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.
Truist Financial Corporation provides financing and banking services to the fossil fuel industry, specifically to the oil, gas, and consumable fuels sector, including equipment and services. The bank's own annual TCFD reports from 2022 through 2024 explicitly define its "carbon-related assets" to include this "Energy" category. While the specific dollar amount of this exposure is not detailed in public disclosures, the inclusion of fossil fuel equipment and services as a core part of its carbon asset definition indicates material financing activity. Fossil Fuel Finance Report 2024 notes Truist was newly included in its annual analysis of bank fossil fuel financing.
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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.