Urgewald

What Urgewald does

Urgewald e.V. is a German registered non-profit association (eingetragener Verein) founded in 1992 and headquartered in Sassenberg, with additional offices in Berlin and Cologne. The organization researches and publicizes financial flows to environmentally and socially harmful industries, and runs advocacy campaigns targeting banks, insurers, pension funds, and policymakers to drive divestment from fossil fuels and other destructive sectors. Its core 'products' are four proprietary research databases: the Global Coal Exit List (GCEL), the Global Oil and Gas Exit List (GOGEL), the Coal Plant Developers List (CPDL), and the Metallurgical Coal Exit List (MCEL). These databases track companies and financial institutions engaged in coal mining, coal-fired power generation, oil and gas expansion, and metallurgical coal extraction. The databases are publicly accessible and have been formally adopted by major institutions including the International Finance Corporation (IFC) and the Norwegian Government Pension Fund Global.

The organization operates a community-led go-to-market model in which research outputs are distributed through earned media, press releases, coalition networks, direct policy engagement, and a multilingual website. Coalition work is a primary distribution channel; Urgewald coordinates the Insure Our Future global coalition and partners with 13+ organizations on the MCEL and 28 NGOs on the Investing in Climate Chaos 2026 report. Documented campaign outcomes include the 1998-1999 withdrawal of investors from the Maheshwar Dam project, the 2006-2009 abandonment of Belene nuclear financing by 15 banks, the 2011 Deutsche Bank cluster munitions commitment, the 2015 Norwegian Sovereign Wealth Fund coal divestment, and the 2018-2023 expanded coal and oil/gas exclusion policies at Allianz, Munich Re, Generali, and AXA.

Revenue derives from individual donations, sustaining membership fees (Fördermitglied), foundation grants (Sequoia Climate Foundation disclosed as exceeding 10% of annual income), and modest publication sales. There is no commercial pricing model; research outputs are provided free of charge to civil society, media, and policymakers. Leadership comprises Managing Director Heffa Schücking, Finance Director Andrea Soth, and a board chaired by Hedwig Tarner with Werner Rolf and Christoph Benze as board members.

Name

Urgewald

Legal name

urgewald e.V.

Website

https://urgewald.org

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

11–50 employees

Short description

Urgewald e.V. is a German non-profit founded in 1992 that researches financial flows to fossil fuel industries and runs divestment campaigns against banks, insurers, and investors. It maintains four proprietary databases (GCEL, GOGEL, CPDL, MCEL) used globally by NGOs and adopted by institutions including the IFC and Norway's sovereign wealth fund.

Ownership category

akta.pro rank

Product category

Environmental Advocacy and Research Services

NAICS

Environmental Consulting Services (54162)

akta.pro primary industry

Think Tanks, Policy Research & Public Policy Institutes (BPAGAFAO)

akta.pro secondary industries

Benchmarking, Ratings & Stakeholder Reporting Portals (Scorecards, Dashboards) (EUABAEAJ), Carbon Market & Policy Advisory (Compliance Schemes, ETS Design, Article 6) (EUABADAA), GHG Accounting & Net-Zero/Decarbonization Planning (Scopes 1–3) (EUAHAJAC)

Keywords

• Fossil fuel divestment research
• Environmental advocacy databases
• Climate finance accountability
• Coal exit tracking
• Human rights campaigns

Headquarters

HQ city

Sassenberg

HQ country

Germany

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Donations and Membership Fees: Individual donations, sustaining membership (Fördermitglied), and donations for personal occasions provide core funding. The organization accepts major donations and project-specific funding.
2. Foundation and Institutional Funding: Major funding from foundations including Sequoia Climate Foundation. Project funding through initiatives like GOGEL project support.
3. Publication Sales: Annual reports and publications available for purchase, including 'Auf den Spuren des Geldes' annual activity reports

Go-to-market motion1 record

Distribution channels4 records

Marketing channels9 records

Core offering

Urgewald researches and publishes comprehensive databases and analytical reports tracking financial flows from banks, investors, insurers, and governments to fossil fuel and other environmentally and socially harmful industries. Its flagship products—the Global Coal Exit List (GCEL), Global Oil & Gas Exit List (GOGEL), Coal Plant Developers List (CPDL), and Metallurgical Coal Exit List (MCEL)—are used by NGOs, investors, insurers, and governments to screen investments and support divestment campaigns. The organization also conducts targeted advocacy campaigns and direct engagement with financial institutions and policymakers to drive accountability.

