Note d’analyse

Reclaim Finance argues that the Trucost list used by the Fédération bancaire française (FBF) fails to capture the full coal value chain and omits major global coal actors, including large Chinese and Russian firms. The analysis highlights significant discrepancies in revenue estimations for companies like Glencore and Adani Enterprises compared to the Global Coal Exit List (GCEL), suggesting that Trucost's methodology may lead financial institutions to underestimate their exposure to coal and carbon-intensive activities.

• The Trucost-FBF list is narrower in scope than the Global Coal Exit List (GCEL), focusing only on coal extraction and power production while omitting the broader value chain, such as coal trading, transport, and equipment manufacturing. Specifically, 32 companies listed on the GCEL for developing new coal transport infrastructure—such as railways or port terminals—are missing from the Trucost-FBF list.
• The Trucost-FBF list omits several of the world's largest coal actors. This includes Chinese firms China Datang Corporation, China Huaneng Group Co ltd, and China Huadian Co ltd, which collectively operate approximately 100 GW of capacity each and plan over 77 GW of new capacity. It also excludes the Russian company JSC SUEK Group, the 10th largest global coal producer with 106 million tonnes produced in 2019, as well as Russian mining firms Alltech, Oural Mining Metallurgical, and EN+.
• The Trucost-FBF list fails to identify numerous companies planning new coal projects, including 216 firms planning over 438 GW of new electricity production capacity. An example is the Japanese conglomerate Sumitomo, which is missing from the Trucost list despite its involvement in projects like Tanjung Jati B in Indonesia and Van Phong 1 in Vietnam.
• Reclaim Finance questions the quality of Trucost's data, citing significant discrepancies in estimated coal revenue compared to the GCEL. For Glencore, Trucost estimates coal revenue at approximately 5% while the GCEL estimates over 20%. For Adani Enterprises Limited, Trucost estimates less than 5% while the GCEL estimates 75%, likely because Trucost ignores the company's trading segment. Additionally, Trucost estimates Sasol's coal revenue at approximately 2%, despite Sasol being a global leader in coal-to-liquid fuel conversion and operating the Secunda plant, the world's largest carbon emission source.

APA

Reclaim Finance (2020). Note d’analyse. https://reclaimfinance.org/site/wp-content/uploads/2020/11/AnalyseDeLaListeCharbonTrucostFBF.pdf

Chicago

Reclaim Finance. Note d’analyse. 2020. https://reclaimfinance.org/site/wp-content/uploads/2020/11/AnalyseDeLaListeCharbonTrucostFBF.pdf.

Wikipedia

{{cite report |author=Reclaim Finance |title=Note d’analyse |date=November 2020 |url=https://reclaimfinance.org/site/wp-content/uploads/2020/11/AnalyseDeLaListeCharbonTrucostFBF.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{reclaimfinance2020note, author = {{Reclaim Finance}}, title = {{Note d’analyse}}, institution = {Reclaim Finance}, year = {2020}, month = nov, url = {https://reclaimfinance.org/site/wp-content/uploads/2020/11/AnalyseDeLaListeCharbonTrucostFBF.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }