Metallurgical Coal Exit List 2026
The Metallurgical Coal Exit List (MCEL) is a company-level database that provides financial institutions and civil society with a comprehensive overview of metallurgical coal developers worldwide. 145 companies are still planning new mines as well as those expanding existing operations. More than 250 expansion projects are currently in the pipeline. If realized, these projects would increase global annual met coal production by 52%, risking a wave of high carbon assets that may never pay back.
Green steel is on everyone’s lips, but most of the world’s steel is still produced with metallurgical coal (met coal). Responsible for 11% of global CO₂ emissions, met coal is a major roadblock to meeting climate goals. Although clean alternatives such as green hydrogen can produce steel just as effectively, new mines are still being developed, blocking the transition to a greener future.
Despite its disastrous impact on the climate, metallurgical coal has long remained under the radar. That is now beginning to change. Just one year after MCEL was first published, more than 150 financial institutions are already using the dataset to monitor and manage their exposure to metallurgical coal.
As the Global Coal Exit List (GCEL) is limited to thermal coal, it is now supplemented by the Metallurgical Coal Exit List (MCEL). Metallurgical coal accounts for 13% of global coal consumption, a significant share of coal use worldwide.
The coal used by the steel industry is known as metallurgical (met) coal, an umbrella term that includes coking coal and pulverized coal injection (PCI). Both are used in blast furnaces during steel production. By contrast, thermal coal is primarily used for electricity generation and heating.
No matter the use, both thermal and met coal are a threat to our climate and have no future in a 1.5 °C‑aligned world.
The Metallurgical Coal Exit List (MCEL) highlights the urgent need to address one of the largest contributors to global CO2 emissions: the steel industry. Responsible for 11% of global emissions, the iron and steel sector relies heavily on metallurgical coal, making it a critical target for decarbonization.
The growing relevance of this issue is reflected in the Science Based Targets Initiative’s newest Net-Zero Standard for Financial Institutions. The Standard now explicitly recommends the exclusion of metallurgical coal developers.
The Metallurgical Coal Exit List (MCEL) identifies 145 mining companies engaged in more than 250 metallurgical coal expansion projects across 20 countries. Every company on MCEL is actively developing new mines and/or expanding existing ones. By shedding light on the metallurgical coal market, MCEL enables financial institutions to screen their portfolios and implement comprehensive exclusion policies for met coal developers.
Steel has long been regarded as one of the most difficult sectors to decarbonize. However, recent technological advances now make coal-free steel production technically feasible. According to the think tank Agora Industry, a global phase-out of coal in the steel industry by the early 2040s is achievable from a technical perspective.
With existing mining capacity sufficient to meet the demand for metallurgical coal through to 2050, there is no need for new or expanded met coal mines. The International Energy Agency (IEA) predicts a gradual decline in metallurgical coal use through 2030, driven by shifts in steelmaking technologies and slower industrial growth.
Green hydrogen can serve as a viable alternative to coal in iron and steel production. This underscores the urgent need to scale up green hydrogen capacity. Although the technology is currently used only at a small scale, it is expected to expand in the coming years. Additionally, steel is highly recyclable, and increased recycling rates could significantly reduce emissions and resource use.
