October 2023

Financial Exclusions Tracker

This is the list of companies that have been publicly excluded by financial institutions, for reasons ranging from human rights violations to environmental impact and other sustainability issues.

Knowing which companies have been excluded from finance, and why, is critical.
Take a look

40%
13929 Out of 34882

of Exclusions are motivated by Climate issues

Top Motivations for exclusions
Climate
Weapons
Tobacco
Undisclosed motivation
Human rights
Other

Weapons and tobacco are two large categories of product-based exclusions. Other product-based exclusions include more categories such as alcohol, gambling, and pornography.

Human Rights
Exclusions

2398 Out of 34882

Human rights issues account for 7% of all exclusions

Companies that violate policies, norms and values of financial institutions are then excluded from receiving financing for different reasons.

87

Financial
Institutions

34882

Exclusions

4532

Companies
Excluded

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Many financial institutions publish an exclusion list of all or some of the companies they will not finance and/or invest in.

On this website you will find a list of companies that have been publically excluded by financial institutions. The reasons for this exclusion may vary from human rights violations to environmental impact and corruption.

The fact that a company has been excluded by one or more financial institutions indicates that these financial institutions consider the Environmental, Social and Governance (ESG)risks related to these companies too high to invest in those companies, or provide credit to them
 

Insights

Companies and their subsidiaries can be excluded by multiple financial institutions and for a number of reasons. See the infographics below for more information.

  • Top 5 Companies excluded by Main Category
  • Top 10 excluded Companies

Top 5 Companies excluded by Main Category

Top 10 excluded Companies

Top 10 Companies with most distinct exclusions

Top 10 Financial investors with most distinct exclusions

Weapons
1 Poongsan
2 Northrop Grumman
3 Larsen & Toubro
4 General Dynamics
5 Lig Nex1
Climate
1 Cenovus Energy
2 Suncor
3 China Energy
4 ExxonMobil
5 Shandong Energy Group
Tobacco
1 Philip Morris International
2 Altria Group
3 British American Tobacco (BAT)
4 Imperial Brands
5 Japan Tobacco (JT)
Human rights
1 Energy Transfer
2 Vale
3 Walmart
4 OCP Group
5 ConocoPhillips
Business practices
1 JBS
2 Gazprom
3 Elbit Systems
4 China National Petroleum Corporation (CNPC)
5 Kangmei Pharmaceutical
1 Poongsan
75
2 Northrop Grumman
73
3 Larsen & Toubro
69
4 Lockheed Martin
67
5 General Dynamics
66
6 Lig Nex1
63
7 British American Tobacco (BAT)
61
8 Philip Morris International
61
9 Altria Group
60
10 Imperial Brands
60
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Financial institutions that continue financing companies on the exclusions lists of other financial institutions may be at reputational risk.

They may be questioned on their continued financial relationships with companies that have been placed on exclusion lists of other financial institutions.

The Exclusion List

This list was last updated in Oct 2023. Exclusion lists are dynamic. Some companies may have been removed, and new ones may have been added, since the last update.

Check if there are updates by the financial institution by clicking the source link in the downloadable version.

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