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.
Saputo Inc. reported total greenhouse gas emissions of approximately 14.1 million metric tons of CO₂ equivalent in 2024. The overwhelming majority—over 13.2 million metric tons—are Scope 3 emissions from its supply chain, primarily linked to dairy farming and livestock. This footprint is outsized relative to its food sector peers. The company has set a target to reduce absolute Scope 1 and 2 emissions by 42.6% by 2030 from a 2020 base year. However, its public climate commitments lack a specific, quantified target for reducing its dominant Scope 3 emissions, which represent the core climate impact of its dairy production business.
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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.