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 industries, so we can track which ones are involved in fossil fuel operations.

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Fossil fuel industries

The 13 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:


Coking Coal: Companies that produce coking coal.

Thermal Coal: Companies that mine thermal coal, which is used for generating energy.

Oil and gas

Oil and Gas — Drilling: Companies primarily engaged in the drilling for petroleum and natural gas.

Oil and Gas — Exploration and Production: Energy companies which are primarily engaged in oil and gas exploration and production.

Oil and Gas — 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.

Oil and Gas — Midstream: Companies that own and operate oilfield pipelines and are involved in the gathering, processing, and transportation of natural crude petroleum.

Oil and Gas — Refining and Marketing: Companies that refine, gather, market, and sell petroleum and petroleum products.

Oil and Gas — Equipment and Services: Companies that provide oilfield services and equipment for activities such as contract drilling and seismic surveys. Also includes equipment and tool rental, pumping and processing services, and inspection and contracting services.

Fossil-fired utilities
Fossil-fired utilities

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

Utilities — Renewable: Companies that generate, produce, or transmit electric energy from renewable sources, including hydropower, wind, geothermal, biomass, solar, tidal, and wave. (Despite the name, the Utilities-Renewable industry classification includes companies that distribute gas and/or burn fossil fuel for power generation.)

Utilities — Regulated Electric: Companies that generate, transmit, or distribute electric energy for sale.

Utilities — Regulated Gas: Companies that transmit, store, or distribute natural gas.

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

We remove any utilities that are engaged in 100% renewable operations, pure transmission, or otherwise don't distribute gas or burn fossil fuels to generate power.

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