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.
Turkish Airlines is excluded for documented environmental destruction related to its core operations. The company operates a large fleet of fossil fuel-powered aircraft, with its primary environmental impact stemming from the significant ground and water pollution associated with aviation activities, including de-icing fluid runoff, hydraulic fluid and oil leaks, and the generation of hazardous waste from aircraft maintenance.
Specific evidence of regulatory non-compliance includes a December 2024 enforcement action documented in the U.S. Environmental Protection Agency's Environmental Crimes Bulletin. Turkish Airlines was penalized for attempting to export a shipment that did not meet export control labeling requirements and was not a properly registered pesticide. This incident demonstrates a failure in the company's environmental compliance protocols for handling and transporting regulated hazardous materials.
While the company publishes sustainability priorities and discusses future biofuel initiatives, its current operations continue to generate substantial, direct ecological harm through chemical contamination and hazardous waste mismanagement inherent to its fleet operations.
Research Sources
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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.