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.
NextDecade Corporation is developing the Rio Grande LNG export terminal near Brownsville, Texas, a midstream fossil fuel infrastructure project designed to liquefy and export natural gas. The planned facility would consist of up to eight liquefaction trains with a total capacity of approximately 48 million tonnes per annum, supported by the affiliated Rio Bravo Pipeline for gas supply.
The project's federal approvals have faced legal challenges on environmental grounds. In 2025, a federal court remanded key permits to the Federal Energy Regulatory Commission (FERC) for deficiencies in its environmental review, though the court noted FERC could likely address the issues "while reaching the same result." Subsequently, NextDecade canceled the carbon capture and storage component it had previously promoted for the terminal, eliminating a planned mitigation feature. The company's primary activity and stated purpose is the development of this large-scale LNG export infrastructure.
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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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