We organise a structured dialogue and set a clear objective of regularly monitoring progress. We engage in a dialogue either directly with the company or together with other investors – typically a mixture of the two. We often choose to vote at the company's annual general meeting. If the company shows no desire to change its conduct, or if it is unrealistic that this will happen, we will exclude the company from Nykredit's investments and review our decision within two years. The following companies have been excluded:
| Company | Background |
| 22ND CENTURY GROUP, INC. | Producer of tobacco |
| 88 Energy Ltd | Fossil expansion |
| 89 Energy III LLC | Fossil expansion |
| A1 Group Inc | Producer of tobacco |
| ABOITIZ EQUITY VENTURES INC. | Fossil expansion |
| ABU DHABI NATIONAL ENERGY COMPANY - P.J.S.C | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Abu Dhabi National Energy Company PJSC (TAQA) | Fossil expansion |
| Abu Dhabi National Oil Company (ADNOC) | Fossil expansion |
| AC Energy Corporation | Fossil expansion |
| ADANI POWER LIMITED | Fossil expansion |
| ADANI TRANSMISSION LIMITED | Fossil expansion |
| Adani Welspun Exploration Ltd | Fossil expansion |
| Advantage Energy Ltd | Fossil expansion |
| AEP TEXAS INC. | Fossil expansion |
| Aerojet Rocketdyne Holdings, Inc. | Producer of depleted uranium munitions |
| AES Andes S.A. | Fossil expansion |
| Aethon Energy Management LLC | Fossil expansion |
| AFRICAN RAINBOW MINERALS LIMITED | Fossil expansion |
| Ageron Energy LLC | Fossil expansion |
| AGL ENERGY LIMITED | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Aker BP ASA | Fossil expansion |
| AKSA AKRILIK KIMYA SANAYII ANONIM SIRKETI | Fossil expansion |
| AKSA ENERJI URETIM ANONIM SIRKETI | Fossil expansion |
| Alabama Power Company | Fossil expansion |
| ALBIOMA SA | Fossil expansion |
| AL-EQBAL INVESTMENT COMPANY PLC | Producer of tobacco |
| ALLETE, INC. | Fossil expansion |
| ALLIANCE RESOURCE PARTNERS, L.P. | Fossil expansion |
| ALLIANT ENERGY CORPORATION | Fossil expansion |
| Almaz-Antey Corporation | EU-sanctions |
| ALPHA METALLURGICAL RESOURCES, INC. | Fossil expansion |
| Altria Group, Inc. | Producer of tobacco |
| Ameredev II LLC | Fossil expansion |
| AMEREN CORPORATION | Fossil expansion |
| AMERICAN ELECTRIC POWER COMPANY, INC. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Amni International Petroleum Development Company Ltd | Fossil expansion |
| Amplify Energy Corp | Fossil expansion |
| AN HUI WENERGY COMPANY LIMITED | Fossil expansion |
| ANGLO AMERICAN PLC | Fossil expansion |
| Anhui Great Wall Military Industry Co Ltd | Producer of weapons in breach with Oslo and Ottawa Conventions |
| Anschutz Exploration Corporation | Fossil expansion |
| Antelopus Energy Pvt Ltd | Fossil expansion |
| ANTERO RESOURCES CORPORATION | Fossil expansion |
| APA CORPORATION | Fossil expansion |
| APACHE CORPORATION | Fossil expansion |
| Apex Energy LLC | Fossil expansion |
| Apex International Energy Management LLC | Fossil expansion |
| Appalachian Power Company | Fossil expansion |
| ARC RESOURCES LTD. | Fossil expansion |
| ARCH COAL, INC. | Fossil expansion |
| ARCH RESOURCES, INC. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| ARIZONA PUBLIC SERVICE COMPANY | Fossil expansion |
| Arsenal Resources LLC | Fossil expansion |
| Artis Exploration Ltd | Fossil expansion |
| ARYT INDUSTRIES LTD. | Producer of weapons in breach with Oslo and Ottawa Conventions |
| Ascent Resources LLC | Fossil expansion |
| ASCENT RESOURCES UTICA HOLDINGS, LLC | Fossil expansion |
| ASHOT - ASHKELON INDUSTRIES LTD. | Producer of weapons in breach with Oslo and Ottawa Conventions |
| Aspenleaf Energy Ltd | Fossil expansion |
| ATHABASCA OIL CORPORATION | Fossil expansion |
| Avibras Industria Aeroespacial SA | Producer of weapons in breach with Oslo and Ottawa Conventions |
| AYALA CORPORATION | Fossil expansion |
| B.A.T CAPITAL CORPORATION | Producer of tobacco |
| B.A.T. INTERNATIONAL FINANCE P.L.C. | Producer of tobacco |
| B.A.T. Netherlands Finance B.V. | Producer of tobacco |
| BADECO ADRIA d.d. Sarajevo | Producer of tobacco |
| Ballard Petroleum Holdings LLC | Fossil expansion |
| Banpu Power Public Company Limited | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Banpu Public Company Limited | Fossil expansion |
| BASIN ELECTRIC POWER COOPERATIVE | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Battalion Oil Corporation | Fossil expansion |
| Bayswater Exploration and Production LLC | Fossil expansion |
| BAYTEX ENERGY CORP. | Fossil expansion |
| BCE-Mach LLC | Fossil expansion |
| Beach Energy Ltd | Fossil expansion |
| Beacon Offshore Energy LLC | Fossil expansion |
| Bedrock Energy Partners LLC | Fossil expansion |
| Belemaoil Producing Ltd | Fossil expansion |
| BEML Limited | Producer of weapons in breach with Non-Proliferation Treaty |
| Benchmark Energy LLC | Fossil expansion |
| BERKSHIRE HATHAWAY ENERGY COMPANY | Fossil expansion |
| BERRY CORPORATION (BRY) | Fossil expansion |
| Bharat Dynamics Ltd | Producer of weapons in breach with Oslo and Ottawa Conventions as well as Non-Proliferation Treaty |
| Bharat Heavy Electricals | Producer of weapons in breach with Non-Proliferation Treaty |
| Bharat Petroleum Corporation Ltd | Fossil expansion |
| BHP GROUP LIMITED | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Birch Operations Inc | Fossil expansion |
| BIRCHCLIFF ENERGY LTD. | Fossil expansion |
| BKW AG | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| BLACK HILLS CORPORATION | Fossil expansion |
| Blackbeard Operating LLC | Fossil expansion |
| BlackBrush Oil & Gas LP | Fossil expansion |
| Blue Dome Operating LLC | Fossil expansion |
| Bonavista Energy Corporation | Fossil expansion |
| Bonterra Energy Corp | Fossil expansion |
| BP plc | Fossil expansion |
| Bridas Energy Holdings Ltd | Fossil expansion |
| BRITISH AMERICAN TOBACCO (MALAYSIA) BERHAD | Producer of tobacco |
| BRITISH AMERICAN TOBACCO BANGLADESH CO. LTD. | Producer of tobacco |
| British American Tobacco Kenya plc | Producer of tobacco |
| BRITISH AMERICAN TOBACCO P.L.C. | Producer of tobacco |
| British American Tobacco Uganda | Producer of tobacco |
| British American Tobacco Zimbabwe (Holdings) Ltd | Producer of tobacco |
| Brunei Energy Services & Trading Sdn Bhd (BEST) | Fossil expansion |
| BTA Oil Producers LLC | Fossil expansion |
| Bukit Asam Tbk PT | Fossil expansion |
| Bulgarian Energy Holding EAD | Fossil expansion |
| Bulgartabac holding AD | Producer of tobacco |
| Burgundy Xploration LLC | Fossil expansion |
| BW Energy Ltd | Fossil expansion |
