Banks & Investors behind the Global Coal Plant Pipeline 2019

Note: This research was done on the basis of the GCEL 2019. New finance data on ALL companies listed on the GCEL 2020 is underway. The update will be published in the first half of February 2021.

Despite global consensus about the need for a timely coal phase-out, new coal plants are still being planned or developed around the world. If built, these projects would add over 500 GW to the global coal plant fleet. Based on findings of the Global Energy Monitor, the 2019 GCEL identifies 258 Coal Plant Developers, with expansion plans of at least 300 MW. Over half of these companies are not traditional coal-based utilities, and are therefore often missed by financial institutions’ coal exclusion policies.

Together with our partners, Banktrack, Les Amis de la Terre, Re:common and RAN, Urgewald commissioned financial research by the Dutch research institute Profundo to identify the main financiers and investors of these Coal Plant Developers.

We found 505 global banks provided US$ 745 billion for expanding coal power companies through loans or underwriting services from 2017 – Q3 2019. And as of September 2019, 1922 investors are holding bonds and shares worth almost US$ 276 billion in coal plant developers.

Please browse the data below and find more information in our media briefing. A list of all Coal Plant Developers is available for download after login!

Detailed Methodology (PDF)


Choose Bank

Credit Suisse

Company Sort descending Country of HQ Underwriting (Mio $) Loans (Mio $) Grand Total (Mio $)
Adani Group India 71.43 71.43
AES Corporation United States 283.33 283.33
China Huadian China 25.23 25.23
Egyptian Electricity Holding Company Egypt 84.00 84.25
First Quantum Minerals Canada 400.48 152.00 552.61
Korea Electric Power (KEPCO) 150.00 150.00
Qinghai Provincial Investment Group China 83.33 83.33
Reservoir Capital Group United States 135.88 28.00 164.22
Sinar Mas 75.00 106.00 180.74
State Grid Corporation of China (SGCC) China 556.40 556.40
State Power Investment Corporation (SPIC) China 116.67 116.67
Top Frontier Investment Holdings 171.43 171.43
Yangquan Coal Industry China 229.75 229.75

TOTAL (in US$ million)

Loans: 370.45
Underwritings: 2,298.92
Grandtotal: 2,669.38