Methodology
The Global Coal Exit List identifies companies along the thermal coal value chain. This includes coal miners and coal power producers, but also companies involved in coal project development, coal chemicals and coal services like exploration, processing, trading, transport & logistics, equipment manufacturing and coal-related maintenance and engineering services. GCEL currently provides coal-related data for approximately 2700 companies, comprised over 1500 parent companies and their subsidiaries. For coal used for cement or steel production please view our MCEL.
Which companies end up on GCEL?
Companies are listed on GCEL based on 3 criteria.
Expansion Criteria
The company is developing...
new coal mines
new coal-fired power plants
new coal-related infrastructure
new coal chemical plants
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GCEL includes companies that are developing new coal power, coal mining, coal chemical and/or coal infrastructure projects. The following companies fulfill the expansion criteria:
- Power: Companies planning to develop new coal-fired power capacity of at least 100 MW.
- Mining: Companies engaged in coal exploration activities, planning to develop new coal mines, extending their coal mines or the life of coal mines by applying for new permits.
- Infrastructure: Companies developing or expanding infrastructure assets dedicated to support coal mines and coal transportation such as port terminals and railways.
- Coal Chemicals: Companies developing coal chemical plants, where coal is artificially gasified or liquified and turned into chemicals (including coal-to-gas/liquids).
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Relative Criteria
The company's...
coal share of revenue (csr) is ≥ 10 %
coal share of power production (cspp) is ≥ 10 %
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All companies that have a coal share of revenue or a coal share of power production of 10% or more are listed on GCEL.
The coal share of revenue (csr) measures the share of a company’s coal-related business with regard to its total revenue. Wherever possible, GCEL differentiates between business activities related to thermal and metallurgical coal.
Coal-related revenue includes the coal mining and power business as well as coal chemicals and services like trading, engineering and construction services, equipment manufacturing, exploration, heat, logistics, mining services, operation & maintenance services and all other activities that are thermal coal-related.
For utilities, we calculate the coal share of power production (cspp) based on annual coal power generation or installed capacity.
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Absolute Criteria
The company's...
annual thermal coal production is ≥ 10 Mt pa
coal-fired generation capacity is ≥ 5 GW
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GCEL includes all companies that have an annual thermal coal production of ≥10 million tons or that have an installed coal-fired capacity of ≥5GW.
These criteria are based on the absolute size of a company’s coal operations. They ensure that all of the world’s largest coal players are featured on GCEL, even if they do not meet our relative criteria. This is important because some of the world’s largest coal miners and coal plant operators are diversified companies. Their coal share of revenue may be below 10%, but this doesn’t make their activities less harmful.
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Sources
GCEL is based on publicly available information. Relevant coal-related data are primarily extracted from companies' own reporting documents. This includes information published on company websites, in annual and financial reports, credit rating reports, investor presentations, stock exchange filings, and other official company documents. When company-specific reports are unavailable, we rely on information from parent companies, subsidiaries, or sister companies. In some countries, information is sourced from official government websites. In China, additional sources, such as bidding platforms and recruitment ads are used. For coal power and mining expansion data, we also review Global Energy Monitor’s Global Coal Plant & Mine Trackers.
We always utilize the most recent information we can find during the research period. But of course, no database is perfect. If you have information that can help us improve our database, feel free to get in touch with us at coalexit (a) urgewald.org