| CalEnergy Resources Ltd | Fossil expansion |
| CALIFORNIA RESOURCES CORPORATION | Fossil expansion |
| CALLON PETROLEUM COMPANY | Fossil expansion |
| Calyx Energy III LLC | Fossil expansion |
| Camino Natural Resources LLC | Fossil expansion |
| Can2 Termik AS | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Canacol Energy Ltd | Fossil expansion |
| CANADIAN NATURAL RESOURCES LIMITED | Fossil expansion |
| Canvas Energy Inc | Fossil expansion |
| Canyon Creek Energy - Arkoma LLC | Fossil expansion |
| CAPITAL POWER CORPORATION | Fossil expansion |
| Capitan Energy Inc | Fossil expansion |
| Castleton Commodities International LLC (CCI) | Fossil expansion |
| Caza Petroleum LLC | Fossil expansion |
| Cenovus Energy Inc. | Fossil expansion |
| CENTENNIAL RESOURCE DEVELOPMENT, INC. | Fossil expansion |
| CENTERPOINT ENERGY, INC. | Fossil expansion |
| Centrais Eletricas Brasileiras S.A. | Fossil expansion |
| CESC LTD | Fossil expansion |
| CEYLON TOBACCO COMPANY PLC | Producer of tobacco |
| CEZ, a.s. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Chariot Ltd | Fossil expansion |
| Charlie’s Holdings, Inc. | Producer of tobacco |
| Cheiron Petroleum Corporation | Fossil expansion |
| CHESAPEAKE ENERGY CORPORATION | Fossil expansion |
| CHEVRON CORPORATION | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Chevron Corporation | Fossil expansion |
| China Aerospace Science and Technology Corporation | Producer of weapons in breach with Oslo and Ottawa Conventions |
| China Boton Group Company Limited | Producer of tobacco |
| China Coal Energy Company Limited | Fossil expansion |
| China Communications Construction Company Ltd | Fossil expansion |
| CHINA LONGYUAN POWER GROUP CORPORATION LIMITED | Fossil expansion |
| China National Nuclear Power Co., Ltd | Fossil expansion |
| China National Petroleum Corporation (CNPC) | Fossil expansion |
| CHINA NORTH INDUSTRIES GROUP CORPORATION | Producer of weapons in breach with Oslo and Ottawa Conventions |
| China Petrochemical Corporation (Sinopec Group) | Fossil expansion |
| China Petroleum & Chemical Corporation (Sinopec Corp) | Fossil expansion |
| China Power International Development Limited | Fossil expansion |
| China Resources Power Holdings Company Limited | Fossil expansion |
| China Shenhua Energy Company Limited | Fossil expansion |
| China Spacesat Co., Ltd. | Producer of weapons in breach with Oslo and Ottawa Conventions |
| China ZhenHua Oil Co Ltd | Fossil expansion |
| China-Africa Fund for Industrial Cooperation Co Ltd | Fossil expansion |
| Chisholm Oil and Gas Operating LLC | Fossil expansion |
| CHNENERGY Investment Group Co., LTD | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Chongqing Energy Investment Group Co Ltd | Fossil expansion |
| Chubu Electric Power Company, Incorporated | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| CIMAREX ENERGY CO. | Fossil expansion |
| Citation Oil and Gas Corp | Fossil expansion |
| Citizen Energy LLC | Fossil expansion |
| CIVITAS RESOURCES, INC. | Fossil expansion |
| CJSC Chernomorneftegaz | Fossil expansion |
| CK INFRASTRUCTURE HOLDINGS LIMITED | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| CLECO POWER LLC | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| CMS ENERGY CORPORATION | Fossil expansion |
| CNOOC LIMITED | Fossil expansion |
| CNOOC Ltd | Fossil expansion |
| CNX RESOURCES CORPORATION | Fossil expansion |
| COAL INDIA LTD | Fossil expansion |
| Coelacanth Energy Inc | Fossil expansion |
| Coinbase Global, Inc. | Conflict with Global Compact principle 10 |
| Coka Duvanska Industrija ad Coka | Producer of tobacco |
| Colbun S.A. | Fossil expansion |
| Comanche Resources Co | Fossil expansion |
| Comision Federal de Electricidad | Fossil expansion |
| COMPAGNIE PETROLIERE IMPERIALE LTEE | Fossil expansion |
| Compania General de Combustibles S.A. | Fossil expansion |
| COMSTOCK RESOURCES, INC. | Fossil expansion |
| Concedo ASA | Fossil expansion |
| Confluence Resources LP | Fossil expansion |
| CONG TY CO PHAN NGAN SON | Producer of tobacco |
| CONOCOPHILLIPS | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| ConocoPhillips | Fossil expansion |
| CONSOL ENERGY INC. | Fossil expansion |
| CONTINENTAL RESOURCES, INC. | Fossil expansion |
| CONTOURGLOBAL PLC | Fossil expansion |
| CORECIVIC, INC. | Breach of human rights |
| CORONADO GLOBAL RESOURCES INC. | Fossil expansion |
| Coterra Energy Inc. | Fossil expansion |
| CP Exploration III LLC | Fossil expansion |
| CRESCENT ENERGY COMPANY | Fossil expansion |
| Crescent Pass Energy LLC | Fossil expansion |
| Crescent Petroleum Company International Ltd | Fossil expansion |
| CRESCENT POINT ENERGY CORP. | Fossil expansion |
| CREW ENERGY INC. | Fossil expansion |
| Crimean Sea Ports | OFAC-sanctions |
| Crimson Energy Partners IV | Fossil expansion |
| CrownQuest Operating LLC | Fossil expansion |
| CTO Public Company Ltd | Producer of tobacco |
| Dana Gas PJSC | Fossil expansion |
| Dana Petroleum Ltd | Fossil expansion |
| Datang International Power Generation Co., Ltd. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Delek Group Ltd | Fossil expansion |
| Derby Exploration LLC | Fossil expansion |
| DEVON ENERGY CORPORATION | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Devon Energy Corporation | Fossil expansion |
| DIAMONDBACK ENERGY, INC. | Fossil expansion |
| Discovery Natural Resources LLC | Fossil expansion |
| Discovery Operating Inc | Fossil expansion |
| Diversified Energy Company PLC | Fossil expansion |
| DJR Energy LLC | Fossil expansion |
| DMCI HOLDINGS INC. | Fossil expansion |
| DNO ASA | Fossil expansion |
| Dobrolet Ltd | EU-sanctions |
| DOMINION ENERGY SOUTH CAROLINA, INC. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Dominion Energy, Inc. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| DTE ELECTRIC COMPANY | Fossil expansion |
| DTE ENERGY COMPANY | Fossil expansion |
| Duke Energy Carolinas, LLC | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| DUKE ENERGY CORPORATION | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| DUKE ENERGY FLORIDA, LLC | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| DUKE ENERGY INDIANA, LLC | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Duke Energy Progress, LLC | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Duvanska industrija ad Bujanovac | Producer of tobacco |
| Earthstone Energy Inc | Fossil expansion |
| EARTHSTONE ENERGY, INC. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Eastern Company SAE | Producer of tobacco |
| Ecopetrol SA | Fossil expansion |