Product overview

Urgewald's core offerings are its publicly accessible databases tracking financial flows to environmentally and socially harmful industries. The flagship products are the Global Coal Exit List (GCEL), the Global Oil & Gas Exit List (GOGEL), the Coal Plant Developers List (CPDL), and the Metallurgical Coal Exit List (MCEL). These databases are used by investors, banks, insurers, and governments to screen investments, drive divestment campaigns, and inform policy. Urgewald also publishes analytical reports, briefings, case studies, and an annual activity report (Tätigkeitsbericht/Jahresbericht). The organization does not offer a software product, platform, or SaaS offering; its products are research databases and publications made available through its website.

Differentiator

Problem solved

Functional benefit

Brands

• urgewald Stiftung: The Urgewald Foundation, a charitable foundation associated with urgewald e.V.

Products and services

• Global Coal Exit List (GCEL) Urgewald's flagship database tracking financial institutions' divestment from the coal industry, listing companies involved in coal mining, power generation, and infrastructure, used by investors, insurers, and NGOs worldwide to screen out coal-related investments.
• Global Oil & Gas Exit List (GOGEL) A comprehensive database tracking companies engaged in oil and gas exploration, production, and expansion, enabling analysis of financial institutions' fossil fuel exposure and supporting divestment campaigns.
• Coal Plant Developers List (CPDL) A sub-component of the Global Coal Exit List specifically tracking companies developing new coal-fired power plants, used by the International Finance Corporation (IFC) to advise financial clients to avoid coal plant developers.
• Metallurgical Coal Exit List (MCEL) The most comprehensive public database tracking companies expanding their metallurgical (met) coal mining activities, released annually by Urgewald in partnership with 13 organizations, documenting hundreds of new met coal mine projects.
• Annual Activity Report (Tätigkeitsbericht / Auf den Spuren des Geldes) Annual report and activity publication documenting Urgewald's research, campaigns, and financial backers, sold through the organization's online shop.
• TotalEnergies Expansion Analysis 2026 Analytical briefing examining TotalEnergies' global oil and gas expansion activities, published as a company-level divestment case study.
• Investing in Climate Chaos 2026 Coalition research report with 28 NGO partners quantifying global institutional investor fossil fuel holdings (over 6.5 trillion USD) and identifying the largest fossil fuel investors worldwide.

