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Volkswagen

VOW3

4

exclusion reasons

2 themes

Environmental Harm (3) Geopolitical Conflict (1)
VOW3 Current as of March 2026

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.

Volkswagen is excluded under occupied territories due to its business activities in occupied or disputed territories in violation of international law. The specific nature, scale, and location of these activities require verification from primary source documentation. A targeted review of Volkswagen’s global operations and supply chain is needed to detail its presence in these regions.

Climate Intransigence
Since Jul 28, 2021

Volkswagen is excluded under climate policy criteria, which applies to companies that actively obstruct climate policy, misrepresent climate science, or set misleading climate targets. As a major global automaker, the company’s product portfolio and corporate strategy have significant implications for transportation emissions. A thorough review of its climate lobbying, target integrity, and policy engagement is required to document the specific conduct underlying this exclusion. Current evidence is insufficient to detail the precise incidents, lobbying activities, or misrepresentations that triggered this record.

Environmental Damage
Since Jul 26, 2021

Volkswagen is excluded for documented environmental damage. The company's operations and products have been linked to significant ecological harm, most notably through the 2015 Dieselgate scandal where Volkswagen installed illegal software in millions of diesel vehicles to cheat on emissions tests. This deliberate deception resulted in vehicles emitting up to 40 times the legal limit of nitrogen oxides, a major air pollutant linked to respiratory illness and environmental damage.

Beyond this systemic misconduct, Volkswagen's global manufacturing footprint and complex supply chains carry inherent risks for toxic contamination, habitat destruction, and other environmental impacts. A thorough review of recent enforcement records, remediation sites, and supply chain audits is required to detail the current scale and materiality of Volkswagen's environmental damage.

Source:
Emissions & Air Quality
Since Jan 1, 2017

DOJ criminal and civil settlement for Clean Air Act violations using defeat device software to falsify diesel emissions test results across ~500,000 US vehicles (Dieselgate); $4.3B total criminal and civil penalties including $2.8B criminal fine; pled guilty to conspiracy, fraud, and violation of the CAA; one of the largest CAA criminal fines in US history; additional $14.7B civil settlement with vehicle owners

Research Sources 3 organizations

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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.

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.