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.
NHPC Limited, a hydroelectric power generation company owned by the Government of India, has been linked to documented incidents of environmental damage resulting from its operations. A specific and serious concern involves the alleged dumping of muck from construction projects into the Dibang River, sparking protests from local residents and environmental advocates who cite harm to the river ecosystem.
While the company publishes sustainability reports detailing its performance, external evidence points to operational practices that have led to environmental pollution and subsequent regulatory violations. The available information suggests a pattern where project activities directly cause adverse impacts, placing the company under scrutiny for its environmental compliance record in ecologically sensitive regions.
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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.