Aligning capital market actions with climate reality
Carbon Tracker is an independent financial think tank that carries out in-depth analysis on the impact of the energy transition on capital markets and the potential investment in high-cost, carbon-intensive fossil fuels.
Our Latest Research
Oil
06 December 2021
Shell and Third Point: Spinning (Off) the Sector
Third Point, the US activist hedge fund, has recently proposed a significant change to the corporate...
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The IEA Calls Time on the Fossil Fuel Era
14 October 2021There is a paradox at the heart of expertise: those who have accumulated the most...
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Gain not pain: why COP must move the narrative forward
The world has changed a lot since Paris; so too should the logic of climate mitigation. Mitigating climate...
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The IPCC’s Red Alert
On Monday 9th August, the Intergovernmental Panel on Climate Change (IPCC) delivered a climate report warning...
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Spiralling Disruption: The feedback loops of the energy transition
The fossil energy system is falling over the edge of the demand cliff. 2019 was likely peak fossil fuel...
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Fossil fuel electricity generation has peaked worldwide as emerging market countries...
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The Sky’s the Limit: Solar and wind energy potential is 100 times as much as global energy demand
Solar and wind potential is far higher than that of fossil fuels and can meet global energy demand many times...
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Annual Review 2019
Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to accelerate the energy...
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Decline and Fall: The Size & Vulnerability of the Fossil Fuel System
The energy transition is disrupting the entire fossil fuel system, with profound consequences for financial...
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The fossil energy system is falling over the edge of the demand cliff. 2019 was likely...
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Can a virus and viral ideas speed the world’s journey beyond fossil fuels?
Smart investments and viral ideas in pandemic recovery and contagious new tools for deeper, cheaper energy...
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Nothing to lose but your chains: The emerging market transport leapfrog
Falling battery prices and the decarbonisation of transport systems in emerging markets will reduce...
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The Future’s Not in Plastics: Why plastics demand won’t rescue the oil sector
The oil and petrochemical industries are betting their future growth prospects on demand for plastics. But...
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The IEA Calls Time on the Fossil Fuel Era
14 October 2021There is a paradox at the heart of expertise: those who have accumulated the most...
Read More
Gain not pain: why COP must move the narrative forward
The world has changed a lot since Paris; so too should the logic of climate mitigation. Mitigating climate...
Read More
The IPCC’s Red Alert
On Monday 9th August, the Intergovernmental Panel on Climate Change (IPCC) delivered a climate report warning...
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Mineral constraints for transition overstated by IEA
The IEA’s latest piece on minerals[1] critical to the energy transition gives a rather pessimistic spin to...
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Shell and Third Point: Spinning (Off) the Sector
06 December 2021Third Point, the US activist hedge fund, has recently proposed a significant change to...
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Colorado Oil and Gas Looking to Have its Cake and Eat it Too
In January, the Colorado Oil and Gas Conservation Commission (COGCC) will vote on the new financial assurance...
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Australian oil and gas mergers: Exposing the weakness of company transition planning
Merger and acquisition (M&A) activity is shaking up the Australian oil and gas sector. In two proposed...
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When fracking stops, who will plug Colorado’s wells?
When a well is drilled, a legal obligation to plug the well and reclaim the surface is created This is a...
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Race to the Top: Internalising oil and gas retirement costs
14 October 2021Compared to other large oil and gas producing states, California and Ohio rank last in...
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Adapt to Survive: Why oil companies must plan for net zero and avoid stranded assets
Committing to net zero is not enough – the emissions reduction pathway is critical Carbon...
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Beyond Petrostates: The burning need to cut oil dependence in the energy transition
Fossil fuel-reliant countries could see a drop of 51% in government oil and gas revenues in a shift to a...
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Fault Lines: How diverging oil and gas company strategies link to stranded asset risk
In a series of reports since 2011, Carbon Tracker has shown the financial and stranded asset risks to fossil...
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They only fill when they drill
15 July 2021Financial assurance requirements are universally considered to be too low to pay for...
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Absolute Impact 2021: Why oil and gas ‘net zero’ ambitions are not enough
Oil and gas companies are increasingly announcing new climate goals as they seek to maintain a social licence...
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Groundhog Pay: How executive incentives trap companies in a loop of fossil growth
The energy transition will require oil and gas companies to fundamentally change the way they do...
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How The Mighty Are Fallen – How Chasing Growth Destroyed Value In ExxonMobil
Between 2014 and the end of 2019, ExxonMobil 's return to shareholders was negative 10%. In September...
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Shell and Third Point: Spinning (Off) the Sector
06 December 2021Third Point, the US activist hedge fund, has recently proposed a significant change to...
Read More
Australian oil and gas mergers: Exposing the weakness of company transition planning
Merger and acquisition (M&A) activity is shaking up the Australian oil and gas sector. In two proposed...
Read More
When fracking stops, who will plug Colorado’s wells?
When a well is drilled, a legal obligation to plug the well and reclaim the surface is created This is a...