| Egyptian General Petroleum Corporation (EGPC) | Fossil expansion |
| ELBIT SYSTEMS LTD | Producer of weapons in breach with Oslo and Ottawa Conventions |
| Electric Power Development Co., Ltd. | Fossil expansion |
| ELECTRICITY GENERATING PUBLIC COMPANY LIMITED | Fossil expansion |
| Elevation Resources LLC | Fossil expansion |
| EMERA INCORPORATED | Fossil expansion |
| Emirates National Oil Company Ltd (ENOC) LLC | Fossil expansion |
| Empresa Nacional del Petroleo (ENAP) | Fossil expansion |
| Enauta Participacoes SA | Fossil expansion |
| ENBRIDGE INC | Breaches of human rights |
| Encino Energy LLC | Fossil expansion |
| Endeavour Energy Resources LP | Fossil expansion |
| Enduring Resources LLC | Fossil expansion |
| ENEA SPOLKA AKCYJNA | Fossil expansion |
| ENERGA SPOLKA AKCYJNA | Fossil expansion |
| ENERGIA GROUP LIMITED | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Energie Beheer Nederland BV | Fossil expansion |
| Energy Operations Argentina LLC | Fossil expansion |
| Energy Transfer LP | Breaches of human rights |
| Enerplus Corporation | Fossil expansion |
| EnerVest Ltd | Fossil expansion |
| ENEVA S.A | Fossil expansion |
| ENTERGY ARKANSAS, LLC | Fossil expansion |
| ENTERGY CORPORATION | Fossil expansion |
| ENTERGY MISSISSIPPI, LLC | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| ENTERGY TEXAS, INC. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| EOG RESOURCES, INC. | Fossil expansion |
| EQT CORPORATION | Fossil expansion |
| Escondido Resources II LLC | Fossil expansion |
| ESKOM HOLDINGS SOC LIMITED | Fossil expansion |
| ESTERLINE TECHNOLOGIES C | Producer of depleted uranium munitions |
| EVERGY KANSAS CENTRAL, INC. | Fossil expansion |
| Evergy Metro, Inc. | Fossil expansion |
| Evergy, Inc. | Fossil expansion |
| EXCO Resources Inc | Fossil expansion |
| EXXARO RESOURCES LIMITED | Fossil expansion |
| Exxon Mobil Corporation | Fossil expansion |
| Fasken Oil and Ranch Ltd | Fossil expansion |
| Feodosia | EU-sanctions |
| Finley Resources Inc | Fossil expansion |
| FIRST PACIFIC COMPANY LIMITED | Fossil expansion |
| FIRSTENERGY CORP. | Fossil expansion |
| Franco-Nevada Corporation | Fossil expansion |
| Franklin Mountain Energy LLC | Fossil expansion |
| Freehold Royalties Ltd. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Freeport-McMoRan Copper & Gold Inc. | Breach of human rights and norms safeguarding the environment |
| Frontera Energy Corporation | Fossil expansion |
| Fujian Huadian Furui Energy Development Co Ltd | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Fyolo Technology Corp | Producer of tobacco |
| GAIL (India) Ltd | Fossil expansion |
| Gas y Petroleo del Neuquen SA | Fossil expansion |
| Gazprom | OFAC-sanctions |
| Gazprom Neft | EU-sanctions |
| Gazprombank | EU-sanctions |
| GD POWER DEVELOPMENT CO., LTD. | Fossil expansion |
| GENERAL DYNAMICS CORPORATION | Producer of weapons in breach with Oslo and Ottawa Conventions, Producer of depleted uranium munitions |
| GEO ENERGY RESOURCES LIMITED | Fossil expansion |
| GEORGIA POWER COMPANY | Fossil expansion |
| GeoSouthern Energy Corporation | Fossil expansion |
| Ghana National Petroleum Corporation (GNPC) | Fossil expansion |
| GILLA INC. | Producer of tobacco |
| Global Power Synergy Public Company Limited | Fossil expansion |
| GMR INFRASTRUCTURE LIMITED | Fossil expansion |
| GMR Power and Urban Infra Ltd | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| GODFREY PHILLIPS INDIA LIMITED | Producer of tobacco |
| GOLDEN ENERGY AND RESOURCES LIMITED | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Golden Tobacco Ltd | Producer of tobacco |
| Gotse Delchev Tabac AD | Producer of tobacco |
| Grayson Mill Energy LLC | Fossil expansion |
| Great River Energy | Fossil expansion |
| Greylock Energy LLC | Fossil expansion |
| GS Holdings Corp | Fossil expansion |
| GS Holdings Corp. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| GUANGDONG INVESTMENT LIMITED | Fossil expansion |
| Guanghui Energy Co., Ltd. | Fossil expansion |
| Guangzhou Development District Holding Group Limited | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| GULFPORT ENERGY CORPORATION | Fossil expansion |
| GulfTex Energy IV LP | Fossil expansion |
| HANWHA AEROSPACE CO., LTD | Producer of weapons in breach with Oslo and Ottawa Conventions |
| HANWHA CORP | Producer of weapons in breach with Oslo and Ottawa Conventions |
| Harbour Energy plc | Fossil expansion |
| Healthier Choices Management Corp | Producer of tobacco |
| Henry Resources LLC | Fossil expansion |
| Heritage Petroleum Company Ltd | Fossil expansion |
| HG Energy LLC | Fossil expansion |
| Hibiscus Petroleum Bhd | Fossil expansion |
| HighPeak Energy Inc | Fossil expansion |
| Hilcorp Energy Company | Fossil expansion |
| HK ELECTRIC INVESTMENTS LIMITED | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Hokkaido Electric Power Company, Incorporated | Fossil expansion |
| Hokuriku Electric Power Company | Fossil expansion |
| HOSKEN CONSOLIDATED INVESTMENTS LIMITED | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Houston Energy LP | Fossil expansion |
| Huabao International Holdings Limited | Producer of tobacco |
| Huadian Fuxin Energy Co., Ltd. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Huadian Power International Corporation Limited | Fossil expansion |
| Huaibei Mining Holdings Co.,Ltd. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| HUANENG POWER INTERNATIONAL, INC. | Fossil expansion |
| Hunt Oil Company Inc | Fossil expansion |
| I3 ENERGY PLC | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| i3 Energy Plc | Fossil expansion |
| IDACORP, INC. | Fossil expansion |
| IKAV Energy Inc | Fossil expansion |
| Impact Exploration And Production LLC | Fossil expansion |
| Imperial Brands Finance Netherlands B.V. | Producer of tobacco |
| IMPERIAL BRANDS FINANCE PLC | Producer of tobacco |
| IMPERIAL BRANDS PLC | Producer of tobacco |
| Indian Oil Corporation Ltd | Fossil expansion |
| INDIANA MICHIGAN POWER COMPANY | Fossil expansion |
| Indo Tambangraya Megah Tbk PT | Fossil expansion |
| Indonesian Tobacco Tbk PT | Producer of tobacco |
| INNER MONGOLIA DIAN TOU ENERGY CORPORATION LIMITED | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Inner Mongolia ERDOS Resources Co.,Ltd. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| INNER MONGOLIA JUNZHENG ENERGY & CHEMICAL GROUP CO., LTD. | Fossil expansion |
| INNER MONGOLIA YITAI COAL CO., LTD | Fossil expansion |
| InPlay Oil Corp | Fossil expansion |
| INTER RAO YEES PAO | Fossil expansion |
| International Petroleum Corporation (IPC) | Fossil expansion |
