Publicly-traded companies

Top carbon reserve owners: Carbon Underground 200™

The Carbon Underground 200™, compiled and maintained by FFI Solutions, identifies the top 100 coal and the top 100 oil and gas publicly-traded reserve holders globally, ranked by the potential carbon emissions content of their reported reserves.

The Carbon Underground 200™ is a proprietary list. Contact FFI Solutions for more information.

Coal industry

The coal industry screen consists of companies designated by Morningstar industry classifications as Thermal Coal or Coking Coal; companies from the Global Coal Exit List marked as Mining or Services for Coal Industry Sector; and the top 100 coal reserve holders from the Carbon Underground 200™

Oil/gas industry

The oil/gas screen consists of companies designated by Morningstar industry classifications as Oil and Gas Drilling, Oil and Gas Extraction and Production, Oil and Gas Equipment and Services, Oil and Gas Integrated, Oil and Gas Midstream, and Oil and Gas Refining and Marketing; upstream and midstream companies from the Global Oil/Gas Exit List; and the top 100 oil/gas reserve holders from the Carbon Underground 200™.

Top coal-fired utilities: Macroclimate® 30

The Macroclimate® 30 is an exclusion list of the 30 largest public-company owners of coal-fired power plants in Developed Markets plus China and India. Macroclimate® compiled the list of 30 companies using open-source data on coal-fired power plants worldwide.

Fossil-fired utilities

The fossil-fired utilities screen consists of companies designated by Morningstar industry classifications as Utilities-Independent Power Producers, Utilities-Renewable, Utilities-Diversified, Utilities-Regulated Electric, and Utilities-Regulated Gas. (Despite the name, the Utilities-Renewable industry classification includes companies that distribute gas and/or burn fossil fuel for power generation.) It also includes companies from the Global Coal Exit List marked as Power for Coal Industry Sector. We remove any companies in these categories that are engaged in 100% renewable operations, pure transmission, or otherwise don't distribute gas or burn fossil fuels to generate power. We also remove a small number of utilities that have fossil fuel operations but meet the criteria for inclusion on our Clean200 screen - USD revenue of at least $1 billion, and over 50% of total revenues are from green sources, as measured by Corporate Knights Research.

Banks financing fossil fuels

The fossil fuel finance screen consists of 60 of the largest commercial and investment banks, from the Banking on Climate Chaos report. The data tracks the total fossil fuel financing of these banks over 2016-2022: lending, and underwriting debt and equity issuances.

Insurance companies underwriting fossil fuels

The fossil fuel insurance screen consists of 30 of the largest primary insurers and reinsurers, from the Insure Our Future Scorecard. The data rates the fossil fuel insurance policies of these companies.

Deforestation-risk agricultural commodity producer/traders

Companies that produce and trade palm oil, paper/pulp, rubber, timber, cattle, and soy, and have a past record or a significant risk of contributing to deforestation, land grabbing, and human rights abuses.

Banks and lenders

Financial institutions directly and indirectly involved in underwriting and lending to deforestation-risk producers and traders. These are the publicly listed banks drawn from the platform Forests & Finance.

Major consumer brands

Consumer goods retailers that source palm oil, paper/pulp, rubber, timber, cattle, and soy from deforestation-risk producers and traders and sell it to consumers worldwide.

Gun manufacturers

The leading publicly-traded companies involved in manufacturing civilian firearms including handguns, rifles, assault weapons, and ammunition.

Gun retailers

Large publicly-traded companies that sell firearms or ammunition to the civilian market.

Prison industry

The prison industry screen flags companies involved in incarceration and detention facilities (including facility management, youth and family detention, private facilities internationally, private prison financing, transportation and deportations, facility surveillance and security, and prison labor), services in facilities (including communication services, health services, banking and financial services, and food, commissary, and other goods), and supervision and monitoring (including e-carceration, community corrections, and bail bonds).

Border industry

The border industry screen flags companies involved in incarceration and detention facilities (including facility management, youth and family detention, private prison financing, facility surveillance and security, transportation and deportations, and prison labor), militarization of the U.S.-Mexico border (including border construction and maintenance and border monitoring and surveillance), and immigrant monitoring and surveillance (including high-tech surveillance of immigrants, e-carceration, and bail bonds).

High-risk prison industrial complex

The high-risk prison industrial complex screen flags companies from the prison industry and border industry screens that are recommended for divestment by the American Friends Service Committee state violence criteria.

Private prison operators

For-profit private contractors that have contracts with cities, counties, states, and the federal government to operate prisons, jails, and immigration jails. Any investments in these companies earn a fund an automatic F.

Military contractors

Companies identified as having significant involvement in arms manufacturing and/or military contracting by one or more of over 20 data sources. Each company on the list was identified by at least one ethical investment firm for exclusion for reasons of involvement with military weapons.

Nuclear weapons manufacturers/servicers

Companies identified as having involvement with the production of nuclear weapons.

Controversial weapons

Companies identified as having involvement with the production of controversial weapons, such as cluster munititions, anti-personnel landmines, incendiary weapons, and depleted uranium.

Tobacco producer/manufacturers

Identified using Morningstar industry categories, these companies either produce tobacco or manufacture tobacco products.

Entertainment companies that promote smoking to kids

There is scientific consensus that exposure to tobacco in movies causes kids to begin smoking. These entertainment companies promote smoking by producing kid-rated movies that depict smoking.