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.
Transportadora de Gas del Sur S.A. (TGS) is a principal transporter of natural gas in Latin America, operating an extensive pipeline network in Argentina. The company's core business segments are Natural Gas Transportation and Liquids Production & Commercialization, directly linking its revenue to fossil fuel infrastructure. In February 2026, TGS was awarded the expansion of the Perito Moreno Pipeline segment, a key project for increasing natural gas export capacity. Concurrently, the company announced a $3 billion investment in a natural gas liquids project, signaling a strategic commitment to expanding its fossil fuel midstream operations rather than transitioning them.
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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.