Global Energy Monitor

The Global Coal Public Finance Tracker (GCPFT) covers all coal projects receiving foreign support through public finance institutions such as export credit agencies, government-backed insurers, and development banks, as well as state-owned enterprises involved in overseas coal power plants through equity investments or engineering, procurement and construction (EPC) contracts.

The data covers all projects receiving public financing since 2013, and includes both operating and proposed coal plants. Data about coal plant proposals was included if the probability of support or financing from a foreign government was deemed to be high, due to public announcements of an intention to fund or evidence of a bilateral agreement to move forward with funding. 

Public support for coal projects can be in the form of direct project financing (loans, grants, or equity), guarantees that help insure coal projects, broader lending for technical assistance, equity investments by a foreign state-owned entity, or EPC contracts with a foreign state-owned entity. Most of the financial information in the GCPFT is for direct project financing transactions. Loans, bonds, equity investments or other transactions through financial intermediaries are more difficult to track, and have only been included where information is available. Several public institutions, including many in Germany, China, and Korea, do not fully disclose their financial transaction information, meaning projects may have been financed that are missing from this list.

Data sources for the GCPFT include the Friends of the Earth report “ECA Support For Coal in the Face of OECD Financing Restrictions”; the NRDC Consolidated Coal Finance Database and websites for the financial institutions included in this report; sources listed for coal projects on GEM.wiki; Oil Change International’s Shift the Subsidies Database; and the Boston University Global Economic Governance Initiative on China’s Global Energy Finance. Additional information was provided through Solutions For Our Climate (SFOC) and the Japan Center for a Sustainable Environment and Society (JACSES). 

Financial institutions examined for this report include major multilateral development banks, export credit agencies, and bilateral development banks. The names of specific institutions are listed below.

  • Multilateral development banks (MDBs): World Bank, African Development Bank, Asian Development Bank, Asian Infrastructure and Investment Bank, Inter-American Development Bank, European Bank for Reconstruction and Development, and the European Investment Bank.
  • Export credit and insurance agencies (ECAs): Export Development Canada (EDC), France’s Compagnie Française d’Assurance pour le Commerce Extérieur (COFACE), Euler Hermes, Italy’s Servizi Assicurativi del Commercio Estero (SACE), Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI-Japan), UK Export Finance (UKEF), Export-Import Bank of the United States (Ex-Im US), Export-Import Bank of Korea (Kexim), Export Credit Insurance Corporation of South Africa, Export Finance and Insurance Corporation (EFIC), Export-Import Bank of China, Korea Trade Insurance Corporation (K-sure), and Sinosure-China Export & Credit Insurance Corporation.
  • Bilateral development banks: Japanese International Cooperation Agency (JICA), Kreditanstalt für Wiederaufbau (KfW) [Germany], China Development Bank (CDB), Overseas Private Investment Corporation (OPIC) [USA], Russian Development Bank (VEB), Development Bank of Southern Africa, Agence Française de Développement [France], and Korea Development Bank (KDB).
  • Examples of state-owned enterprises involved in overseas coal power plants through equity investments include China Huadian, PowerChina, and KEPCO (Korea). Examples of involvement through EPC contracts include KOWEPO (Korea) and EnergyChina.