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.

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Mizuho Financial

Japan
Company Country of HQ Underwriting (Mio $) Sort descending Loans (Mio $) Grand Total (Mio $)
Origin Energy Australia 59.00 59.00
Sasol South Africa 440.00 440.00
AGL Energy Australia 27.00 27.00
Korea Electric Power (KEPCO) South Korea 92.00 92.00
Japan Oil Gas and Metals National (JOGMEC) Japan 358.00 358.00
Power Finance Corp India 123.00 123.00
Mitsui Matsushima Holdings Japan 15.00 15.00
Glencore Switzerland 649.00 649.00
NRG Energy USA 28.00 28.00
Fortum Finland 231.00 231.00
Adaro Energy Indonesia 27.00 27.00
China Resources Power Holdings China 45.00 45.00
TransAlta Canada 78.00 78.00
PPL Corporation USA 257.00 257.00
RWE Germany 209.00 209.00
Malakoff Corporation Malaysia 45.00 45.00
Sumitomo Corp Japan 1,223.00 1,223.00
Whitehaven Coal Australia 146.00 146.00
One Rail Australia Australia 53.00 53.00
AES Corp USA 300.00 300.00
South32 Australia 100.00 100.00
Itochu Japan 6.00 1,868.00 1,874.00
Power Construction Corp of China/PowerChina China 27.00 27.00
United Tractors Indonesia 28.00 331.00 359.00
State Development and Investment Corporation (SDIC) China 51.00 51.00
Perusahaan Listrik Negara (PLN) Indonesia 54.00 54.00
WEC Energy Group USA 60.00 60.00
Aboitiz Equity Ventures Philippines 60.00 20.00 80.00
Energy Harbor USA 67.00 67.00
Marubeni Japan 84.00 2,748.00 2,832.00
Hindalco Industries India 89.00 147.00 236.00
NTPC India 90.00 183.00 273.00
OGE Energy USA 90.00 90.00
Enel Italy 100.00 232.00 332.00
Tokyo Electric Power (TEPCO) Japan 104.00 410.00 514.00
Mitsubishi Japan 107.00 2,472.00 2,579.00
China Huadian China 113.00 113.00
Okinawa Electric Power (OEPC) Japan 116.00 116.00
Aurizon Holdings Australia 122.00 122.00
CITIC Ltd China (Hong Kong) 125.00 40.00 165.00
Mitsui & Co Japan 130.00 130.00
Idemitsu Kosan Japan 130.00 741.00 872.00
J-POWER (Electric Power Development) Japan 143.00 143.00
China Petrochemical Group (Sinopec Group) China 143.00 143.00
NiSource USA 152.00 325.00 477.00
Fortis Canada 175.00 200.00 375.00
Hokuriku Electric Power Japan 188.00 188.00
HK Electric Investments China (Hong Kong) 196.00 196.00
Ameren Corp USA 211.00 488.00 698.00
Electricite de France (EDF Group) France 222.00 376.00 598.00
Air Products & Chemicals USA 228.00 228.00
Top Frontier Investment Holdings Philippines 233.00 139.00 372.00
Pinnacle West Capital USA 236.00 236.00
Indonesia Asahan Aluminium Indonesia 236.00 100.00 336.00
Shikoku Electric Power Japan 238.00 238.00
FirstEnergy USA 243.00 691.00 934.00
Alliant Energy USA 246.00 100.00 346.00
Vale Brazil 250.00 154.00 404.00
Adani Group India 283.00 283.00
State Grid Corporation of China (SGCC) China 294.00 61.00 355.00

TOTAL (in US$ million)

Loans: 22,243.60
Underwritings: 16,754.35
Grandtotal: 38,997.95