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.
State Bank of India is a major financier of fossil fuel expansion. According to the Fossil Fuel Finance Report 2024, SBI provided $694.94 million in financing to fossil fuel companies in 2023. This capital supports the full fossil fuel value chain, including upstream oil and gas extraction, midstream transportation, and downstream refining and marketing. The bank’s financing enables the equipment manufacturers, drilling support firms, and oilfield service providers that are essential to fossil fuel operations.
While SBI has established an ESG Financing Framework with restrictions on direct project finance for new coal plants, its broader policies continue to facilitate fossil fuel development. The framework allows financing for companies engaged in fossil fuel freight and does not prohibit general corporate lending to oil and gas firms. Furthermore, SBI’s asset management arm offers funds, such as the SBI Energy Opportunities Fund, that explicitly invest in the oil field services sector. This positions the bank as a critical provider of ancillary financial services to the fossil fuel industry.
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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.