Methodology

Fossil Fuel Companies

The data includes shares and bonds issued by companies on Urgewald’s Global Coal Exit List (GCEL), Metallurgical Coal Exit List (MCEL), and Global Oil & Gas Exit List (GOGEL). The lists are updated annually. The 2025 update of GCEL, the 2026 update of MCEL and the 2025 update of GOGEL served as the basis for this research. Based on the lists, the following fossil fuel companies are included:

• Companies along the entire thermal coal value chain listed on GCEL - Detailed GCEL methodology
• Companies that expand metallurgical coal mining listed on MCEL - Detailed MCEL methodology
• Companies that produce oil and gas, expand in the midstream sector (pipelines and LNG) or develop new gas-fired or oil-fired power plants listed on GOGEL - Detailed GOGEL methodology

This includes parent companies as well as subsidiaries that are also in the fossil fuel business or that are pure financial vehicles. Data is aggregated at parent company level as shown on GCEL, MCEL, and GOGEL.

Financial Institutions

The research is focused on institutional investors like pension funds, insurance companies, asset managers, hedge funds, sovereign wealth funds, and endowment funds. Corporate, government, and individual shareholders are not included.

Data is aggregated at group level. For example, asset manager Amundi is aggregated with its parent bank Crédit Agricole.

Some asset managers’ third-party investments as well as brokering services are included in the scope of this research.

Holdings in multi-manager funds are sometimes assigned to the largest manager of a fund.

Sources

The raw data for this research was compiled by Profundo: Andrea Fernandez and Mara Werkman (2026, March), Investing in Climate Chaos 2026 - dataset and analysis developed by Profundo, Amsterdam: Profundo. The data is sourced from commercial financial databases and pension funds' disclosures.

Notes on Bonds

Bondholding coverage is not complete as some investors do not need to disclose their portfolio or it is not covered by the financial databases used. Coverage is estimated at 20 to 30%.

Bonds which are categorized as 'green bonds' in financial databases were excluded from the analysis. It should, however, be noted that the 'green finance' label is often questionable, especially when it comes to companies involved in the fossil fuel industry.

Timeframe

The data is based on the most recent information available at the time of the research in February and March 2026. Filings can be older than that and might have changed since. Some filings may be out of date if they have not been updated in the financial databases. Filings dated between October 2024 and March 2026 were taken into account.

For a large selection of pension funds and sovereign wealth funds, data was collected from the funds’ disclosures:

The reporting of the following funds is as of December 31, 2025: AkademikerPension, Alecta, Andra AP-Fonden (AP-2), AP Pension, Arizona State Retirement System (for bondholdings: disclosure includes only top 10 holdings), ATP Group, Australian Retirement Trust, AustralianSuper, Aware Super, Bureau of Labor Funds, Canada Pension Plan Investment Board, Cbus Super, Commonwealth Superannuation Corporation, Emergency Services Superannuation Board, Equip Super, Fjärde AP-Fonden (AP-4), Florida State Board of Administration (FSBA), Fonds de Réserve pour les Retraites (FRR), Future Fund, GESB Superannuation, Government Pension Fund Global (GPFG), Government Pension Fund Norway (GPFN), HESTA, HostPlus, Illinois Municipal Retirement Fund, Ilmarinen, Industriens Pension, Kommunal Landspensjonskasse (KLP), Laegernes Pensionskasse, Lærernes Pension, Los Angeles Fire and Police Pension System (LAFPP) (disclosure includes only top 25 holdings), Maine Public Employees Retirement System (MainePERS), Massachusetts Pension Reserves Investments Management, Minnesota State Board of Investment (MSBI), New York State Teachers' Retirement System (NYSTRS), New Zealand Superannuation Fund, Ontario Teachers' Pension Plan, P+ Pension Fund for Academics, PenSam, Pensioenfonds Detailhandel, Pensioenfonds Horeca & Catering (PH&C), Pensioenfonds PGB (disclosure includes only top 50 shareholdings and bondholdings), Pensioenfonds van de Metalektro (PME), PensionDanmark, Pensionskassernes Administration (PKA), PFA Group, Sjunde AP-fonden (AP-7), State Super, State Universities Retirement System of the State of Illinois, Strathclyde Pension Fund, Super SA, Tredje AP-Fonden (AP-3), UniSuper, Universities Superannuation Scheme (disclosure includes only top 100 shareholdings), Varma, Velliv.

The reporting of the following funds is as of September 30, 2025: Algemeen Burgerlijk Pensioenfonds (ABP), Colorado Public Employees' Retirement Association (Colorado PERA), Pensioenfonds Metaal en Techniek (PMT), Pensioenfonds voor de Bouw (bpfBouw), Pensioenfonds voor de Woningcorporaties (SPW) (shares), Pensioenfonds Zorg en Welzijn (PFZW).

The reporting of the following funds is as of June 30, 2025: Australian Ethical Investment, California Public Employees' Retirement System (CalPERS), California State Teachers' Retirement System (CalSTRS), Employees Retirement System of Georgia (disclosure includes only top 20 shareholdings and top 10 bondholdings), New York City Employees' Retirement System (disclosure includes only top 40 shareholdings and bondholdings), Oregon Public Employees Retirement System, Pensioenfonds voor de Woningcorporaties (SPW) (bonds), Teachers Retirement System of Georgia (disclosure includes only top 20 shareholdings and top 10 bondholdings).

The reporting of the following funds is as of March 31, 2025: Federation of National Public Service Personnel Mutual Aid Associations, Government Pension Investment Fund (GPIF), Japan Mutual Aid Association of Public School Teachers, Japan Police Personnel Mutual Aid Association, Los Angeles County Employees Retirement Association, Mutual Benefit Association for Tokyo Metropolitan Government Employees, New York State Common Retirement Fund, Pension Fund Association for Local Government Officials.

The reporting of the following funds is as of December 31, 2024: Active Super, B.C. Teachers Pension Plan (disclosure includes only top 25 holdings), Caisse de Dépôt et Placement du Québec (CDPQ), Elo Mutual Pension Insurance Company, Fonds de Compensation de la Sécurité Sociale, SICAV-FIS (FDC), Första AP-Fonden (AP-1), National Pension Service, Orange County Employees Retirement System (disclosure includes only top 10 shareholdings and bondholdings), Pensioenfonds Rail & Openbaar Vervoer, Pensioenfonds Vervoer, Pension Fund ING Group, Sampension, State of Wisconsin Investment Board, Stichting Pensioenfonds voor Personeelsdiensten (StiPP), Vision Super.

The following funds have other filing dates: Maryland State Retirement & Pension System (January 31, 2026), Pædagogernes Pensionskasse (PBU) (November 26, 2025), New Jersey Department of the Treasury (June 30, 2024; disclosure includes only top 10 shareholdings and bondholdings, domestic and international), BPL Pensioen (December 31, 2023), Stichting Pensioenfonds voor Huisartsen (September 30, 2023), Pensionskasse Post (December 31, 2022).