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.
LATAM Airlines Group S.A. operates a fleet of approximately 300 aircraft, providing passenger and cargo air transport across Latin America. The aviation sector is among the most carbon-intensive modes of transportation, and an airline's climate impact is measured relative to its industry peers. The company has not published a Science Based Targets initiative (SBTi)-approved emissions reduction target. While many global airlines have committed to net-zero roadmaps, LATAM’s disclosed climate transition strategy lacks the specificity and interim milestones that characterize sector leadership.
The provided evidence does not contain specific, material data on LATAM’s emissions intensity, historical reduction performance, or peer benchmarking—information critical for a definitive assessment under this exclusion category. A conclusive narrative requires current data on metrics such as revenue-tonne-kilometer (RTK) emissions intensity, fleet renewal rates, sustainable aviation fuel (SAF) procurement commitments, and governance structures for emissions oversight. Without this company-specific evidence, the case for exclusion on emissions performance grounds cannot be substantively detailed.
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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.
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