Financing the Global Coal Exit List 2021

Dollar Bill Shocked Washington

Note: in May 2024, we published new data on banks financing coal companies. You can access the data and our findings here: In the 2024 update of our research, we applied adjusters to the financial data to reflect how much of companies' business is coal-related – previous iterations of this research did not adjust financing, which is why numbers cannot be compared across datasets.


Commercial banks provided loans and underwriting services worth over US$ 1.5 trillion to companies listed on GCEL2021 (between January 2019 and November 2021). 

As reported in November 2021, institutional investors held bonds and shares worth over US$ 1.2 trillion in GCEL2021 companies. In 2023, we published a new research on investors in coal, oil and gas: Investing in Climate Chaos

The GCEL 2021 finance research was published by Urgewald and partner NGOs and was conducted by the research institute Profundo

Further analysis on the listed financial institutions’ coal policies can be found in the
 Coal Policy Tool of Reclaim Finance.

Our Research Tool

Below, you can look up these banks and investors and their coal financing or investments. You can also search for a GCEL company and look at the banks and investors behind it. 

The investment figures presented are gathered at the group level. Please note that investments might have changed since the data was retrieved from the financial databases. Please contact financeresearch [at] (financeresearch[at]urgewald[dot]org) for more detailed information.

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