Coal Truck

Welcome to the Global Coal Exit List

The Global Coal Exit List (GCEL) is a unique, public database, which provides key statistics on companies throughout the entire thermal coal value chain. It aims to capture the world’s coal industry as a whole and serves as an information source and a divestment tool for the finance sector.

Register here to view and download the full data.

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Coal is the single biggest contributor to climate change, and phasing out investments in the coal industry is the single most important step financial institutions can take to protect our climate. According to the 2018 IPCC report, coal-fired power generation must decrease by 78% by 2030 if we want to keep the 1.5°C limit within reach. Achieving this goal requires immediate action by banks and investors.

The GCEL is a practical tool that enables financial institutions to identify the ‘coal content’ of their portfolios, to avoid new coal investments and to accelerate their departure from the coal industry. Since our database was first published in 2017, 200 financial institutions have become registered users of the GCEL. Many leading investors are now using our database not only to assess coal-related risks in their portfolios, but to plan and execute meaningful divestment steps.

The 2019 GCEL lists around 2,300 companies (parents and subsidiaries). It provides key information on these companies’ coal share of revenue (CSR), coal share of power production (CSPP), installed coal-fired capacity and annual coal production. It also identifies, which companies are planning an expansion of coal mining or coal power activities or are developing other coal infrastructure.

Our research mainly relies on public data provided by the companies themselves. Most of the information in the GCEL is extracted from companies’ reporting documents, investor presentations and their websites. Other important sources are publications by government agencies and stock exchanges.

Urgewald strives to facilitate impactful coal divestment and provide data on which financial institutions, academics, NGOs and journalists can rely on. We will continue refining the GCEL to incorporate new parameters and improve its data density. We aim to set the benchmark when it comes to capturing coal sector data and providing it in a way that is tailored to the needs of responsible investors.



Global Coal Exit List

Company Headquarter Absolute criteria Relative criteria Expansion criteria
South32 Ltd
Illawarra Metallurgical Coal | South Africa Energy Coal
Australia >20MT
Bulgarian Energy Holding (BEH)
Mini Maritsa iztok EAD (MMI) | TPP Maritsa East 2 EAD
Bulgaria >20MT
DTEK Dniproenergo PJSC | DTEK Dobropolyeugol LLC (Dobropillyavugillya Tov) | DTEK Donetskoblenergo PJSC (Myronivska TPP) | DTEK Energy BV | DTEK FINANCE BV | DTEK Mine Komsomolets Donbassa PrJSC | DTEK FINANCE PLC | DTEK Pavlogradugol PrJSC | DTEK Rovenkiantracyte LLC (Rovenkyantratsyt Tov) | DTEK Skhidenergo LLC | DTEK Sverdlovanthracite LLC (Sverdlovantratsyt) | Mine Bilozerska ALC | DTEK Zakhidenergo PJSC | Mine Office Obukhovskaya JSC
Ukraine >20MT, >10GW csr | cspp
EP Investment S.à.r.l.
Luxembourg >20MT
Shanxi Coal Import & Export Group Co Ltd
Shanxi Coal International Energy Group Co Ltd
China >20MT csr
Complexul Energetic Oltenia S.A.
Romania >20MT csr | cspp
Inner Mongolia Manshi Investment Group Co. Ltd.
Inner Mongolia Manshi Coal Group Co Ltd | Inner Mongolia Taiheng Energy Co. Ltd | Zhongtian Hechuang Energy Co Ltd
China >20MT csr | cspp
Ogodzhinskaya Coal Company LLC | Open-Pit Mine Kiyzassky LLC | Open-Pit Mine Vostochny LLC | Sibanthracite Group | Sibanthracite Kuzbass | Sibanthracite Overseas AG | Sibanthracite Overseas Pte. Ltd. | Siberian Anthracite JSC
Russia >20MT
PT Bukit Asam
Huadian Bukit Asam Power | PT Bukit Asam Prima | PT Bukit Pembangkit Innovative
Indonesia >20MT csr | cspp
CONSOL Energy Inc
CONSOL Coal Resources LP (CNX Coal Resources LP) | CONSOL Marine Terminals LLC (CNX Marine Terminals LLC)
USA >20MT csr
EP Investment II S.à.r.l.
Luxembourg >20MT
Foresight Energy LP
Formosa Chemicals & Fibre Corp | Formosa Heavy Industries Corp | Formosa Petrochemical Corp (FPCC)
USA >20MT csr
PT Sinar Mas
Golden Energy and Resources Ltd (GEAR) | PT Andalan Satria Lestari (ASL) | PT Berau Coal Energy Tbk | PT Dian Swastatika Sentosa Tbk | PT Golden Energy Mines Tbk (GEMS)
Indonesia >20MT
Shaanxi Yulin Energy Group Co Ltd
China >20MT csr | cspp
Vistra Energy Corp
Dynegy Midwest Generation LLC | Electric Energy Inc | Luminant | Vistra Finance Corp
USA >20MT, >10GW csr | cspp
Contura Energy Inc
Alpha Appalachia Holdings Inc.
USA >20MT csr
EN+ Group
Bogatyr Coal LLP | EuroSibEnergo PLC | LLC Kompaniya VostSibUgol | LLC Tyvinskaya Gornorudnaya Company | Rusal Capital Designated Activity Co | United Co RUSAL PLC
Russia >20MT
CEZ Finance BV | Severočeské doly AS | Severočeské doly AS
Czech Republic >20MT cspp
Guoyuan Times Coal Asset Management Co. Ltd.
Gansu Lingnan Coal Industry Co. Ltd. | Guodian Guizhou Coal Industry Investment Co. Ltd. | SDIC Coal Co Ltd | SDIC Hami Energy Devlopment Co | SDIC Yili Energy Development Co Ltd
China >20MT csr
Inner Mongolia Mengtai Coal and Electricity Group Co Ltd
China >20MT csr

For Investors – Get the list with ISIN codes

We provide a special version of the Global Coal Exit List with common financial identifiers (ISIN, Bloomberg Ticker, etc.) on request. We also offer in-depth webinars on the list.

What's so special about the Global Coal Exit List?

We also list private companies that engage in coal-related business activities, which is especially valuable to insurance companies.

Users of the Global Coal Exit List

Our database has more than 200 registered users from the finance sector.
Financial Institutions representing nearly US$ 10 trillion Assets under Management are applying one ore more of the Global Coal Exit List criteria.

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