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.
JPMorgan Chase provides financial services to fossil fuel operators, including lending, underwriting, and advisory services that enable fossil fuel extraction, transportation, and refining. The bank is one of the world’s largest financiers of fossil fuel expansion. In late 2025, JPMorgan introduced heightened scrutiny for fossil fuel clients operating in the Amazon Biome, committing not to finance clients that have violated human rights and to assess risks to Indigenous Peoples. This policy change, acknowledged at COP30, represents a targeted restriction but does not constitute a broad phase-out of fossil fuel financing. The bank’s historical involvement in physical commodities markets, including oil and jet fuel, further integrates its operations with fossil fuel infrastructure.
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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.