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.
Volvo Group has been documented as providing equipment used in human rights abuses within active conflict zones. The company’s construction machinery, including excavators and loaders, has been identified at sites of home demolitions and settlement construction in occupied East Jerusalem and the West Bank. These are active conflict areas where such operations exacerbate displacement and violence.
A 2022 report by the Business & Human Rights Resource Centre (BHRRC) cited specific cases where Volvo equipment was photographed being used by Israeli authorities to demolish Palestinian homes. The company has faced repeated calls from human rights organizations to implement enhanced human rights due diligence and to cease sales to entities involved in these practices. Volvo Group has publicly stated it does not control the use of its products after sale and has a general policy against the misuse of its equipment, but it has not announced any suspension of sales or distribution channels in these conflict areas.
AFSC Investigate: Settlement Industry, Wall and Checkpoints; Volvo equipment used in settlement construction
Research Sources
2 organizations
Related Exclusions
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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.
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