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


United Kingdom
Company Sort descending Country of HQ Underwriting (Mio $) Loans (Mio $) Grand Total (Mio $)
Adaro Energy 127.00 127.04
AES Corporation United States 220.88 160.00 381.30
Ayala Corporation 154.17 154.17
Banpu Public Company 48.00 48.39
Beijing Energy Holding China 39.00 38.89
China Huadian China 38.46 38.46
China Huaneng Group China 159.02 159.02
China Petrochemical Group (Sinopec Group) China 138.62 138.62
China Southern Power Grid China 250.00 250.00
Chongqing Energy Investment Group China 38.46 38.46
CLP Holdings Hong Kong 291.68 37.00 328.57
Egyptian Electricity Holding Company Egypt 84.00 84.25
Electricity Generating Authority of Thailand (EGAT) 89.62 89.62
First Pacific Co Hong Kong 65.63 65.63
First Quantum Minerals Canada 152.00 152.13
Itochu Corporation Japan 85.00 85.01
Korea Electric Power (KEPCO) 500.00 500.00
Marubeni Corporation Japan 65.00 65.40
PLN (Persero) 2,260.27 107.00 2,367.27
POSCO South Korea 250.00 250.00
Power Finance Corporation India 370.95 370.95
Rural Power Company Limited (RPCL) Bangladesh 120.00 120.00
State Grid Corporation of China (SGCC) China 1,061.42 257.00 1,318.39
State Power Investment Corporation (SPIC) China 116.67 30.00 146.67
Sumitomo Corporation Japan 20.83 20.83
United Tractors 120.00 120.41
Vale 100.00 100.00
Yangquan Coal Industry China 240.00 239.67
Yunnan Investment Holdings Group China 125.71 125.71

TOTAL (in US$ million)

Loans: 1,772.47
Underwritings: 6,152.39
Grandtotal: 7,924.86