11 List of excluded companies by 31. desember 2023
Severe environmental damage
- Barrick Gold Corp
- Beijing Tong Ren Tang Chinese Medicine Co Ltd
- Bharat Heavy Electricals Ltd
- China Traditional Chinese Medicine Holdings Co Ltd
- Duke Energy Corp (including the below wholly-owned subsidiaries)
- Duke Energy Carolinas LLC
- Duke Energy Progress LLC
- Progress Energy Inc
- ElSewedy Electric Co
- Freeport-McMoRan Inc
- Genting Bhd
- Grand Pharmaceutical Group Ltd
- Halcyon Agri Corp Ltd
- MMC Norilsk Nickel PJSC
- NHPC Ltd
- POSCO Holdings Inc
- Posco International Corp
- Power Construction Group of China Ltd
- Ta Ann Holdings Bhd
- Tong Ren Tang Technologies Co Ltd
- Vale SA
- Volcan Cia Minera SAA
- WTK Holdings Bhd
- Young Poong Corp
- Yunnan Baiyao Group Co Ltd
- Zijin Mining Group Co Ltd
Severe environmental damage | Serious or systematic human rights violations
- Evergreen Marine Corp Taiwan Ltd
- Korea Line Corp
- Vedanta Ltd
Serious violations of the rights of individuals in situations of war or conflict
- Ashtrom Group Ltd
- Danya Cebus Ltd
- Elco Ltd
- Electra Ltd
- GAIL India Ltd
- Korea Gas Corp
- Mivne Real Estate KD Ltd
- Oil & Natural Gas Corp Ltd
- PTT Oil and Retail Business PCL
- PTT PCL
- Shapir Engineering and Industry Ltd
- Shikun & Binui Ltd
Other particularly serious violations of fundamental ethical norms
- Delek Group Ltd
- Elbit Systems Ltd
Gross corruption or other serious financial crime
- JBS SA
- ZTE Corp
Serious or systematic human rights violations
- Centrais Eletricas Brasileiras SA (Eletrobras)
- Cognyte Software Ltd
- Formosa Chemicals & Fibre Corp
- Formosa Taffeta Co Ltd
- Honeys Holdings Co Ltd
- Li Ning Co Ltd
- Luthai Textile Co Ltd
- Page Industries Ltd
- Zuari Agro Chemicals Ltd
Sales of weapons to states in armed conflicts
- AviChina Industry & Technology Co Ltd
- Bharat Electronics Ltd
Unacceptable greenhouse gas emissions
- Canadian Natural Resources Ltd
- Cenovus Energy Inc
- Imperial Oil Ltd
- Suncor Energy Inc
Production of nuclear weapons
- Airbus SE
- BAE Systems Plc
- Boeing Co
- BWX Technologies Inc
- Fluor Corp
- Honeywell International Inc
- Huntington Ingalls Industries Inc
- Jacobs Solutions Inc
- Lockheed Martin Corp
- Northrop Grumman Corp
- Safran SA
Production of cluster munitions
- Poongsan Corp
- Textron Inc
Production of tobacco
- Altria Group Inc
- British American Tobacco Malaysia Bhd
- British American Tobacco Plc
- Eastern Co SAE
- Gudang Garam tbk pt
- Hanjaya Mandala Sampoerna Tbk PT
- Huabao International Holdings Ltd
- Imperial Brands Plc
- ITC Ltd
- Japan Tobacco Inc
- KT&G Corp
- Mativ Holdings Inc
- Philip Morris Cr AS
- Philip Morris International Inc
- Scandinavian Tobacco Group A/S
- Shanghai Industrial Holdings Ltd
- Universal Corp/VA
- Vector Group Ltd
Production of cannabis for recreational use
- Aurora Cannabis Inc
- Canopy Growth Corp
- Cronos Group Inc
- Tilray Brands Inc
Production of coal or coal-based energy
- Aboitiz Power Corp
- AES Andes SA
- AES Corp
- AGL Energy Ltd
- ALLETE Inc
- Alliant Energy Corp
- Ameren Corp
- American Electric Power Co Inc
- Capital Power Corp
- CESC Ltd
- CEZ AS
- China Coal Energy Co Ltd
- China Power International Development Ltd
- China Resources Power Holdings Co Ltd
- China Shenhua Energy Co Ltd
- Chugoku Electric Power Co Inc/The
- CLP Holdings Ltd
- Coal India Ltd
- CONSOL Energy Inc
- Datang International Power Generation Co Ltd
- DMCI Holdings Inc
- DTE Energy Co
- Electric Power Development Co Ltd
- Electricity Generating PCL
- Emera Inc
- Eneva SA
- Engie Energia Chile SA
- Evergy Inc
- Exxaro Resources Ltd
- FirstEnergy Corp
- Glencore PLC
- Great River Energy
- Guangdong Electric Power Development Co Ltd
- Gujarat Mineral Development Corp Ltd
- HK Electric Investments & HK Electric Investments Ltd
- Hokkaido Electric Power Co Inc
- Hokuriku Electric Power Co
- Huadian Energy Co Ltd
- Huadian Power International Corp Ltd
- Huaneng Power International Inc
- IDACORP Inc
- Inner Mongolia Yitai Coal Co Ltd
- Jastrzebska Spolka Weglowa SA
- Korea Electric Power Corp
- Lubelski Wegiel Bogdanka SA
- Malakoff Corp Bhd
- MGE Energy Inc
- New Hope Corp Ltd
- NRG Energy Inc
- NTPC Ltd
- Okinawa Electric Power Co Inc/The
- Otter Tail Corp
- PacifiCorp
- Peabody Energy Corp
- PGE Polska Grupa Energetyczna SA
- PNM Resources Inc
- Public Power Corp SA
- Reliance Infrastructure Ltd
- Reliance Power Ltd
- RWE AG
- Sasol Ltd
- SDIC Power Holdings Co Ltd
- Shikoku Electric Power Co Inc
- Tata Power Co Ltd/The
- Tenaga Nasional Bhd
- TransAlta Corp
- Tri-State Generation and Transmission Association Inc
- Washington H Soul Pattinson & Co Ltd
- WEC Energy Group Inc
- Whitehaven Coal Ltd
- Xcel Energy Inc
- Yankuang Energy Group Co Ltd.
11.1 List of companies placed under observation
Serious violations of the rights of individuals in situations of war or conflict
- Adani Ports & Special Economic Zone Ltd
- KDDI Corp
- Sumitomo Corp
Severe environmental damage
- Astra International Tbk PT
- Marfrig Global Foods SA
Severe environmental damage | Serious or systematic human rights violations
- Pan Ocean Co Ltd
Gross corruption or other serious financial crime
- Bombardier Inc
- Hyundai Engineering & Construction Co Ltd
- Petrofac Ltd
Serious or systematic human rights violations
- Supermax Corp Bhd
- ORLEN SA
Other particularly serious violations of fundamental ethical norms
- Semen Indonesia Persero Tbk PT
Production of coal or coal-based energy
- Berkshire Hathaway Energy Co
- BHP Group Ltd/BHP Group Plc
- CMS Energy Corp
- Kyushu Electric Power Co Inc
- MidAmerican Energy Co
- NorthWestern Corp
- OGE Energy Corp
- Pinnacle West Capital Corp
- Southern Co/The
- Tohoku Electric Power Co Inc
- Uniper SE
- Vistra Corp
An updated list can be found at Observation and exclusion of companies | Norges Bank Investment Management (nbim.no)