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PG&E

PCG

Utilities

2

exclusion reasons

2 themes

Direct Harm (1) Environmental Harm (1)
PCG Utilities Current as of March 2026

PG&E is screened out under 2 exclusion reasons spanning 2 issue categories.

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. It is a statement of values.

Preventable Deaths
Since Feb 28, 2026

PG&E was sentenced to five years of probation and ordered to pay more than $3 million in penalties and reimbursement for the 2010 San Bruno pipeline explosion that killed 8 people.

Climate Intransigence
Since Oct 27, 2025

PG&E has no corporate climate target covering its operational emissions. While the company promotes its role in enabling customer adoption of electric vehicles and heat pumps, its own decarbonization commitments are limited to a 2030 target for Scope 1 and 2 emissions from its non-generation assets—a segment representing a minor portion of its total climate impact. The utility’s continued and primary business remains the distribution of natural gas to approximately 4.6 million customers, with no announced plan to phase out this fossil fuel infrastructure.

The company’s lobbying practices further demonstrate a misalignment with climate policy. PG&E is a dues-paying member of the American Gas Association, a trade group that actively opposes building electrification codes and other local climate measures. Through its membership, PG&E funds advocacy that works against the residential and commercial fuel-switching necessary for deep decarbonization.

This combination—the absence of a comprehensive, science-aligned emissions target for its core business and financial support for a trade association obstructing key climate policies—places PG&E in direct conflict with the principles of corporate climate responsibility.

Research Sources 11 organizations

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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.

Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.