| IPALCO ENTERPRISES INC | Fossil expansion |
| ISRAEL MILITARY INDUSTRIES LTD. | Producer of weapons in breach with Oslo and Ottawa Conventions |
| ITC LIMITED | Producer of tobacco |
| ITOCHU Corporation | Fossil expansion |
| ITOCHU ENEX CO., LTD. | Fossil expansion |
| Jadestone Energy plc | Fossil expansion |
| JAIPRAKASH POWER VENTURES LIMITED | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Japan Petroleum Exploration Co., Ltd. | Fossil expansion |
| JAPAN TOBACCO INC. | Producer of tobacco |
| JARDINE CYCLE & CARRIAGE LIMITED | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| JARDINE MATHESON HOLDINGS LIMITED | Fossil expansion |
| JARDINE STRATEGIC HOLDINGS LIMITED | Fossil expansion |
| JASTRZEBSKA SPOLKA WEGLOWA SPOLKA AKCYJNA | Fossil expansion |
| Jay-Bee Oil & Gas Inc | Fossil expansion |
| JBS S.A. | Breach of norms safeguarding the environment |
| JERA Co., Inc. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Jerusalem Cigarette Co Ltd | Producer of tobacco |
| JINDAL STEEL AND POWER LIMITED | Fossil expansion |
| JinkoSolar Holding Co Ltd | Breach of human rights |
| Jizhong Energy Resources Co., Ltd. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| JKLM Energy LLC | Fossil expansion |
| JSC Independent Petroleum Company (NNK) | Fossil expansion |
| JSC Kalashnikov | EU-sanctions |
| JSC Tula Arms Plant | EU-sanctions |
| JSC Uzbekneftegaz | Fossil expansion |
| JT International Financial Services B.V. | Producer of tobacco |
| Kaiser-Francis Oil Company | Fossil expansion |
| Karelia Tobacco Company Inc SA | Producer of tobacco |
| Karve Energy Inc | Fossil expansion |
| Kelt Exploration Ltd | Fossil expansion |
| KENTUCKY UTILITIES COMPANY | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Keppel Infrastructure Trust | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Khyber Tobacco Company Ltd | Producer of tobacco |
| KIMBELL ROYALTY PARTNERS, LP | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| KINDER MORGAN, INC. | Fossil expansion |
| KJ Energy LLC | Fossil expansion |
| KOREA AEROSPACE INDUSTRIES, LTD. | Producer of weapons in breach with Oslo and Ottawa Conventions |
| Korea East-West Power Co., Ltd. | Fossil expansion |
| KOREA ELECTRIC POWER CORPORATION | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Korea Gas Corporation (KOGAS) | Fossil expansion |
| Korea Midland Power Co., Ltd | Fossil expansion |
| Korea National Oil Corporation | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Korea National Oil Corporation (KNOC) | Fossil expansion |
| Korea South-East Power Co., Ltd | Fossil expansion |
| Korea Southern Power Co., Ltd. | Fossil expansion |
| Korea Western Power Co., Ltd | Fossil expansion |
| Kosmos Energy Ltd | Fossil expansion |
| KT&G Corporation | Producer of tobacco |
| Kumul Petroleum Holdings Ltd | Fossil expansion |
| Kuwait Petroleum Corporation (KPC) | Fossil expansion |
| Kyushu Electric Power Company, Incorporated | Fossil expansion |
| LAREDO PETROLEUM, INC | Fossil expansion |
| LARSEN AND TOUBRO LIMITED | Producer of weapons in breach with Oslo and Ottawa Conventions |
| Latigo Petroleum Inc | Fossil expansion |
| Lewis Energy Group LP | Fossil expansion |
| Liberty Resources II LLC | Fossil expansion |
| LIG Nex1 Co., Ltd | Producer of weapons in breach with Oslo and Ottawa Conventions |
| Lime Petroleum AS | Fossil expansion |
| Lime Rock Resources | Fossil expansion |
| LLOG Exploration Company LLC | Fossil expansion |
| LOCKHEED MARTIN CORPORATION | Producer of weapons in breach with Oslo and Ottawa Conventions |
| Longshore Resources Ltd | Fossil expansion |
| LOUISVILLE GAS AND ELECTRIC COMPANY | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Lucero Energy Corp | Fossil expansion |
| LUCKY CEMENT LIMITED | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Lukoil | OFAC-sanctions |
| LX INTERNATIONAL CORP. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Madagascar Oil Ltd | Fossil expansion |
| MAGNOLIA OIL & GAS CORPORATION | Fossil expansion |
| MALAKOFF CORPORATION BERHAD | Fossil expansion |
| MANILA ELECTRIC CO. | Fossil expansion |
| MARATHON OIL CORPORATION | Fossil expansion |
| MARATHON PETROLEUM CORP | Breaches of human rights |
| Marubeni Corporation | Fossil expansion |
| MATADOR RESOURCES COMPANY | Fossil expansion |
| Maverick Natural Resources LLC | Fossil expansion |
| MECHEL PAO | Fossil expansion |
| MEDIGREEN HOLDINGS CORPORATION | Producer of tobacco |
| MEG Energy Corp. | Fossil expansion |
| Meridian Petroleum LLP | Fossil expansion |
| Mesquite Energy Inc | Fossil expansion |
| Mewbourne Oil Company | Fossil expansion |
| MGE ENERGY, INC. | Fossil expansion |
| MIDAMERICAN ENERGY COMPANY | Fossil expansion |
| Missan Oil Company | Fossil expansion |
| Mitsubishi Corporation | Fossil expansion |
| MNRL SUB INC. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| MOL NyRt | Fossil expansion |
| MONONGAHELA POWER COMPANY | Fossil expansion |
| MOTOROLA SOLUTIONS INC | Breaches of human rights in occupied territories |
| MOTOVILIKHINSKIYE ZAVODY PAO | Producer of weapons in breach with Oslo and Ottawa Conventions |
| MSU Energy S.A. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Murchison Oil & Gas LLC | Fossil expansion |
| MURPHY OIL CORPORATION | Fossil expansion |
| NATIONAL FUEL GAS COMPANY | Fossil expansion |
| National Iranian Oil Company (NIOC) | Fossil expansion |
| National Oil Corporation (NOC) | Fossil expansion |
| National Petroleum Corporation of Namibia (NAMCOR) | Fossil expansion |
| NATIONAL PRESTO INDUSTRIES, INC. | Producer of weapons in breach with Oslo and Ottawa Conventions |
| Navitas Petroleum LP | Fossil expansion |
| Neptune Energy Group Ltd | Fossil expansion |
| New Bright International Development Ltd | Fossil expansion |
| NEW HOPE CORPORATION LIMITED | Fossil expansion |
| NEXTERA ENERGY CAPITAL HOLDINGS, INC. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Nickel Road Operating LLC | Fossil expansion |
| Nicotiana BT Holding AD | Producer of tobacco |
| NISOURCE INC. | Fossil expansion |
| NLC INDIA LIMITED | Fossil expansion |
| North Huajin Chemical Industries Co., Ltd. | Producer of weapons in breach with Oslo and Ottawa Conventions |
| NORTH NAVIGATION CONTROL TECHNOLOGY CO LTD. | Producer of weapons in breach with Oslo and Ottawa Conventions |
| Northeast Natural Energy LLC | Fossil expansion |
| NORTHERN OIL AND GAS, INC. | Fossil expansion |
| Northern States Power Company (Minnesota) | Fossil expansion |
| NORTHWESTERN CORPORATION | Fossil expansion |
| NOVA SCOTIA POWER INCORPORATED | Fossil expansion |
