In 2023 $ 3,048,499,526,854 are invested in coal, oil and gas companies.

Explore the Data

At a time when the UN warns that greenhouse gas emissions must be cut in half by 2030, pension funds, insurers, mutual funds and asset managers are still gambling away our future by sinking money into the world’s worst climate offenders. Over 6,500 institutional investors hold bonds and shares in coal, oil and gas companies to the tune of US$ 3.05 trillion. This website is a tool for citizens’ movements, customers and regulators to hold institutional investors accountable.

Two Trillion for Oil & Gas, One for Coal

Two thirds of the identified fossil fuel investments were in oil and gas companies. The 685 researched oil and gas producers were drawn from Urgewald’s Global Oil and Gas Exit List (GOGEL). 95% of these companies are still exploring or developing new oil and gas fields.

Around one third of the total investments were drawn from Urgewald’s Global Coal Exit List (GCEL). GCEL lists over 1,000 companies and their subsidiaries that are operating along the thermal coal value chain. 37% of total coal investments identified in the research went to companies that are still building new coal power plants, mines or coal infrastructure.

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Investors around the Globe

US investors are leading this ranking by holding bonds and shares worth US$ 1,963 billion in fossil fuel companies. If Europe were a country, it would be the world’s second largest source of institutional investments in the fossil fuel industry (US$ 375 billion). The largest sum from combined EU and non-EU states, almost US$ 100 billion, is held by institutional investors from the United Kingdom. Canada (US$ 143 billion) and Japan (US$ 126 billion) are No.3 and No.4 in the ranking.

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This finance research report is published by Urgewald and co-published by over 20 NGO partners. The finance research was conducted by the not-for-profit company Profundo.
Complementary to Investing in Climate Chaos, bank financing for the fossil fuel industry was researched in Banking on Climate Chaos, co-published by Urgewald.
Further analyses of the listed financial institutions’ fossil fuel policies can be found in the Coal Policy Tool and the Oil & Gas Policy Tracker of Reclaim Finance.

Urgewald's Resources

Urgewald‘s databases of the fossil fuel industry identify the coal, oil and gas companies destroying our planet. They contain comprehensive company-level information on the whole coal, oil and gas industry.
The upstream part of the Global Oil and Gas Exit List (GOGEL) names 685 oil and gas producers, responsible for 95% of global hydrocarbon production. Upstream-GOGEL, which was used in this research, reveals companies' expansion plans and includes comprehensive figures on unconventional production and expansion. The midstream part of GOGEL also lists companies constructing LNG terminals and oil or gas pipelines.
The Global Coal Exit List (GCEL) includes over 1,000 companies and over 1,800 subsidiaries. Their activities range from coal mining, trading and transport to the conversion of coal to liquids, the operation of coal-fired power stations and the manufacturing of equipment for new coal plants. GCEL lists 490 companies that are still developing new coal power plants, new coal mines, or new coal transport infrastructure.