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.
Eagle Materials, a major U.S. producer of cement, concrete, and wallboard, has been assessed for the integrity of its climate commitments. A 2022 study evaluating the transparency of corporate climate pledges gave the company's headline climate claims an "integrity" rating, placing it among firms accused of exaggerating their climate actions. The company's public climate strategy lacks the detailed, material disclosures necessary to demonstrate a credible transition pathway for its carbon-intensive operations.
Eagle Materials is a major producer of cement, a process that involves quarrying limestone and other raw materials, which inherently causes habitat destruction and landscape alteration at extraction sites. The company's operations have drawn regulatory attention for environmental violations. In November 2010, the Environmental Protection Agency notified the company that its Nevada Cement facility in Fernley was believed to be in violation of federal air quality laws. This incident was part of a broader Clean Air Act settlement involving Nevada Cement, which required the installation of modern pollution controls for nitrogen oxide emissions at its kilns.
The company's regulatory footprint includes reporting to the EPA’s Toxic Release Inventory from 2014 through 2018, indicating the handling of materials subject to environmental reporting due to potential toxicity. Furthermore, the company's financial filings acknowledge material "Environmental Liability," defined to include costs for environmental remediation, fines, and penalties. While cement production is a known source of CO2 emissions, the exclusion under environmental_damage centers on the documented incidents of regulatory violations and the inherent habitat impact of its quarrying and industrial operations, rather than the climate emissions from its product.
Research Sources
2 organizations
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.