Our Approach

Including All Players

We pursue a holistic approach with regard to coal share of revenue (CSR) calculation. For us, this means taking the entire thermal coal value chain into account and the full diversity of business models based on coal. Our research therefore goes beyond coal mining and power and also covers companies active in areas such as coal trading, transport & logistics, Coal-to-Liquids or manufacturing equipment for coal plants. The accurate depiction of companies’ dependence on coal-related business activities is key for understanding the concomitant financial risks.


Since our database is publicly available and not hidden behind a pay wall it can be reviewed by companies listed on the GCEL, but also by civil society organizations, journalists and academics. Therefore, everyone can approach us to discuss the information offered, and correct us in case mistakes have been made. Restricted access would not allow this type of dialogue, which we believe is important and adds to the robustness of our tool.

Coal Expansion Data

The GCEL is a forward-looking database and identifies which companies are planning to expand their coal mining activities, build new coal power plants or other coal-related infrastructure such as coal export terminals or coal railway lines. Our goal is to make these “expansionists” visible to the finance industry and to encourage financial institutions to exclude these companies from further investment. With regard to coal power expansion, Urgewald relies on the exceptional project database compiled by Global Energy Monitor, which we ascribe to the respective companies on the GCEL and combine with our own research.

Inclusion of Private Companies

We also list private companies with coal-related business activities on the GCEL as this information is relevant for both banks and insurance companies.


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