Screening
"The database use Urgewald's Global Coal Exit List 2021 (GCEL) and Global Oil & Gas Exit List 2021 (GOGEL) for identifying the global fossil sector. Data from Urgewald covers 95 percent of the up- and midstream oil and gas sector as well as about 2,800 parent or subsidiary companies in the coal sector - covering 90 percent of the coal industry.
These fossil fuels companies represent a total of 12,911 stocks and bonds offered on the global financial market. This data is screened upon Nordic institutional investors stock and bonds list.
The pension sector's stocks and bond investments has been provided by the pension companies to Action Aid Denmark. The results of the screenings have been sent to the pension companies before publication for verification. All data is processed by a screening tool developed by Action Aid Denmark. Database and screening tools are built in Caspio database web application system and are publicly available.
Coal criteria
Companies listed on the 2021 GCEL if they meet at least one of the following 3 criteria:
Relative Criteria: At least 20% of a company’s power production or revenue is coal-related.
Companies from the mining, power and services sector with a coal share of revenue of 20% or more. In contrast to many other data providers, we include all components of the coal value chain in this calculation. This includes: coal power generation, coal production, coal trading, coal logistics, coal processing, coal power transmission, coal chemicals (coal to gas/liquids), coal-related operation & maintenance services, coal mining services, coal-related engineering, procurement and construction services, coal exploration, coal equipment manufacturing, underground coal gasification, coal advisory services and all other activities that are thermal coal-related. If companies provide sufficient information, the GCEL differentiates between business activities related to thermal and metallurgical coal. Wherever possible, we calculate the thermal coal share of revenue.
Utilities with a coal share of power generation of 20% or more. If numbers on annual coal power generation were not available, the calculation is based on installed capacity. This criterion also applies to non-utilities with an installed coal-fired power capacity higher than 1 GW.
Sources
Relevant coal-related data is mainly extracted from the companies' own reporting. This includes company websites, annual reports, financial reports, credit rating reports and other company documents such as investor presentations and stock exchange filings. In some countries, we also rely on official information provided on government-owned regional or national websites. In China, also bidding websites with reliable information about companies, university and recruitment websites are been used as additional sources. For the coal power expansion data, we use Global Energy Monitor’s Global Coal Plant Tracker and other sources in cases where original company information is not available. We always use the most recent information we can find during the research period.
Estimates
If available, the financial data of the company is used to calculate different measures in the databank. However, sometimes companies do not provide enough information to calculate the exact measures. In these cases, we provide a conservative estimate based on the company’s available information. Estimates are indicated with “<” and “>” signs. We have developed an extended scheme for coal share of revenue estimations including intervals, which is explained thoroughly in the corresponding column descriptions in this document.
Listing of subsidiaries, affiliates and joint ventures
The GCEL contains many subsidiaries (>50% ownership) or joint ventures (only a few owner) of the companies that meet one or more of our criteria. Companies are very diverse in how they structure their business across different subsidiaries/joint ventures. Some utilities, for example, sell their coal power generation to their subsidiaries, which then market and distribute the power. Other coal power producers have special financing subsidiaries, whose task it is to raise new capital for the parent company. As subsidiaries are functionally part of the same company, we believe they should be divested along with the parent. Our position on the parent/subsidiary question is also based on the observation that corporations often shift funds and assets across different divisions and subsidiaries. As big conglomerates can have hundreds of subsidiaries, the GCEL only lists the subsidiaries and joint ventures that have relevant coal activities or are financing subsidiaries.
Affiliates that meet one of the criteria are listed as own parent companies. Affiliates that do not meet one of our criteria are not listed anymore. An exception is made, if an affiliate (<50%) is already a subsidiary (>50%) of another parent company on the GCEL or is listed as parent itself. In these cases, the company has been added as affiliate beneath another related parent to picture the whole ownership structure.
