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.
Domtar Corporation, a major pulp and paper manufacturer, reported total carbon emissions of approximately 4.8 billion kg CO₂e in 2024. Its Scope 1 emissions of about 2.8 billion kg CO₂e are significant for the forest products sector. While the company highlights a 30% reduction in absolute Scope 1 and 2 emissions from a 2015 baseline, achieved ahead of its 2025 target, its current emissions intensity remains high relative to industry peers.
The company’s long-term climate goal is to achieve net zero Scope 1 and 2 emissions by 2050. However, this target lacks the interim, science-aligned milestones for 2030 that are now standard for sector leaders. In October 2025, Domtar’s Skookumchuck pulp mill in British Columbia was penalized C$62,950 for air pollution violations related to equipment failures and unreported emissions, indicating ongoing operational and compliance challenges in its core manufacturing processes.
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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.