Read More
North Dakota P&A cost data is bad news for the taxpayers in oil-producing states
Summary As the Colorado Oil and Gas Conservation Commission’s (COGCC) seeks to fulfill its statutory...
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Colorado Oil and Gas Looking to Have its Cake and Eat it Too
01 December 2021In January, the Colorado Oil and Gas Conservation Commission (COGCC) will vote on the new...
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Does Repsol’s 30% Emissions Target Add Up?
Repsol has seemingly upped its emissions cutting game In early October, responding to shareholder...
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The House Always Loses: Costly Shell Game Shifts Cleanup to Colorado
Colorado’s ineffective financial assurance and well plugging rules have allowed the growth of a large...
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Oil companies should hedge their bets on CCUS and offsetting
Shell and Eni’s recent strategy updates have highlighted a key emerging point in the debate on oil and gas...
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Is Biden’s Bill the High-Water Mark on Climate?
17 November 2021After months of legislative negotiations, the $1.2 trillion Infrastructure bill made it...
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Race to the Top: Internalising oil and gas retirement costs
Compared to other large oil and gas producing states, California and Ohio rank last in forcing the closure of...
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Flying blind: The glaring absence of climate risks in financial reporting
Investors are Flying Blind as over 70% of reviewed companies and 80% of auditors fail to disclose climate...
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Letter to the SEC on Climate Change Disclosures
Recently, we submitted a letter in response to the Securities and Exchange Commission’s (SEC) Public Input...
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Race to the Top: Internalising oil and gas retirement costs
14 October 2021Compared to other large oil and gas producing states, California and Ohio rank last in...
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Flying blind: The glaring absence of climate risks in financial reporting
Investors are Flying Blind as over 70% of reviewed companies and 80% of auditors fail to disclose climate...
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Proposals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligations (CP20/3)
Carbon Tracker and Assurance Mark were given the opportunity to comment on the FCA’s above-referenced...
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Billion Dollar Orphans: Why millions of oil and gas wells could become wards of the state
There are 2.6 million unplugged onshore wells in the U.S., with another estimated 1.2 million that are...
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Letter to the SEC on Climate Change Disclosures
23 June 2021Recently, we submitted a letter in response to the Securities and Exchange Commission’s...
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A Tale of Two Share Issues: How fossil fuel equity offerings are losing investors billions
The value of share offerings in fossil fuel producing and related companies dropped by $123 billion in the...
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The Impair State: The Paris Agreement starts to impact oil & gas accounting
The oil industry’s financial statements reflect climate change conflict Oil and gas companies have never...
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The Flip Side: Stranded Assets and Stranded Liabilities
Carbon Tracker’s fundamental insight is that the oil and gas industry’s growth plans do not fit in a low...
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Is Biden’s Bill the High-Water Mark on Climate?
17 November 2021After months of legislative negotiations, the $1.2 trillion Infrastructure bill made it...
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Can you see stranded assets through the SMOG?
In the run up to COP 26 many oil and gas companies have announced ‘net-zero by 2050’ targets. However,...
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The mom and pop oil company
As the Colorado Oil and Gas Conservation Commission (COGCC) weighs competing demands of protecting the state...
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99% of producers give the rest a bad name
There’s a quip about lawyers that goes 99% of attorneys give the rest a bad name. The same can be said...
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Shell and Third Point: Spinning (Off) the Sector
06 December 2021Third Point, the US activist hedge fund, has recently proposed a significant change to...
Read More
Colorado Oil and Gas Looking to Have its Cake and Eat it Too
In January, the Colorado Oil and Gas Conservation Commission (COGCC) will vote on the new financial assurance...
Read More
Mistaking price volatility for market strength may store up long term asset stranding risk
Right now, global energy commodity prices remain close to long-term highs despite recent declines. But...
Read More
Australian oil and gas mergers: Exposing the weakness of company transition planning
Merger and acquisition (M&A) activity is shaking up the Australian oil and gas sector. In two proposed...
Read More
Put Gas on Standby
19 October 2021Unabated gas plants’ future role in the power system should be predominantly limited to...
Read More
Adapt to Survive: Why oil companies must plan for net zero and avoid stranded assets
Committing to net zero is not enough – the emissions reduction pathway is critical Carbon...
Read More
Foot Off the Gas: Why Italy should invest in clean energy
A Clean Energy Portfolio (CEP) is already more competitive than new combined-cycle gas plants (CCGTs) in...
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Il rischio di andare a tutto gas: Perché l’Italia dovrebbe investire nel settore dell’energia pulita
Nel presente studio analizziamo l’attuabilità finanziaria di nuove centrali a gas in Italia,...
Read More
They only fill when they drill
15 July 2021Financial assurance requirements are universally considered to be too low to pay for...
Read More
Absolute Impact 2021: Why oil and gas ‘net zero’ ambitions are not enough
Oil and gas companies are increasingly announcing new climate goals as they seek to maintain a social licence...
