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.
Mowi is the world's largest producer of farmed Atlantic salmon, a business model with a carbon footprint that is high relative to its protein sector peers. The company's 2024 Sustainability Report details a total carbon footprint of 2.3 million tonnes CO2e, with Scope 3 emissions from purchased feed constituting approximately 80% of the total. While Mowi has committed to reducing absolute Scope 1 and 2 emissions by 50.6% and Scope 3 emissions by 27.5% by 2030 from a 2019 base year, its current emissions intensity remains significantly higher than alternative animal protein sources. The company's climate transition pathway, as assessed by third-party frameworks, indicates its current performance and targets are not aligned with the 1.5°C scenario necessary to mitigate severe climate impacts.
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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.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.