Financial Backers of Global Coal

We are revealing the investors and banks behind the companies on our Global Coal Exit List.


In January 2021, 4,488 institutional investors held investments totaling US$ 1.03 trillion in companies operating along the thermal coal value chain.

Between October 1st 2018 and October 31st 2020 our research identified 665 banks that provided loans totaling US$ 315 billion and underwriting activities worth over US$ 808 billion to GCEL companies.

For more information, see the full ranking of the financial institutions and our briefing “Revealing the Financiers of the Coal Industry”.

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

The investment figures presented are gathered at group level. Please, note that investments might have changed since the data was retrieved from the financial databases. Read the detailed Methodology for more information.

The GCEL 2020 finance research was published by Urgewald and partner NGOs and was conducted by Profundo. Further analysis on the listed financial institutions’ coal policies can be found in the Coal Policy Tool of Reclaim Finance.

Choose Bank


Company Sort descending Country of HQ Underwriting (Mio $) Loans (Mio $) Grand Total (Mio $)
ALLTECH Group Russia 115.00 115.00
Anglo American United Kingdom 240.00 2,507.00 2,747.00
Electricite de France (EDF Group) France 310.00 376.00 686.00
EnBW Energie Baden-Württemberg Germany 218.00 112.00 330.00
Enea Poland 178.00 178.00
Enel Italy 82.00 155.00 236.00
Energie Versorgung Niederoesterreich (EVN) Austria 101.00 101.00
EP Investment Luxembourg 212.00 68.00 280.00
Famur Poland 25.00 25.00
Glencore Switzerland 166.00 546.00 712.00
Mechel Russia 83.00 83.00
MVM Magyar Villamos Muvek Hungary 31.00 31.00
NRG Energy USA 172.00 172.00
RWE Germany 209.00 209.00
Southern Company USA 153.00 168.00 320.00
SUEK Group (Siberian Coal Energy Company) Russia 240.00 240.00
TAURON Polska Energia Poland 178.00 178.00

TOTAL (in US$ million)

Loans: 5,061.28
Underwritings: 1,582.92
Grandtotal: 6,644.19