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.
U.S. Bancorp provides significant financial services to the fossil fuel industry. According to the 2024 "Banking on Climate Chaos" report, the bank has provided over $97 billion in fossil fuel financing since 2016, including more than $12 billion directed toward new oil, gas, and coal expansion. This financing constitutes a core ancillary service enabling fossil fuel exploration, production, and infrastructure development.
While the bank announced in 2017 that it does not provide project financing for the construction of oil or natural gas pipelines, it continues to be a prominent lender to the sector through corporate loans and underwriting. Analysis indicates U.S. Bancorp lags behind its peers in adopting policies to restrict fossil fuel finance. The bank's ongoing capital provision to the industry, without a public commitment to phase out such financing, supports the continued operation and expansion of fossil fuel infrastructure.
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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.