Analysis paper

Reclaim Finance compares the Trucost list used by the French Banking Federation with the Global Coal Exit List (GCEL), arguing that Trucost significantly underrepresents coal exposure. The analysis finds that Trucost misses critical coal infrastructure projects, major global coal companies, and hundreds of firms planning new coal capacity. Furthermore, the report highlights discrepancies in revenue estimations for companies like Glencore, Adani Enterprises, and Sasol, suggesting that Trucost's methodology may allow financial institutions to continue supporting high-emission entities despite their exclusion policies.

• The Trucost-FBF list is narrower in scope than the GCEL, focusing only on coal mining and power companies while omitting the broader coal thermal value chain, such as coal trading, transport, and manufacturing equipment. Specifically, it misses 32 companies listed on the GCEL for developing new coal transport infrastructure, including Essar Ports & Terminals and the Italian-Thai Development Public Company.
• The Trucost-FBF list fails to include several of the world's largest coal entities. This includes major Chinese firms such as China Datang Corporation, China Huaneng Group Co, Ltd, and China Huadian Co Ltd—which collectively have over 77 GW of new coal capacity in development—as well as the Russian producer JSC SUEK Group, the 10th largest coal producer globally with 106 million tons produced in 2019.
• Trucost omits 216 companies planning new coal plants representing more than 438 GW of new capacity, a volume exceeding the combined current capacities of Germany, India, Japan, Russia, and South Africa. An example is the Japanese conglomerate Sumitomo, which is involved in projects such as Tanjung Jati B in Indonesia and Van Phong 1 in Vietnam.
• There are significant discrepancies between Trucost's revenue estimations and the GCEL's data, which may lead financial institutions to erroneously maintain investments in coal-heavy companies. For Glencore, Trucost estimates a 5% coal revenue share compared to the GCEL's 20% plus; for Adani Enterprises, Trucost estimates less than 5% while the GCEL estimates 75%; and for Sasol, Trucost reports approximately 2% coal revenue despite the company's role as a world leader in coal-to-liquid fuel.

APA

Reclaim Finance (2020). Analysis paper. https://reclaimfinance.org/site/wp-content/uploads/2020/11/Analysis_TrucostFBF_GCEL.pdf

Chicago

Reclaim Finance. Analysis paper. 2020. https://reclaimfinance.org/site/wp-content/uploads/2020/11/Analysis_TrucostFBF_GCEL.pdf.

Wikipedia

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

BibTeX

@techreport{reclaimfinance2020analysis, author = {{Reclaim Finance}}, title = {{Analysis paper}}, institution = {Reclaim Finance}, year = {2020}, month = nov, url = {https://reclaimfinance.org/site/wp-content/uploads/2020/11/Analysis_TrucostFBF_GCEL.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }