Group of protesters in Bangladesh with painted faces, holding signs that say „coal kills“

photo: Ardilles Rante/ Greenpeace (Indonesia)

Voices on the Global Coal Exit List

Quotes by Finance Experts, Scientists, Politicians & NGO Campaigners

“The GCEL is the most thorough coal database we have seen so far. AXA has tested the list and finds it promising in terms of risk management, since we believe that some of these coal-related assets may become ‘stranded’ over time. Notably, the addition of “coal expansion” data usefully complements more conventional energy mix data. It is a great tool for investors who want to move their portfolios away from coal. The GCEL is NGO-based but it is also fact-based and sufficiently robust for AXA to use it as a key component of our new climate strategy.”

Sylvain Vanston, Head of ESG integration, AXA


“We have decided to draw on the Global Coal Exit List, an initiative by the German NGO Urgewald, following the realization of investors’ difficulties in following their coal investments. Urgewald’s GCEL is a powerful information system and played a significant role in financial institutions’ efforts to develop new coal policies.”

Ostrum Asset Management


"The GCEL is a one-of-a-kind resource for investors and financial institutions that want to understand and manage climate risks in their portfolios."

Peter Cashion, Head of Climate Finance at the International Finance Corporation (IFC)


"The Global Coal Exit list is a valuable input to implement our coal policy on the insurance side, as it is the only data source that also assesses private companies."

Zurich Insurance Group


"The data used will come from the Global Coal Exit List, established by the German NGO Urgewald, recognized as the most demanding and exhaustive database on the subject. We will rigorously apply the evolutions of this NGO's database."

La Financière de L’Échiquiere


“GCEL is a remarkable data source very helpful not only to elaborate our exclusion list but also to better understand the underlying extra-financial climate risks across the whole value chain.” 

Claire Berthier, Fund Manager, TRUSTEAM FINANCE


“A recipe against climate killers: The Global Coal Exit List provides a meticulous overview of investments that will get your fingers burnt. Highly recommended reading. Thank you, Urgewald!”

Sven Giegold, Member of the European Parliament, The Green Party


“This research is potentially worth millions of dollars to investors. The depth of analysis conducted by Heffa Schuecking and her team is superb.”

Tom Sanzillo, Director of Finance, IEEFA institute


"The Global Coal Exit List is a useful tool for identifying our coal exposure and it serves as one of the tools to engage with our fund managers. The GCEL has supported THE VELUX FOUNDATIONS in decreasing the investment exposure to coal companies."

Velux Foundations Denmark


“Urgewald has been relentless in building rigorous and effective tools. The Global Coal Exit List makes coal divestment easy and more impactful.”

Tom Kruse, Program Director, Rockefeller Brothers Fund


“Large parts of Africa are already being hit by climate change. The GCEL puts a spotlight on the companies investors need to ditch before it is too late.”

Trusha Reddy, WoMin, South Africa


"The idea that a small team of civil society activists come up with reliable and exhaustive data that investors and industry watchers trust is itself exciting. And then to have the coal power expansion plans and coal share statistics of companies - those antiquated villains hurling us deeper in the climate crisis, to have it all there plainly, in one place, for us to call them out, is thrilling. I can definitely see the GCEL being even more widely used across a broad spectrum, excitingly accelerating the global coal exit!"

Vidya Dinker, Chief Executive of Growthwatch, India


“The Philippines and Southeast Asia have seen the worst devastation climate change has brought with it – Haiyan, Khanun and many other deadly storms. It is appalling that corporations such as Marubeni and KEPCO continue to push for coal expansion. The GCEL highlights these investments that are clearly incompatible with the aim of limiting global warming to 1.5°C and gives us a fighting chance to stop financiers from pouring more fuel on the fire.”

Gerry Arances, Center for Energy, Ecology, and Development (CEED), Philippines


"As institutions across the global capital markets accelerate their transition to a net zero emissions, resilient future, the lack of comprehensive, consistent and compelling data can hinder progress. Enter the Global Coal Exit List, maintained by a small team of researchers at Urgewald. GCEL plays an outsized role in the financial sector's rapid transition away from coal, the most destructive fossil fuel. For those in the banking, insurance and asset management businesses, GCEL has become the go-to data source enabling progressively more ambitious climate commitments."

Daniel Firger, Managing Director, Great Circle Capital Advisors (formerly Bloomberg Philanthropies)


"The Global Coal Exit List produced by Urgewald is an excellent tool for understanding asset stranding and energy transition risks. The tool provides one of the most comprehensive and in-depth databases for coal generation and expansion, offering investors one of the most detailed insights into coal exposure. ET Index Research has found the tool to go beyond what many other expensive databases offer and has increased the granularity of our analysis of transition risks on a portfolio level. GCEL is at current the most comprehensive coal database available to investors."

Pekka Piirainen, Investor Engagement Manager, ET Index Research


“The Global Coal Exit List changed everything. It allowed us to move from general protests to putting forward fact-based and do-able demands for moving financial institutions’ portfolios away from coal.”