| Novatek | OFAC-sanctions |
| NPK Technologii Maschinostrojenija | EU-sanctions |
| NTC Industries Ltd | Producer of tobacco |
| NTPC LIMITED | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| NuVista Energy Ltd | Fossil expansion |
| Oaktree Capital Management LP | Fossil expansion |
| OAO Almaz Antey | EU-sanctions |
| OAO NPO Bazalt | EU-sanctions |
| OAO VO Technopromexport (OAO VO TPE) | OFAC-sanctions |
| OAO Wysokototschnye Kompleksi | OFAC-sanctions |
| OASIS PETROLEUM INC. | Fossil expansion |
| Obsidian Energy Ltd | Fossil expansion |
| OBSIDIAN ENERGY LTD. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| OCI Company Ltd. | Fossil expansion |
| OCP S.A. | Breaches of human rights in occupied territories |
| ODAS ELEKTRIK URETIM SANAYI TICARET ANONIM SIRKETI | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Office National des Hydrocarbures et des Mines (ONHYM) | Fossil expansion |
| OGE ENERGY CORP. | Fossil expansion |
| OGLETHORPE POWER CORP | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Oil and Gas Development Company Ltd (OGDC) | Fossil expansion |
| Oil and Natural Gas Corporation Ltd (ONGC) | Fossil expansion |
| OKEA ASA | Fossil expansion |
| OKLAHOMA GAS AND ELECTRIC COMPANY | Fossil expansion |
| Old Holdco, Inc. | Producer of tobacco |
| Olifant Energy II LLC | Fossil expansion |
| Olympus Energy LLC | Fossil expansion |
| ONE-Dyas BV | Fossil expansion |
| Ontario Power Generation Inc. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| OOO VO Technopromexport (OOO VO TPE) | EU-sanctions |
| OPC Energy Ltd. | Fossil expansion |
| OPK Oboronprom | EU-sanctions |
| OQ SAOC | Fossil expansion |
| Oriental Energy Resources Ltd | Fossil expansion |
| Osaka Gas Co Ltd (Daigas Group) | Fossil expansion |
| Otter Tail Corporation | Fossil expansion |
| OVINTIV INC. | Fossil expansion |
| Ozon Holdings | OFAC-sanctions |
| Pacific Energy Corporation Ltd | Fossil expansion |
| Pakistan Petroleum Ltd (PPL) | Fossil expansion |
| Pakistan Tobacco Company Ltd | Producer of tobacco |
| Paloma Resources LLC | Fossil expansion |
| Pampa Energia SA | Fossil expansion |
| Pandion Energy AS | Fossil expansion |
| PARAMOUNT RESOURCES LTD. | Fossil expansion |
| Pazardzhik BTM AD | Producer of tobacco |
| PDC ENERGY, INC. | Fossil expansion |
| PEABODY ENERGY CORPORATION | Fossil expansion |
| Peak Exploration & Production LLC | Fossil expansion |
| PennEnergy Resources LLC | Fossil expansion |
| Pennsylvania General Energy Company LLC | Fossil expansion |
| Perenco SA | Fossil expansion |
| Permian Deep Rock Oil LLC | Fossil expansion |
| PERMIAN RESOURCES CORPORATION | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Permian Resources Corporation | Fossil expansion |
| Petoro AS | Fossil expansion |
| PetroChina Company Ltd | Fossil expansion |
| Petrogas E&P LLC | Fossil expansion |
| Petro-Hunt LLC | Fossil expansion |
| Petroleo Brasileiro SA – Petrobras | Fossil expansion |
| Petroleos Mexicanos (PEMEX) | Fossil expansion |
| Petrolia NOCO AS | Fossil expansion |
| Petroliam Nasional Bhd (Petronas) | Fossil expansion |
| PetroQuest Energy Inc | Fossil expansion |
| Petrus Resources Ltd | Fossil expansion |
| PEYTO EXPLORATION & DEVELOPMENT CORP. | Fossil expansion |
| PGE POLSKA GRUPA ENERGETYCZNA SPOLKA AKCYJNA | Fossil expansion |
| PHILIP MORRIS (PAKISTAN ) LTD | Producer of tobacco |
| Philip Morris CR as | Producer of tobacco |
| Philip Morris International Inc. | Producer of tobacco |
| Philip Morris Operations a.d. Nis | Producer of tobacco |
| PHILLIPS 66 | Breaches of human rights |
| Ping Petroleum UK Plc | Fossil expansion |
| PINGDINGSHAN TIANAN COAL. MINING CO., LTD. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| PINNACLE WEST CAPITAL CORPORATION | Fossil expansion |
| PIONEER NATURAL RESOURCES COMPANY | Fossil expansion |
| Pipestone Energy Corp | Fossil expansion |
| PIPESTONE ENERGY CORP. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| PJSC Chernomorneftegaz | EU-sanctions |
| PJSC Gazprom Neft | Fossil expansion |
| PJSC LUKOIL | Fossil expansion |
| PJSC Mostotrest | EU-sanctions |
| PJSC Rosneft Oil Company | Fossil expansion |
| Pluspetrol Resources Corporation BV | Fossil expansion |
| PNM RESOURCES, INC. | Fossil expansion |
| Point Energy Partners | Fossil expansion |
| POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SPOLKA AKCYJNA | Fossil expansion |
| POLY-GCL Petroleum Group Holdings Ltd | Fossil expansion |
| POONGSAN CORPORATION | Producer of weapons in breach with Oslo and Ottawa Conventions |
| POONGSAN HOLDINGS CORPORATION | Producer of weapons in breach with Oslo and Ottawa Conventions |
| PORTLAND GENERAL ELECTRIC COMPANY | Fossil expansion |
| Power Assets Holdings Limited | Fossil expansion |
| PPL CORPORATION | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| PRAIRIESKY ROYALTY LTD. | Fossil expansion |
| PREMIER EXPLOSIVES LTD | Producer of weapons in breach with Non-Proliferation Treaty |
| PRI Operating LLC (Patriot Resources) | Fossil expansion |
| Progress Energy, Inc. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| PT ABM Investama Tbk | Fossil expansion |
| PT Adaro Energy Tbk | Fossil expansion |
| PT Astra International Tbk | Fossil expansion |
| PT Astrindo Nusantara Infrastruktur Tbk | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| PT Bentoel International Investama Tbk | Producer of tobacco |
| PT Bumi Resources Tbk | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| PT Cikarang Listrindo Tbk | Fossil expansion |
| PT Delta Dunia Makmur Tbk | Fossil expansion |
| PT Gudang Garam Tbk | Producer of tobacco |
| PT Hanjaya Mandala Sampoerna Tbk | Producer of tobacco |
| PT Harum Energy Tbk | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| PT Indika Energy Tbk | Fossil expansion |
| PT Indonesia Asahan Aluminium (Persero) | Fossil expansion |
| PT Medco Energi Internasional Tbk | Fossil expansion |
| PT Pertamina (Persero) | Fossil expansion |
| PT Perusahaan Listrik Negara (Persero) | Fossil expansion |
| PT Saka Energi Indonesia | Fossil expansion |
| PT United Tractors Tbk | Fossil expansion |
| PTT Exploration and Production Public Company Ltd (PTTEP) | Fossil expansion |
| PUBLIC POWER CORPORATION S.A. | Fossil expansion |
| PUBLIC SERVICE COMPANY OF COLORADO | Fossil expansion |
| PUBLIC SERVICE COMPANY OF NEW MEXICO | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| PUGET ENERGY, INC. | Fossil expansion |
| PUGET SOUND ENERGY, INC. | Fossil expansion |
| Pursuit Oil & Gas LLC | Fossil expansion |
| Pyxus International, Inc. | Producer of tobacco |
