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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AIA Group

Hong Kong
Company Country of HQ Shareholding (Mio $) Bondholding (Mio $) Total (Mio $) Sort ascending
Tenaga Nasional Berhad (TNB) Malaysia 138.37 138.37
Electricity Generating Public Company Limited (EGCO Group) Thailand 22.02 22.02
Genting Malaysia 17.28 17.28
Malakoff Corporation Malaysia 11.76 11.76
Ameren Corp USA 0.26 0.26
WEC Energy Group USA 0.24 0.24
Duke Energy USA 0.23 0.23
American Electric Power USA 0.18 0.18
Air Products & Chemicals USA 0.18 0.18
XCEL Energy USA 0.15 0.15
Southern Company USA 0.11 0.11
DTE Energy USA 0.10 0.10
CMS Energy USA 0.08 0.08
Pinnacle West Capital USA 0.06 0.06
Alliant Energy USA 0.03 0.03
Fortis Canada 0.01 0.01
NiSource USA 0.01 0.01

TOTAL (in US$ million)

Shareholding: 191.08
Total: 191.08