Lucie Pinson, Reclaim Finance, France


“The Global Coal Exit List brings transparency to the haze surrounding the global coal industry and shows us that the industry is much bigger than often assumed. The Global Coal Exit List is a practical tool that not only enables divestment, but makes it effective. We can only hope that this brilliant invention will help us prevent run-away climate change.”

Ole von Uexküll, Executive Director, Right Livelihood Foundation


“Investments in renewables bring cheap and clean energy. This report is decisive for banks to avoid stranded investment and bankruptcy.”

Hans-Josef Fell, President of the Energy Watch Group


"The Global Coal Exist List database provides transparent and important information on the international coal market, and identifies which companies are active in the coal mining and coal power sectors. The financial market needs this important information on the profitability and the 'coal share' of portfolios in order to meet the ever-growing necessity of global climate protection.”

Prof. Claudia Kemfert, Head of Energy, Economics Institute DIW Berlin


“Coal is the climate killer number one among fossil fuels. We therefore need to phase out coal-fired power generation as quickly as possible.”

Prof. Mojib Latif, Climate Scientist, Helmholtz Centre for Ocean Research Kiel (GEOMAR)

“It's astonishing that by 2017 there's anyone left in the world who wants to keep building coal-fired power plants--there really isn't a more destructive path they could be taking. It's a good thing, then, that there's now a list of precisely who's behind these plans, so we can all go to work."

Bill McKibben, Environmentalist and author, Founder of


“This list lays down a clear marker for companies. Those that remain wedded to coal will lose their attractiveness in equity and capital markets. On the other hand, companies like India's NTPC have an opportunity to drop their coal expansion plans and instead look to renewables. That will, in time, allow them to once again attract investment from the growing list of investors moving away from coal.”

Ashish Fernandes, Senior Climate and Coal Campaigner, Greenpeace India


“For GLS’ sustainability research, Urgewald’s data is an important and reliable information source for our issuer ratings.”

Marc Pfizenmaier, Sustainability Analyst, GLS Bank (Germany)


“The GCEL is an excellent tool for political work with an important goal: The phase out of fossil fuels, beginning with coal. The GCEL covers the entire coal supply chain from coal mines to customers. And what is especially important: The GCEL reveals who is planning to build new coal plants worldwide - even though we all know that coal needs to stay in the ground if we want our blue planet to remain livable.”

Barbara Unmüßig, Executive Director, Heinrich Böll Foundation


“Urgewald’s Global Coal Exit List is a very comprehensive database with the potential to be an important signpost for the divestment movement and for investors. The data Urgewald provides has never been available in such a complete form before now. It offers a thorough insight into the coal industry worldwide and helps us understand, who is behind this dirty industry. NGOs, political bodies and investors should take inspiration from the Global Coal Exit List as a detailed new instrument, to accelerate the exit from coal.”

Reinhard Bütikofer, Member of the European Parliament, The Green Party



Selected Articles


City A.M., Feb 25, 2021
Vanguard and BlackRock uncovered as largest investors in coal industry, Feb 25, 2021
World’s two largest asset managers have invested $170bn in coal

S&P Global, Feb 25, 2021
Banks provided 11% more money to coal-related companies since 2016 – report

Politico, Feb 25, 2021
Beyond the Beltway - Coal Case

Responsible Investor, Feb 25, 2021
Vanguard named as ‘world’s largest coal investor’ in report

Montel, Feb 25, 2021
US remains largest investor in coal – report

Financial News, Feb 25, 2021
Vanguard, BlackRock singled out for $170bn coal exposure

The Korea Herald, Feb 17, 2021
S. Korean sovereign wealth fund still has coal exposure, despite cut

Bloomberg, Feb 17, 2021
BlackRock's Latest Climate Instructions Come With a New Threat

New York Times, Feb 8, 2021
Coal-Fired Power Took a Beating During the Pandemic, Study Finds

HuffPost, Jan 27, 2021
The World’s Long, Messy Breakup With Coal

New York Times, Jan 26, 2021
BlackRock Chief Pushes a Big New Climate Goal for the Corporate World

Financial Times, Jan 23, 2021
BlackRock’s sustainability ‘report card’ one year from Fink’s annual letter

The Guardian, Jan 13, 2021
BlackRock holds $85bn in coal despite pledge to sell fossil fuel shares

City A.M., Jan 13, 2021
Blackrock still invests in $85bn worth of coal assets despite sustainability pledge

Business Green, Jan 13, 2021
'Climate pariah': Campaigners urge Blackrock to strengthen coal exclusion policy after counting $85bn of coal investments



Bloomberg, Dec 10, 2020
Banks Keep Funneling Billions Into Polluting Energy Projects

The Straits Times, Dec 11, 2020
12 big fossil fuel projects threaten global climate fight, green groups say