| QatarEnergy | Fossil expansion |
| R. Lacy Inc | Fossil expansion |
| RAMACO RESOURCES, INC. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| RANGE RESOURCES CORPORATION | Fossil expansion |
| RATCH GROUP PUBLIC COMPANY LIMITED | Fossil expansion |
| Red Willow Production LLC | Fossil expansion |
| Red Wolf Natural Resources LLC | Fossil expansion |
| Reliance Industries Ltd | Fossil expansion |
| RELIANCE POWER LIMITED | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Revolution Resources LLC | Fossil expansion |
| Reynolds American Inc. | Producer of tobacco |
| Riley Exploration Permian Inc | Fossil expansion |
| Ring Energy Inc | Fossil expansion |
| Rio Oil and Gas II LLC | Fossil expansion |
| RLX Technology Inc | Producer of tobacco |
| Rockcliff Energy LLC | Fossil expansion |
| Roketsan Roket Sanayi ve Ticaret Anonim Sirketi | Producer of weapons in breach with Oslo and Ottawa Conventions |
| Rosneft | EU-sanctions |
| Rosselkhozbank | EU-sanctions |
| Russian National Commercial Bank (RNCB) | EU-sanctions |
| S&T DYNAMICS CO LTD | Producer of weapons in breach with Oslo and Ottawa Conventions |
| S&T HOLDINGS CO LTD | Producer of weapons in breach with Oslo and Ottawa Conventions |
| Saguaro Resources Ltd | Fossil expansion |
| Samson Energy Company LLC | Fossil expansion |
| SAN MIGUEL CORPORATION | Fossil expansion |
| SandRidge Energy Inc | Fossil expansion |
| SANDRIDGE ENERGY, INC. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Sanguine Gas Exploration LLC | Fossil expansion |
| Santos Ltd | Fossil expansion |
| SARAS S.P.A. | Fossil expansion |
| SARDA ENERGY & MINERALS LIMITED | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Saudi Arabian Oil Company (Saudi Aramco) | Fossil expansion |
| Sberbank | EU-sanctions |
| SCANDINAVIAN TOBACCO GROUP A/S | Producer of tobacco |
| SCHWEITZER-MAUDUIT INTERNATIONAL, INC. | Producer of tobacco |
| SDIC Power Holdings Co., Ltd. | Fossil expansion |
| SDX Energy Plc | Fossil expansion |
| SEMBCORP INDUSTRIES LTD | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Semirara Mining and Power Corporation | Fossil expansion |
| SENEX ENERGY PTY LTD | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Seplat Energy Plc | Fossil expansion |
| Sequitur Energy Resources LLC | Fossil expansion |
| Seven Generations Energy Ltd. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Seven Group Holdings Ltd | Fossil expansion |
| SGC Energy Co.,Ltd | Fossil expansion |
| SHAN XI HUA YANG GROUP NEW ENERGY CO., LTD. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| SHANDONG ENERGY GROUP CO., LTD | Fossil expansion |
| SHANGHAI ELECTRIC POWER CO., LTD. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Shanghai Industrial Holdings Limited | Producer of tobacco |
| Shanxi Coal International Energy Group Co., Ltd. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Shanxi Coking Coal Energy Group Co., Ltd. | Fossil expansion |
| Shanxi Lu'an Environmental Energy Dev. Co., Ltd | Fossil expansion |
| Shanxi Xishan Coal and Electricity Power Co., Ltd. | Fossil expansion |
| Shenergy Company Limited | Fossil expansion |
| Shenzhen Energy Group Co., Ltd. | Fossil expansion |
| Shikoku Electric Power Company, Incorporated | Fossil expansion |
| Shumen Tabac AD | Producer of tobacco |
| Shaanxi Coal and Chemical Industry Group Co., Ltd. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Shaanxi Coal Industry Company Limited | Fossil expansion |
| SIERRA PACIFIC POWER COMPANY | Fossil expansion |
| Sila Holdings PLC | Producer of tobacco |
| Silver Hill Energy Partners III LP | Fossil expansion |
| SilverBow Resources Inc | Fossil expansion |
| SILVERBOW RESOURCES, INC. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Sinnar Bidi Udyog Ltd | Producer of tobacco |
| Sinochem Group Co Ltd | Fossil expansion |
| SITIO ROYALTIES CORP. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Slantse Stara Zagora Tabak AD | Producer of tobacco |
| Slawson Exploration Company Inc | Fossil expansion |
| SM ENERGY COMPANY | Fossil expansion |
| SMC GLOBAL POWER HOLDINGS CORP. | Fossil expansion |
| Smokefree Innotec Inc | Producer of tobacco |
| Smoore International Holdings Ltd | Producer of tobacco |
| Snyder Brothers Inc | Fossil expansion |
| Societe Ivoirienne des Tabacs SA | Producer of tobacco |
| Solar Industries India Limited | Producer of weapons in breach with Oslo and Ottawa Conventions |
| Sonangol EP | Fossil expansion |
| Sonatrach SpA | Fossil expansion |
| Source Energy AS | Fossil expansion |
| SOUTHWESTERN ELECTRIC POWER COMPANY | Fossil expansion |
| SOUTHWESTERN ENERGY COMPANY | Fossil expansion |
| SOUTHWESTERN PUBLIC SERVICE COMPANY | Fossil expansion |
| Spartan Delta Corp | Fossil expansion |
| SPARTAN DELTA CORP. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Sponte Operating Inc | Fossil expansion |
| Spur Energy Partners LLC | Fossil expansion |
| Spur Petroleum Ltd | Fossil expansion |
| Starfleet Innotech Inc | Producer of tobacco |
| STATE POWER INVESTMENT CORPORATION LIMITED | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Steward Energy II LLC | Fossil expansion |
| STG Global Finance B.V. | Producer of tobacco |
| STR SUB INC. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Strathcona Resources Ltd | Fossil expansion |
| Strike Energy Ltd | Fossil expansion |
| Stroygazmontazh Corporation (SGM Group) | EU-sanctions |
| Summit Petroleum LLC | Fossil expansion |
| Suncor Energy Inc. | Fossil expansion |
| Sunoco Logistics Partners L.P. | Breaches of human rights |
| Supreme PLC | Producer of tobacco |
| Surge Energy US Holdings Company | Fossil expansion |
| Surgutneftegas | OFAC-sanctions |
| Sval Energi AS | Fossil expansion |
| Swedish Match AB | Producer of tobacco |
| Tall City Operations III LLC | Fossil expansion |
| Talos Energy Inc | Fossil expansion |
| Tamarack Valley Energy Ltd | Fossil expansion |
| TAMPA ELECTRIC COMPANY | Fossil expansion |
| Tanzania Cigarette Company Ltd | Producer of tobacco |
| Tap Rock Resources LLC | Fossil expansion |
| TAQA MOROCCO SA | Fossil expansion |
| TATA POWER CO LTD | Producer of weapons in breach with Non-Proliferation Treaty and fossil policy |
| Tatneft | OFAC-sanctions |
| TAURON POLSKA ENERGIA SPOLKA AKCYJNA | Fossil expansion |
| TBEA CO., LTD. | Fossil expansion |
| Tecpetrol Internacional SLU | Fossil expansion |
| Tecpetrol S.A. | Fossil expansion |
| Teine Energy Ltd | Fossil expansion |
| TELLURIAN INC. | Fossil expansion |
| TENAGA NASIONAL BERHAD | Fossil expansion |
| TENNESSEE VALLEY AUTHORITY | Fossil expansion |
