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.
Gazprom ranks last among its 25 industry peers for greenhouse gas emissions intensity. The company is one of the world's largest contributors to cumulative industrial emissions, linked to over 70% of global industrial greenhouse gas emissions since 1988 through the production and sale of fossil fuels. While Gazprom reports reductions in methane emissions from its production facilities, these marginal improvements do not alter its position as a sector laggard. Its business model remains centered on the exploration, production, and sale of natural gas, with no substantive transition plan away from fossil fuel dependence.
Research Sources
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Related Exclusions
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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.