Who are the Banks & Investors behind the Global Coal Plant Pipeline?

Despite global consensus about the need for a timely coal phase-out, new coal plants are still being planned or developed in 60 countries around the world. If built, these projects would add over 570 GW to the global coal plant fleet, an increase of 28%. 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


Choose Bank

Deutsche Bank

Company Sort descending Country of HQ Underwriting (Mio $) Loans (Mio $) Grand Total (Mio $)
Adani Group India 81.25 81.25
AES Corporation United States 83.33 262.00 344.83
Ayala Corporation Philippines 80.00 80.00
Chugoku Electric Power Japan 1,031.96 1,031.96
Egyptian Electricity Holding Company Egypt 84.00 84.25
Inter Rao Russia 36.14 36.14
Itochu Corporation Japan 59.00 59.17
Korea Electric Power (KEPCO) Indonesia 250.17 250.17
Kyushu Electric Power Japan 1,049.83 1,049.83
Marubeni Corporation Japan 31.25 65.00 96.65
National Aluminium Co (Nalco) India 25.06 25.06
NLC India India 22.08 22.08
State Grid Corporation of China (SGCC) China 556.40 556.40
State Power Investment Corporation (SPIC) China 46.00 45.70
Top Frontier Investment Holdings Philippines 71.43 71.43
Uniper Germany 830.00 830.12
Vale Brazil 125.00 125.00
Yankuang Group China 201.04 201.04

TOTAL (in US$ million)

Loans: 1.471,14
Underwritings: 3.519,94
Grandtotal: 4.991,08