Quantifiable outcome

• Prevented Maheshwar Dam project through investor withdrawal, displacing 60,000 people
• +4 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• EcodefensecoreStrategic or Co-development PartnerCo-published report 'Debt, Delays, Dependencies' on nuclear power financing with Ecodefense in 2026. Collaborative advocacy on public banks and nuclear energy issues.
• Facing FinanceminorStrategic or Co-development PartnerCollaborative analysis on arms company investments in Norwegian Pension Fund (2021). Joint advocacy on financial sector accountability.
• Norwegian Partner OrganizationscoreStrategic or Co-development PartnerCoalition partners in Norway instrumental in achieving Norwegian Government Pension Fund Global coal divestment (2015). Ongoing collaboration on pension fund accountability.
• 13 Partner Organizations (MCEL)coreStrategic or Co-development PartnerCollaborative network of 13+ NGOs co-producing the Metallurgical Coal Exit List 2026. International coalition for met coal campaign coordination.
• 28 NGO Partners (IICC 2026)coreStrategic or Co-development PartnerCoalition of 28 NGOs collaborating on 'Investing in Climate Chaos 2026' research released during London Climate Action Week. Joint campaign on institutional investor fossil fuel holdings.
• Insure Our Future CoalitioncoreStrategic or Co-development PartnerGlobal coalition including Urgewald, Greenpeace, 350.org, Oil Change International coordinating insurance sector campaigns. 70+ organizations from 20+ countries advocating for fossil fuel exclusion by insurers.
• CEE BankwatchminorStrategic or Co-development PartnerCo-published reports on AIIB energy investments in Uzbekistan (2024) and SOCAR Azerbaijan analysis (2024). Regional Eastern European civil society network partnership.
• Reclaim FinanceminorStrategic or Co-development PartnerCollaborated on Asset Managers Report 2023 and Fossil Fuel Expansion in UAE report (ADNOC). French NGO focused on financial sector accountability.
• Global WitnessminorStrategic or Co-development PartnerCo-published 'Wintershall Dea and Russia' briefing (2023) investigating company operations and potential military supply chain links.
• Rainforest Action Network (RAN)minorStrategic or Co-development PartnerJoint human rights complaint against Allianz for LNG insurance activities (2026) filed with Louisiana-based local organizations.

Scale indicators4 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• 350.org: Global climate movement organization running fossil fuel divestment campaigns targeting institutions, cities, and pensions. Direct peer collaborating within Insure Our Future coalition; comparable in scale and in targeting institutional investors for fossil fuel exclusion.
• Rainforest Action Network (RAN): US-based NGO that runs aggressive financial sector campaigns (banks, insurers) on fossil fuels, deforestation, and human rights. Direct peer that co-files complaints against Allianz with Urgewald and operates the parallel 'Bank on Human Rights' style financial institution accountability model.
• Global Witness: International NGO investigating and campaigning on corruption, environmental, and human rights abuses linked to financial flows. Direct peer that has co-published briefings with Urgewald (e.g., Wintershall Dea and Russia) and operates comparable investigative financial-flow research.
• BankTrack: Netherlands-based NGO tracking commercial banks' involvement in fossil fuels, human rights, and environmental harm. Direct peer maintaining a comparable bank-tracking database and producing the 'Banking on Climate Chaos' annual report that overlaps with Urgewald's methodology.
• Reclaim Finance: French NGO focused on financial sector accountability for fossil fuel and climate-warming financing. Direct peer that co-publishes asset manager and fossil fuel analysis with Urgewald and operates comparable exclusion-list and engagement strategies targeting European banks and insurers.
• Oil Change International: Research and advocacy organization focused on ending fossil fuel extraction and its financing. Direct peer functioning inside the Insure Our Future coalition and producing parallel research on public finance, export credit, and oil/gas expansion that complements Urgewald's GOGEL work.

Broad incumbents

• Greenpeace: Large global environmental organization with extensive financial sector campaigns and coalition leadership. A broader incumbent peer — much larger in scale and scope — overlapping with Urgewald on coal/oil/gas divestment and policy advocacy, but covering a wider portfolio of environmental issues.
• Friends of the Earth: International environmental network with strong European and German (BUND) presence that runs financial sector campaigns on fossil fuels and climate accountability. Broader incumbent peer with overlapping advocacy targets but much wider thematic scope than Urgewald.

Regional players

• CEE Bankwatch Network: Central and Eastern European civil society network focused on public finance and EU bank lending. Regional peer that co-publishes reports with Urgewald on AIIB and SOCAR; structurally similar but with a geographic specialization in Eastern Europe.

Emerging players

• Ecodefense: Russian environmental NGO that has co-published the 'Debt, Delays, Dependencies' nuclear finance report with Urgewald. Emerging peer with a smaller footprint and Russia-specific focus, but addressing the same financial-sector accountability and public-bank critique themes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/urgewald
• Facebookfacebook.com/urgewald
• LinkedInlinkedin.com/company/urgewald-e-v
• Instagraminstagram.com/urgewald
• Xx.com/urgewald

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Urgewald