The Guardian, Nov 12, 2020
Almost half of thermal coal firms set to defy climate pledge – report

Mercom India, Sep 23, 2020
IFC Asks Clients to Not Invest in Companies That Do Not Want to Exit Coal

The Daily Star, Sep 23, 2020
Global climate activists urge Japan to stop financing coal plant in Matarbari

Financial Times, May 13, 2020
Norway’s oil fund sells out of Glencore, Anglo American and RWE



PhilStar, December 15, 2019
Banks urged to phase out financing for coal projects

The Japan Times, December 7, 2019
Report names Japan's top three mega-banks as the world's biggest lenders to coal plant developers

The Straits Times, December 6, 2019
Banks gave $1 trillion to groups planning new coal power plants: Report

Reuters, December 5, 2019
Big European banks face call to end funding for firms building coal-fired plants

New York Times, September 22, 2019
Who’s Speaking at the U.N. Climate Summit? Several Champions of Coal

The Sydney Morning Herald, September 19, 2019
Kiss of life: Biggest coal miners geared for growth, elevating climate risks, report

Financial Times, June 30, 2019
China's coal-fired outreach

ABC News, June 13, 2019
Norway's $US1 trillion sovereign wealth fund to dump billions in coal investments

Bloomberg, June 12, 2019
Norway's $1 Trillion Fund Wins Go-Ahead for Oil Stock Divestment

France 24/AFP, June 12, 2019
Norway forces sovereign wealth fund to go greener

ABC News, June 13, 2019
Norway's $US1 trillion sovereign wealth fund to dump billions in coal investments

Reuters, June 12, 2019
Norway fund may have to offload $1 billion stake in Glencore in shift away from coal

Foreign Policy, June 9, 2019
When Coal Comes to Paradise

Insurance Business, April 23, 2019
Hannover Re and parent group turn away from coal "in principle"

The Asahi Shimbun, April 12, 2019
MUFG moves to drastically cut coal-power loans by fiscal 2030

South China Morning Post, April 6, 2019
War on climate change is doomed if China turns back towards the coalface

World Coal, March 4, 2019
Norway still heavily invested in coal



Voice of America, December 11, 2018
Africa Suffers Impact of a Warming World

Newsweek Pakistan, December 6, 2018
Another Threat to Climate Goals

The Guardian, December 5, 2018
'Brutal news': global carbon emissions jump to all-time high in 2018

Energy Post, October 29, 2018
A blacklist of the world’s top 120 coal plant developers

National Post, October 7, 2018
No change to Canada's climate plans as UN report warns of losing battle

Desmog Blog, October 6, 2018
Despite Trump, More Signs Coal Power’s Future Actually Looks Terrible in the US

EE News, October 4, 2018
Global coal fleet expands despite Paris pact — report

Sydney Morning Herald, October 4, 2018
Coal binge puts Paris climate targets further out of reach, study finds

Bloomberg, October 4, 2018
China's Funding for Coal Draws Scrutiny as Climate Concern Grows

Business Recorder, August 8, 2018
Munich Re to curb coal activities

Reuters/The Japan Times, July 24, 2018
Nippon Life to stop financing coal-fired power

Euractiv, July 23, 2018
French insurance companies to divest from German top utility RWE

Reuters, May 4, 2018
Allianz cuts back on coal insurance after environmentalist criticism

Financial Times, May 4, 2018
Allianz to stop selling insurance to coal companies, March 19, 2018
The Divestment Movement Gains Steam

New York Times, Feb 27, 2018
Why Build Kenya’s First Coal Plant - Hint: Think China



Investment & Pensions Europe (, Dec 12, 2017
Investor pledges, demands and criticism as Paris Agreement turns two

Financial Post, Dec 11, 2017
Canadian financial companies funding overseas coal plants as feds push phase-out

Financial Times, Dec 11, 2017
Banks criticised for funding coal deals despite Paris agreement

Environmental Finance, Dec 8, 2017
Global Coal Exit List: How investors can bolster coal divestment

Inter Press Service, Nov 15, 2017
Coal Pollution Continues to Spread in Latin America, Nov 13, 2017 
Is China an overrated climate champion?

Australian Associated Press, Nov 11, 2017
Coal companies revealed in investor list

The Globe and Mail, Oct 12, 2017
Canada aligns with U.K. to fight global growth in coal-fired electricity

National Post, Aug 30, 2017
Terry Glavin: While you were panicking about Trump, China made some moves

National Observer, July 13, 2017
These 'missing charts' may change the way you think about fossil fuel addiction

AFP, July 5, 2017
China backs hundreds of global coal power projects: report

New York Times, July 1, 2017
As Beijing Joins Climate Fight, Chinese Companies Build Coal Plants

Huffington Post, June 30, 2017
The Dirty 120: Urgewald Exposes World’s Biggest Coal Plant Developers; Calls for Divestment

DeSmogBlog, June 28, 2017
These Companies Plan to Expand Coal Power Worldwide by 43 Percent


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