Morningstar, Inc. provides data and investment research to Fossil Free Funds. Morningstar has data on thousands of investment offerings, including U.S. stocks and mutual funds, some of the most common investments held in 401(k)s, 403(b)s, and other retirement plans.

We use Morningstar’s Global Equity Classification Structure to map companies to one of 148 industries, so we can track which ones are involved in fossil fuel operations.

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Fossil fuel industries

The 11 Morningstar industries considered fossil fuel and screened by Fossil Free Funds are combined into three overall categories: coal, oil/gas, and fossil-fired utilities. The industries within these three categories include:


Coal: Companies engaged in mining coal.


Drilling: Companies primarily engaged in contract drilling and exploration for petroleum and natural gas, including offshore and onshore drilling as well as related oil well and contracting services.

E&P: Energy companies which are primarily engaged in gas exploration and production.

Integrated: Major energy companies engaged in the diverse aspects of oil and gas operations including crude oil and gas exploration, production, manufacturing, refining, marketing and transportation.

Midstream: Companies primarily engaged in owning and operating oilfield pipelines involving the gathering, processing and transportation of natural crude petroleum.

Refining and Marketing: Companies primarily engaged in the refining, gathering, marketing and selling of petroleum and petroleum products.

Equipment and Services: Companies primarily engaged in providing oilfield services and equipment such as contract drilling, seismic surveys, equipment and tool rental, pumping and processing services, inspection and contracting services.

Fossil-fired utilities
Fossil-fired utilities

Independent Power Producers: Companies that own and operate merchant power generation facilities and sell electricity into retail and wholesale markets.

Diversified: Companies engaged in the regulated generation, transmission and/or distribution of electricity and natural gas, and own and operate merchant power generation facilities and energy marketing operations.

Regulated Electric: Companies engaged in the generation, transmission and/or distribution of electric energy for sale.

Regulated Gas: Companies engaged in the transmission, storage and/or distribution of natural gas.

Utilities in these industries that are 100% renewable are not flagged as fossil fuel companies.

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