Tata Power Co Ltd/The
TATAPOWER
2
exclusion reasons
2 themes
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.
Tata Power Co Ltd/The operates a significant coal-fired power generation fleet. The company owns and operates the Jojobera coal-fired power plant in Jharkhand, India, which came online in 1996. As of 2022, Tata Power had 9.7 gigawatts of fossil fuel generation capacity, with coal-fired power constituting a dominant portion of its thermal production.
The company derives more than 5% of its revenue from the production of thermal coal, exceeding common exclusion thresholds for coal operations. While Tata Power announced a $9.5 billion clean energy investment plan in 2022, its ongoing operation of coal-fired assets and revenue from coal production establishes its material involvement in the coal sector.
Tata Power operates one of India's largest coal-fired power generation fleets, with approximately 80% of its installed capacity derived from coal. This includes ownership of the 4,000 MW Mundra Ultra Mega Power Plant, one of the world's largest coal-fired facilities, and multiple other coal-based plants. The company's operations are directly linked to extensive environmental degradation, including air and water pollution, ash pond contamination, and habitat destruction associated with coal mining and combustion.
The company has been excluded by Norges Bank Investment Management (NBIM) since 2016 due to "severe environmental damage" specifically tied to the "production of coal or coal-based energy." While Tata Power has announced renewable energy targets, its ongoing reliance on and operation of massive coal-fired infrastructure continues to cause documented ecological harm. The exclusion is product-based, reflecting the inherent environmental damage caused by the core business activity.
Research Sources
1 organization
Related Exclusions
Wondering what we do invest in?
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.