Oil & Gas Criteria
GOGEL is an extensive public database that covers 887 oil & gas companies operating in the upstream and/or midstream subsector of the industry. GOGEL’s sister database, the Global Coal Exit List, has been setting standards for coal divestment since 2017. GOGEL aims to do the same for oil & gas. It provides the data financial institutions need to develop and implement meaningful oil & gas policies.
GOGEL is a company-level database. It covers nearly all companies in the upstream subsector of the oil & gas industry. These companies represent 94.6% of oil & gas production, 96.0% of short-term expansion, and 91.0% of capital expenditures for exploration.
GOGEL includes information on unconventional oil & gas production. All companies that produce at least 2 mmboe (million barrels of oil equivalent) within one of 6 unconventional oil & gas categories are listed on GOGEL.
GOGEL covers companies in the midstream subsector that represent 74.3% of pipeline expansion and 91.7% of LNG terminal expansion.
Thresholds
Upstream:
Production
all companies that in 2020 produced
≥ 20 mmboe of oil & gas and/or
≥ 2 mmboe of oil & gas in one of
6 unconventional categories
Expansion
All companies that intend to add
≥ 20 mmboe of oil & gas resources to their production portfolio
Exploration
All companies that spent
≥ USD 10 million annually on exploration between 2019 and 2021 (3-year average)
Midstream:
Expansion
All companies developing
≥ 100 km of pipelines
All companies developing
≥ 1 Mtpa of annual LNG terminal capacity
No Database is Perfect
We do our best to achieve a broad coverage of coal industry companies in all regions of the world and to find and document the relevant information for each of these companies. However, gaps and uncertainties still exist, due to the fact that information is sometimes hard to find or simply not available. We are therefore always happy to receive any additions or corrections to further develop this database!
"The database use Urgewald's Global Coal Exit List 2021 (GCEL) and Global Oil & Gas Exit List 2021 (GOGEL) for identifying the global fossil sector. Data from Urgewald covers 95 percent of the up- and midstream oil and gas sector as well as about 2,800 parent or subsidiary companies in the coal sector - covering 90 percent of the coal industry.
These fossil fuels companies represent a total of 12,911 stocks and bonds offered on the global financial market. This data is screened upon Nordic institutional investors stock and bonds list.
The pension sector's stocks and bond investments has been provided by the pension companies to Action Aid Denmark. The results of the screenings have been sent to the pension companies before publication for verification. All data is processed by a screening tool developed by Action Aid Denmark. Database and screening tools are built in Caspio database web application system and are publicly available.
Coal criteria
Companies listed on the 2021 GCEL if they meet at least one of the following 3 criteria:
Relative Criteria: At least 20% of a company’s power production or revenue is coal-related.
Companies from the mining, power and services sector with a coal share of revenue of 20% or more. In contrast to many other data providers, we include all components of the coal value chain in this calculation. This includes: coal power generation, coal production, coal trading, coal logistics, coal processing, coal power transmission, coal chemicals (coal to gas/liquids), coal-related operation & maintenance services, coal mining services, coal-related engineering, procurement and construction services, coal exploration, coal equipment manufacturing, underground coal gasification, coal advisory services and all other activities that are thermal coal-related. If companies provide sufficient information, the GCEL differentiates between business activities related to thermal and metallurgical coal. Wherever possible, we calculate the thermal coal share of revenue.
Utilities with a coal share of power generation of 20% or more. If numbers on annual coal power generation were not available, the calculation is based on installed capacity. This criterion also applies to non-utilities with an installed coal-fired power capacity higher than 1 GW.
- Absolute Criteria: Companies whose annual thermal coal production exceeds or equals 10 million tons, and companies whose installed coal-fired power capacity generation exceeds or equals 5 GW. When determining coal-fired generation capacity or annual coal production, the respective generation and production numbers are only ascribed to companies if they are the actual asset owners. A coal mining services company that does not own any coal mines will have an annual coal production of 0 Mt in our database. However, it will of course be included if its coal share of revenue exceeds the 20% threshold.
- Expansion Criteria: Companies with coal power, coal mining or coal infrastructure expansion plans
- 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 or planning a significant increase of at least 1 Mt annual thermal coal production.
