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GCEL 2023 Media Briefing

Read about the most recent developments in the coal sector in our media briefing on GCEL 2023.

GCEL 2023 Methodology

Download the full methodology here or find an overview of our criteria & sources here.

Publications Featuring GCEL

GCEL is not only a tool for financial institutions. It is also used by NGOs, campaigners, journalists and academics worldwide to assess which financial institutions are still investing in our climate’s worst enemy.

Investing in Climate Chaos

At a time when the UN warns that greenhouse gas emissions must be cut in half by 2030, pension funds, insurers, mutual funds and asset managers are still gambling away our future by sinking money into the world’s worst climate offenders. Over 6,500 institutional investors hold bonds and shares in coal, oil and gas companies to the tune of US$ 3.05 trillion. Urgewald's website is a tool for citizens’ movements, customers and regulators to hold institutional investors accountable.

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Banking on Climate Chaos

Fossil fuel financing from the world’s 60 largest banks has reached USD $5.5 trillion in the seven years since the adoption of the Paris Agreement, with $669 billion in fossil fuel financing in 2022 alone. This joint NGO report, led by Rainforest Action Network, examines commercial and investment bank financing for the fossil fuel industry, aggregating their leading roles in lending and underwriting debt and equity issuances.

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Banking on Climate Chaos cover

Who is Financing Fossil Fuel Expansion in Africa?

Urgewald, Stop EACOP, Oilwatch Africa, Africa Coal Network and 33 further African NGOs released the report at the UN Climate Summit in Sharm el-Sheikh in November 2022. The report identifies 200 companies that are exploring or developing new fossil fuel reserves or developing new fossil infrastructure such as liquefied natural gas (LNG) terminals, pipelines or gas- and coal-fired power plants in Africa.

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Who is Financing Fossil Fuel Expansion in Africa report cover

The Great Green Investment Investigation

European investors are pouring trillions into promises of green growth. Where does that money end up? The NGO Follow the Money and the investigative journalists from Investico, answered this question: in more than half of the investment funds that label themselves as dark green, we found investments within the fossil fuel industry or the aviation industry.

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The Great Green Investment Investigation

Throwing Fuel on the Fire

Reclaim Finance researched the dealings of the leading banks, asset owners, and managers of the seven sectoral alliances that make up the Glasgow Financial Alliance for Net Zero (GFANZ). The report shows that they are continuing to pour hundreds of billions of dollars into the expansion of the coal, oil, and fossil gas industries.

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GFANZ financing of fossil fuel expansion cover

The Coal Policy Tool

Our NGO partner Reclaim Finance publishes the Coal Policy Tool. Their tool ranks coal policies of financial institutions and uses GCEL criteria as a baseline for good coal policies.

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Coal Policy Tool