| TERRACOM LIMITED | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Texas Pacific Land Corp | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| TEXTRON INC | Producer of weapons in breach with Oslo and Ottawa Conventions |
| THE AES CORPORATION | Fossil expansion |
| The Chugoku Electric Power Company, Incorporated | Fossil expansion |
| The Dow Chemical Company | Fossil expansion |
| THE GEO GROUP, INC. | Breach of human rights |
| THE HUB POWER COMPANY LIMITED | Fossil expansion |
| THE ISRAEL ELECTRIC CORP. LTD. | Fossil expansion |
| The Kansai Electric Power Company, Incorporated | Fossil expansion |
| The Okinawa Electric Power Company, Incorporated | Fossil expansion |
| THE SOUTHERN COMPANY | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| THE WEST INDIAN TOBACCO COMPANY LIMITED | Producer of tobacco |
| The Williams Companies Inc | Fossil expansion |
| Thungela Resources Ltd | Fossil expansion |
| Tohoku Electric Power Company, Incorporated | Fossil expansion |
| Tokyo Electric Power Company Holdings, Incorporated | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Tokyo Gas Co Ltd | Fossil expansion |
| TOPAZ ENERGY CORP. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| TORRENT POWER LIMITED | Fossil expansion |
| TOURMALINE OIL CORP. | Fossil expansion |
| TPI Polene Power Public Company Limited | Fossil expansion |
| TransAlta Corporation | Fossil expansion |
| TRANSDIGM GROUP INC | Producer of depleted uranium munitions |
| Transneft | EU-sanctions |
| Trident Energy Management Ltd | Fossil expansion |
| Trinidad Generation Unlimited | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Trinity Operating LLC | Fossil expansion |
| TRI-STATE GENERATION AND TRANSMISSION ASSOCIATION, INC. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| TRP Energy LLC | Fossil expansion |
| TSL Ltd | Producer of tobacco |
| TUCSON ELECTRIC POWER COMPANY | Fossil expansion |
| TURNING POINT BRANDS, INC. | Producer of tobacco |
| Tutunski Kombinat AD Prilep | Producer of tobacco |
| Uganda National Oil Company Ltd (UNOC) | Fossil expansion |
| Uinta Wax Operating LLC | Fossil expansion |
| UNION ELECTRIC COMPANY | Fossil expansion |
| Union Investment Corp. P.L.C. | Producer of tobacco |
| Union Tobacco and Cigarette Industries Company PSC | Producer of tobacco |
| United Aircraft Corporation | EU-sanctions |
| United Energy Group Ltd | Fossil expansion |
| UNIVERSAL CORPORATION | Producer of tobacco |
| UpCurve Energy LLC | Fossil expansion |
| Uralvagonzavod | EU-sanctions |
| Vapor Group Inc | Producer of tobacco |
| Vapor Hub International Inc | Producer of tobacco |
| VECTOR GROUP LTD. | Producer of tobacco |
| Vedanta Resources Ltd | Fossil expansion |
| Verdad Resources LLC | Fossil expansion |
| Verdun Oil Company LLC | Fossil expansion |
| Vermilion Energy Inc | Fossil expansion |
| Vesta Energy Ltd | Fossil expansion |
| Videocon Industries Ltd | Fossil expansion |
| Vietnam Oil and Gas Group (PetroVietnam) | Fossil expansion |
| VIPER ENERGY PARTNERS LP | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Virginia Electric and Power Company | Fossil expansion |
| Vista Energy SAB de CV | Fossil expansion |
| VISTRA CORP. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Vitesse Energy Inc | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Vitol Holding II SA | Fossil expansion |
| Vnesheconombank (VEB) | EU-sanctions |
| VPR Brands LP | Producer of tobacco |
| VST INDUSTRIES LIMITED | Producer of tobacco |
| VTB Bank | EU-sanctions |
| VTORAYA GENERIRUYUSHCHAYA KOMPANIYA OPTOVOGO RYNKA ELEKTROENERGII PAO | Fossil expansion |
| WALCHANDNAGAR INDUSTRIES LIMITED | Producer of weapons in breach with Non-Proliferation Treaty |
| Warrego Energy Ltd | Fossil expansion |
| WASHINGTON H. SOUL PATTINSON AND COMPANY LIMITED | Fossil expansion |
| WEC ENERGY GROUP, INC. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Wee-Cig International Corp | Producer of tobacco |
| Wellesley Petroleum AS | Fossil expansion |
| Westbrick Energy Ltd | Fossil expansion |
| Western Gas Corporation Pty Ltd | Fossil expansion |
| WHA UTILITIES AND POWER PUBLIC COMPANY LIMITED | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Whitecap Resources Inc | Fossil expansion |
| WHITEHAVEN COAL LIMITED | Fossil expansion |
| WHITING PETROLEUM CORPORATION | Fossil expansion |
| WildFire Energy I LLC | Fossil expansion |
| Wintershall Dea AG | Fossil expansion |
| WINTIME ENERGY CO.,LTD. | Fossil expansion |
| WISCONSIN POWER AND LIGHT COMPANY | Fossil expansion |
| WISCONSIN PUBLIC SERVICE CORPORATION | Fossil expansion |
| Wismilak Inti Makmur Tbk PT | Producer of tobacco |
| Woodside Energy Group Ltd | Fossil expansion |
| Xcel Energy Inc. | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| XCL Resources LLC | Fossil expansion |
| Xinjiang Goldwind Science & Technology Co Ltd | Breach of human rights |
| YANCOAL AUSTRALIA LTD | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Yandex | OFAC-sanctions |
| Yangarra Resources Ltd | Fossil expansion |
| Yankuang Energy Group Company Limited | Fossil expansion |
| Yanzhou Coal Mining Company Limited | Fossil expansion |
| YPF SA | Fossil expansion |
| YUNIPRO PAO | Fossil expansion |
| ZAO Interavtomatika (IA) | EU-sanctions |
| Zarvona Energy LLC | Fossil expansion |
| Zavanna LLC | Fossil expansion |
| Zavod shampanskyh vin Novy Svet | EU-sanctions |
| Granite Ridge Ressources | Fossil expansion |
| PT Petrindo Jaya Kreasi Tbk | Fossil expansion |
| Vital Energy | Fossil expansion |
| Pt Indo Tambangraya Megah Tbj | Fossil expansion |
| Idemitsu Kosan Co. Ltd. | Fossil expansion |
| Tokyo Electric power company holding | Fossil expansion |
| Mativ Holdings | Tobacco |
| Vapor Hub int. | Tobacco |
| 1876 Resources LLC | Fossil expansion |
| Alpine Summit Energy Partners Inc | Fossil expansion |
| Atlas Petroleum International Ltd | Fossil expansion |
| Avant Natural Resources LLC | Fossil expansion |
| Azule Energy Holdings Ltd | Fossil expansion |
| Basra Oil Company (BOC) | Fossil expansion |
| Bison Oil & Gas IV LLC | Fossil expansion |
| BKV Corporation LLC | Fossil expansion |
| Blackhill Energy LLC | Fossil expansion |
| Brunei Energy Exploration | Fossil expansion |
| Burk Royalty Co Ltd | Fossil expansion |
| Canadian Spirit Resources Inc | Fossil expansion |
| Cardinal Energy Ltd | Fossil expansion |
| Carnarvon Energy Ltd | Fossil expansion |
| Central Petroleum Ltd | Fossil expansion |
| CGX Energy Inc | Fossil expansion |
| Circle-S Energy LLC | Fossil expansion |
| Comet Ridge Ltd | Fossil expansion |
| Compania Espanola de Petroleos SA (Cepsa) | Fossil expansion |