- Services: companies involved in the development or expansion of coal transportation assets or infrastructure assets dedicated to support coal mines, coal transportation and coal-to-gas facilities.
Sources
Relevant coal-related data is mainly extracted from the companies' own reporting. This includes company websites, annual reports, financial reports, credit rating reports and other company documents such as investor presentations and stock exchange filings. In some countries, we also rely on official information provided on government-owned regional or national websites. In China, also bidding websites with reliable information about companies, university and recruitment websites are been used as additional sources. For the coal power expansion data, we use Global Energy Monitor’s Global Coal Plant Tracker and other sources in cases where original company information is not available. We always use the most recent information we can find during the research period.
Estimates
If available, the financial data of the company is used to calculate different measures in the databank. However, sometimes companies do not provide enough information to calculate the exact measures. In these cases, we provide a conservative estimate based on the company’s available information. Estimates are indicated with “<” and “>” signs. We have developed an extended scheme for coal share of revenue estimations including intervals, which is explained thoroughly in the corresponding column descriptions in this document.
Listing of subsidiaries, affiliates and joint ventures
The GCEL contains many subsidiaries (>50% ownership) or joint ventures (only a few owner) of the companies that meet one or more of our criteria. Companies are very diverse in how they structure their business across different subsidiaries/joint ventures. Some utilities, for example, sell their coal power generation to their subsidiaries, which then market and distribute the power. Other coal power producers have special financing subsidiaries, whose task it is to raise new capital for the parent company. As subsidiaries are functionally part of the same company, we believe they should be divested along with the parent. Our position on the parent/subsidiary question is also based on the observation that corporations often shift funds and assets across different divisions and subsidiaries. As big conglomerates can have hundreds of subsidiaries, the GCEL only lists the subsidiaries and joint ventures that have relevant coal activities or are financing subsidiaries.
Affiliates that meet one of the criteria are listed as own parent companies. Affiliates that do not meet one of our criteria are not listed anymore. An exception is made, if an affiliate (<50%) is already a subsidiary (>50%) of another parent company on the GCEL or is listed as parent itself. In these cases, the company has been added as affiliate beneath another related parent to picture the whole ownership structure.
Oil & Gas Criteria
GOGEL is an extensive public database that covers 887 oil & gas companies operating in the upstream and/or midstream subsector of the industry. GOGEL’s sister database, the Global Coal Exit List, has been setting standards for coal divestment since 2017. GOGEL aims to do the same for oil & gas. It provides the data financial institutions need to develop and implement meaningful oil & gas policies.
GOGEL is a company-level database. It covers nearly all companies in the upstream subsector of the oil & gas industry. These companies represent 94.6% of oil & gas production, 96.0% of short-term expansion, and 91.0% of capital expenditures for exploration.
GOGEL includes information on unconventional oil & gas production. All companies that produce at least 2 mmboe (million barrels of oil equivalent) within one of 6 unconventional oil & gas categories are listed on GOGEL.
GOGEL covers companies in the midstream subsector that represent 74.3% of pipeline expansion and 91.7% of LNG terminal expansion.
Thresholds
Upstream:
Production
all companies that in 2020 produced
≥ 20 mmboe of oil & gas and/or
≥ 2 mmboe of oil & gas in one of
6 unconventional categories
Expansion
All companies that intend to add
≥ 20 mmboe of oil & gas resources to their production portfolio
Exploration
All companies that spent
≥ USD 10 million annually on exploration between 2019 and 2021 (3-year average)
Midstream:
Expansion
All companies developing
≥ 100 km of pipelines
All companies developing
≥ 1 Mtpa of annual LNG terminal capacity
No Database is Perfect
We do our best to achieve a broad coverage of coal industry companies in all regions of the world and to find and document the relevant information for each of these companies. However, gaps and uncertainties still exist, due to the fact that information is sometimes hard to find or simply not available. We are therefore always happy to receive any additions or corrections to further develop this database!