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.
PACCAR Inc., a manufacturer of heavy-duty trucks under the Kenworth, Peterbilt, and DAF brands, has accrued significant environmental penalties. In 2023, the California Air Resources Board (CARB) levied a $2.5 million fine against the company for air pollution violations. This penalty is documented in ViolationTracker.
The company’s operations are also linked to broader environmental governance concerns through its market activities. PACCAR was a party to the “Clean Truck Partnership” investigated by the Federal Trade Commission in 2025 for potential antitrust issues, a case centered on agreements affecting the market for zero-emission commercial vehicles. While not a direct pollution event, this involvement in a partnership scrutinized for potentially limiting cleaner technology competition reflects on the company’s role in the sector’s environmental trajectory.
Research Sources
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Related Exclusions
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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.