| Conrad Asia Energy Ltd | Fossil expansion |
| CPC Corporation Taiwan | Fossil expansion |
| Crawley Petroleum Corporation | Fossil expansion |
| D90 Energy LLC | Fossil expansion |
| Dangote Industries Ltd | Fossil expansion |
| Ithaca Energy plc | Fossil expansion |
| Denbury Inc | Fossil expansion |
| Discover Exploration Ltd | Fossil expansion |
| Dor Gas Exploration LP | Fossil expansion |
| Double Eagle Energy Holdings IV LLC | Fossil expansion |
| EagleRidge Energy LLC | Fossil expansion |
| Empresa Brasileira de Administracao de Petroleo e Gas Natural SA – Pre-Sal Petroleo SA (PPSA) | Fossil expansion |
| Energy Development Oman SAOC (EDO) | Fossil expansion |
| Eneva SA | Fossil expansion |
| Vaar Energi ASA | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Epsilon Development Company LLC | Fossil expansion |
| Everest Infrastructures LP | Fossil expansion |
| Formentera Partners LLC | Fossil expansion |
| Fossil Trading FZCO | Fossil expansion |
| Foundation Energy Management LLC | Fossil expansion |
| Fundare Resources Company LLC | Fossil expansion |
| GHA Barnett LLC | Fossil expansion |
| Gran Tierra Energy Inc | Fossil expansion |
| Grit Oil & Gas II LLC | Fossil expansion |
| Grupo Carso SAB de CV | Fossil expansion |
| Guizhou Province Industrial Investment (Group) Co Ltd | Fossil expansion |
| Hammerhead Energy Inc | Fossil expansion |
| Hancock Prospecting Pty Ltd | Fossil expansion |
| Hartshead Resources NL | Fossil expansion |
| Hawthorne Energy LLC | Fossil expansion |
| Heirs Energies Ltd | Fossil expansion |
| HEQ Deepwater LLC | Fossil expansion |
| Hindustan Oil Exploration Company Ltd (HOEC) | Fossil expansion |
| INA-Industrija nafte d.d. | Fossil expansion |
| INEOS Ltd | Fossil expansion |
| Infinity Natural Resources LLC | Fossil expansion |
| Invenire Energy Pvt Ltd | Fossil expansion |
| IPR Energy Group | Fossil expansion |
| Isramco Negev 2 LP | Fossil expansion |
| Japan Organization for Metals and Energy Security (JOGMEC) | Fossil expansion |
| Jetta Operating Company Inc | Fossil expansion |
| Jindi United Holding Group Co Ltd | Fossil expansion |
| JSC NK Neftisa | Fossil expansion |
| JSC RusGazDobycha | Fossil expansion |
| JSC TenderResurs | Fossil expansion |
| JX Nippon Oil & Gas Exploration Corporation | Fossil expansion |
| Killam Oil Co Ltd | Fossil expansion |
| Kimmeridge Energy Management Company LLC | Fossil expansion |
| Kistos Holdings plc | Fossil expansion |
| Kiwetinohk Energy Corp | Fossil expansion |
| Koda Resources LLC | Fossil expansion |
| Kraken Resources LLC | Fossil expansion |
| Loan Asset Issuer LLC Series 2021 NG-1 | Fossil expansion |
| LOLA Energy III LLC | Fossil expansion |
| Longboat Energy plc | Fossil expansion |
| Manti Resources Inc | Fossil expansion |
| Mari Petroleum Company Ltd | Fossil expansion |
| Midland Oil Company | Fossil expansion |
| Midwestern Oil & Gas Company Ltd | Fossil expansion |
| Mubadala Petroleum LLC (Mubadala Energy) | Fossil expansion |
| Myanma Oil and Gas Enterprise (MOGE) | Fossil expansion |
| Navidad Resources II LLC | Fossil expansion |
| NEO Energy Group Ltd | Fossil expansion |
| Nigerian National Petroleum Company Ltd (NNPC) | Fossil expansion |
| Nord Axis Ltd | Fossil expansion |
| Nordsofonden A/S | Fossil expansion |
| North Hudson Resource Partners LP | Fossil expansion |
| North Silo Resources LLC | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Oil India Ltd | Fossil expansion |
| ORLEN SA | Fossil expansion |
| Pakistan Oilfields Ltd | Fossil expansion |
| Parex Resources Inc | Fossil expansion |
| Petro Rio SA (PRIO) | Fossil expansion |
| Petroleos de Venezuela SA (PDVSA) | Fossil expansion |
| Petrolog Group | Fossil expansion |
| Pharos Energy plc | Fossil expansion |
| Phoenix Global Resources plc | Fossil expansion |
| PJSC RussNeft | Fossil expansion |
| PJSC Surgutneftegas | Fossil expansion |
| Posco International Corporation | Fossil expansion |
| PT Energi Mega Persada Tbk (EMP) | Fossil expansion |
| Ratio Energies LP | Fossil expansion |
| Recoil Resources LLC | Fossil expansion |
| Revenir Energy Inc | Fossil expansion |
| Ridgewood Energy Corporation | Fossil expansion |
| RP Operating LLC | Fossil expansion |
| RRP Operating LLC | Fossil expansion |
| Sahara Group Ltd | Fossil expansion |
| Sakhaneft LLC | Fossil expansion |
| San Leon Energy plc | Fossil expansion |
| Sanoat Energetika Guruhi LLC (Saneg) | Fossil expansion |
| Saturn Oil & Gas Inc | Fossil expansion |
| Schlumberger Ltd (SLB) | Fossil expansion |
| Sentinel Peak Resources LLC | Fossil expansion |
| Sequa Petroleum NV | Fossil expansion |
| Sheridan Production Company LLC | Fossil expansion |
| SNGN Romgaz SA | Fossil expansion |
| Societe Nationale des Petroles du Congo (SNPC) | Fossil expansion |
| Societe Nationale d'Operations Petrolieres de la Cote d'Ivoire (Petroci) | Fossil expansion |
| SOGC Inc | Fossil expansion |
| Sojitz Corporation | Fossil expansion |
| Sumitomo Corporation | Fossil expansion |
| Tamar Petroleum Ltd | Fossil expansion |
| Tamboran Resources Ltd | Fossil expansion |
| Todd Energy Ltd | Fossil expansion |
| Troubadour Operating LLC | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Tundra Oil & Gas Ltd | Fossil expansion |
| TXO Partners LP | Fossil expansion |
| Türkiye Petrolleri AO (TPAO) | Fossil expansion |
| Union Energy & Systems Operations Malta Ltd | Fossil expansion |
| Urban Oil & Gas Group LLC | Fossil expansion |
| USG Properties Haynesville LLC | Fossil expansion |
| Utica Resource Operating LLC | Fossil expansion |
| UTM Offshore Ltd | Fossil expansion |
| Viaro Energy Ltd | Revenue from unconventional oil and gas, thermal coal or Arctic drilling >5% |
| Vital Energy Inc | Fossil expansion |
| VAALCO Energy Inc | Breaches of human rights |
| Warwick Investment Group LLC | Fossil expansion |
| XPR Resources LLC | Fossil expansion |
| AAG Energy Holdings Ltd | Fossil expansion |
| L3HARRIS TECHNOLOGIES, INC. | Producer of depleted uranium munitions |
| BAE Systems (Finance) Ltd. | Controversial Weapons |
| BAE Systems Plc | Controversial Weapons |
| Jinko Solar Co. Ltd. | Breaches of human rights |
| Hallador Energy Company | Fossil expansion |
| ADANI ENTERPRISES LIMITED | Fossil expansion |
| Ranger Oil Corporation | Fossil expansion |
| CHINA EVERGRANDE GROUP | Involvement in controversial activities |
| China North Industries Group Corporation Limited | Controversial weapons |
| NMC HEALTH PLC | Involvement in controversial activities |
| Viper Energy, Inc. | Fossil expansion |
Exclusion list as per June 11 2024