Vale S.A.
VALE
Materials
3
exclusion reasons
3 themes
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.
Vale S.A. is one of the world's largest mining companies, a major producer of iron ore and nickel, and its operational carbon footprint is significant. In 2024, the company reported total carbon emissions of approximately 458.5 million tonnes CO2e. The overwhelming majority—over 98%—of its emissions are Scope 3, stemming from the downstream processing and use of its products, primarily in steelmaking. While the company has set a net-zero target for its direct (Scope 1 and 2) emissions by 2050, this target excludes the vast majority of its carbon impact. Vale's emissions profile is outsized relative to its sector peers, placing it among the highest-emitting companies globally. Leadership has established climate governance, but the company's long-term targets lack the intermediate milestones and Scope 3 coverage required to demonstrate a credible, urgent transition pathway commensurate with its climate impact.
2023 SEC settlement ($55.9M) for systematically manipulating dam safety audits and publishing fraudulent ESG disclosures that concealed Brumadinho collapse risk while raising $1B+ in US debt markets
Brumadinho tailings dam collapse (January 25, 2019): 270 deaths from toxic mudflow; structural failure occurred after internal engineering reports (known to executives since 2016) showed dam failed international safety standards
Research Sources
2 organizations
Related Exclusions
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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.
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