Mercator Projection Addon
Install the addon.
To use the addon, have a spherical mesh in edit mode. From Mesh > UV unwrap menu choose Mercator Project
Set the minimum and maximum latitudes of your mercator map, in the example image world map that's from -69.814 degrees (south), to 85 degrees north. The code selects all verts within this range (inclusive) and maps a UV.
The poles have an infinite mapping, and hence are not mapped.
Currently the object's origin needs to be in centre.
Will expand more later.