complex crude oil and liquids pipeline network in the world: 17,800 miles of liquids pipelines and 23,800 miles of natural gas transmission, connecting Canadian supply basins to U.S. refining markets. Its Mainline system averaged throughput of 3.06 million barrels per day in 2024 at 94.8 percent capacity utilization, peaking at 3.23 million b/d in early 2025. Enbridge is investing $2.5 billion in pipeline expansion through 2028, adding up to 500,000 barrels per day of incremental crude oil capacity. In 2024, Enbridge also completed its $14 billion acquisition of three U.S. gas utilities, making it the largest natural gas utility operator in North America. The company is actively expanding fossil fuel transport infrastructure on both the liquids and gas sides of its business.
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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.