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.
Morgan Stanley provides significant financial services to fossil fuel operators through its investment banking and capital markets divisions. The bank ranks among the top global financiers of fossil fuel expansion, having provided over $100 billion in lending and underwriting to fossil fuel companies since the Paris Agreement. This financing is a core ancillary service enabling fossil fuel projects.
Shareholders rejected a proposal in May 2024 asking the company to disclose how its fossil fuel financing aligns with its net-zero commitments. In May 2024, New York City Comptroller Brad Lander accused Morgan Stanley, along with peers Bank of America and Goldman Sachs, of lagging behind other major banks on climate-related financing disclosures. The bank's continued high level of fossil fuel support places it in the category of providing essential financial infrastructure to the industry.
Research Sources
10 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.