Kernel S&P Global Clean Energy Fund

Companies of concern

• Human Rights Violations

  • Centrais Eletricas Br-Sp Adr 1.69%
    Business Ethics

    Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.

• Fossil Fuels

  • Iberdrola SA 6.54% 1.5°C
    This company is on a 1.5°C pathway
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

    IBERDROLA SA Fossil Fuel Power Generation

    Iberdrola is a Spanish energy company and one of the largest utilities in the world with electric utility operations in nearly 40 countries. Evidence shows that energy generated from oil and gas accounts for 15% of the company’s revenues. However, the company currently generates 80% of their electricity from renewable sources and has committed to achieving net-zero emissions by 2040. The company reports a total investment of EUR €150 billion is planned for this decade to enable its energy transition. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.

  • Consolidated Edison Inc 5.96%
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

  • Edp-Energias De Portugal SA 4.08% 1.5°C
    This company is on a 1.5°C pathway
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

    EDP-ENERGIAS DE PORTUGAL SA Fossil Fuel Power Generation

    EDP is Portugal’s largest generator and distributor of electricity. Evidence shows that 12.5% of the company’s revenue is generated from fossil fuels, including 5% from coal-fired plants and 7.5% from oil and gas. However, EDP has committed to being coal-free by 2025 and carbon neutral by 2030. The decision to shut down rather than offload their fossil fuel assets contrasts with many other energy companies who instead choose to sell up when faced with dropping profits or a need to improve their sustainability credentials. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.

  • Orsted A/S 4.04% 1.5°C
    This company is on a 1.5°C pathway
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

    ORSTED A/S Fossil Fuel Production

    Ørsted is a Danish power company and Europe’s largest producer of electricity from offshore wind power. The company was previously named Danish Oil and Natural Gas but has now transitioned to generate 91% of its power from renewable sources. The company had previously set a target of ending coal generation by 2023, however, the Danish government recently required the company to extend the operation of its two remaining coal plants to June 2024, along with one oil plant. Ørsted still stands by an overall target of net-zero emissions by 2040 with an interim goal of generating 100% renewable electricity by 2025. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.

  • Neste Oyj 3.67%
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

  • Northland Power Inc 1.58%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

  • Algonquin Power & Utilities 0.97%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

  • Clearway Energy Inc-C 0.67%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

  • Erg Spa 0.44%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

  • Contact Energy Ltd 0.36% 1.5°C
    This company is on a 1.5°C pathway
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

    CONTACT ENERGY LTD Fossil Fuel Power Generation

    Contact Energy is one of Aotearoa New Zealand’s largest electric utilities companies. Contact operates three thermal power stations that employ gas and diesel, and evidence shows that energy generated from fossil fuels accounts for 17% of generating capacity and 8% of the company’s revenues. However, Contact has announced plans for further investment in renewable generation. This includes NZD $1.2 billion in geothermal power, by constructing a new station and expanding capacity at an existing station, along with early developments in wind and solar generation. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.

  • China Suntien Green Energy-H 0.14% !!
    This company is expanding their fossil fuel production and
    is off track with the UN target to limit global temperature
    rise to 1.5°C
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.