Read More
End in Sight: How South Korea can force coal offline by 2028
A cost-optimized analysis for a renewables investment schedule for South Korea shows that a more ambitious...
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Pipe Dreams: Why Canada’s proposed pipelines don’t fit in a low carbon world
Carbon Tracker's modelling shows no new oil sands are needed in a low carbon world. Prospective pipelines and...
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Shell and Third Point: Spinning (Off) the Sector
06 December 2021Third Point, the US activist hedge fund, has recently proposed a significant change to...
Read More
Australian oil and gas mergers: Exposing the weakness of company transition planning
Merger and acquisition (M&A) activity is shaking up the Australian oil and gas sector. In two proposed...
Read More
When fracking stops, who will plug Colorado’s wells?
When a well is drilled, a legal obligation to plug the well and reclaim the surface is created This is a...
Read More
North Dakota P&A cost data is bad news for the taxpayers in oil-producing states
Summary As the Colorado Oil and Gas Conservation Commission’s (COGCC) seeks to fulfill its statutory...
Read More
Colorado Oil and Gas Looking to Have its Cake and Eat it Too
01 December 2021In January, the Colorado Oil and Gas Conservation Commission (COGCC) will vote on the new...
Read More
Mistaking price volatility for market strength may store up long term asset stranding risk
Right now, global energy commodity prices remain close to long-term highs despite recent declines. But...
Read More
The House Always Loses: Costly Shell Game Shifts Cleanup to Colorado
Colorado’s ineffective financial assurance and well plugging rules have allowed the growth of a large...
Read More
Shell and Eni revise emissions plans – into the weeds, or into the forest?
Emissions trajectories continue to bend lower Last month, both Shell and Eni revised their scope 3 emissions...
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Renewables continue to increase their cost competitiveness versus coal, with 27% of the...
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South Korea must take opportunity to end coal power and accelerate renewables build-out by 2028
Ending the use of coal for power generation in South Korea by 2028 is not only possible but also the most...
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End in Sight: How South Korea can force coal offline by 2028
A cost-optimized analysis for a renewables investment schedule for South Korea shows that a more ambitious...
Read More
COP26: A chance to reset and eliminate obstacles – coal in sights
2021 is a year of opportunity; one of resetting, reshaping and a chance to remove distortions that hinder an...
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Renewables continue to increase their cost competitiveness versus coal, with 27% of the...
Read More
Annual Review 2019
Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to accelerate the energy...
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How to Retire Early: Making accelerated coal phaseout feasible and just
Although coal has long been viewed as the cheapest way to power the global economy, this is no longer the...
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Political decisions, economic realities: The underlying operating cashflows of coal power during COVID-19
Building and operating coal power is becoming a political decision that increasingly conflicts with...
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A cost-optimized analysis for a renewables investment schedule for South Korea shows that...
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Apocoalypse Now
The energy complex has EU coal generators in a chokehold. Are policymakers and investors prepared for what...
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Making it mainstream – CA100+ power utility profiles
Climate Action 100+ power utility profiles for mainstream investors to align with Paris and manage energy...
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Understanding the operating costs of coal power: US example
Summary The operating costs of coal units are complex and depend on many variables. Coal units are...
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Indonesia to replace one fifth of coal fleet with renewable energy
03 February 2020According to Carbon Tracker analysis, Indonesia has 15 coal-fired plants (6.4 GW) aged...
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SSE aligns with Carbon Tracker’s Paris-compliant methodology for coal power
In November, SSE confirmed that its remaining hard coal units at Fiddler’s Ferry power plant in the UK...
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Iberdrola aligns with Carbon Tracker’s Paris-compliant methodology for coal power
Iberdrola announced at the opening of the United Nations Framework Convention on Climate Change (COP25)...
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South Korea must take opportunity to end coal power and accelerate renewables build-out by 2028
20 May 2021Ending the use of coal for power generation in South Korea by 2028 is not only possible...
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COP26: A chance to reset and eliminate obstacles – coal in sights
2021 is a year of opportunity; one of resetting, reshaping and a chance to remove distortions that hinder an...
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Measuring and managing energy transition risk in the Philippines
As part of a UK government-funded project to support the Philippines power sector stakeholders navigate the...
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Enel aligns with Carbon Tracker’s Paris-compliant methodology for coal power
With 46 GW of renewable energy capacity, Enel is the largest private operator of renewable energy globally....
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Chinese coal industry patch-up should not encourage new investment
05 November 2021The Chinese government has been sending mixed messages on its long-term climate ambitions...
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Taking Stock of Coal Risks
$110 billion of coal plants owned by listed Asian utilities could become uneconomic as the world takes action...
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Put Gas on Standby
Unabated gas plants’ future role in the power system should be predominantly limited to backup reserve to...
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Do Not Revive Coal: Planned Asia coal plants a danger to Paris
Renewables continue to increase their cost competitiveness versus coal, with 27% of the global coal fleet...
Read More
Put Gas on Standby
19 October 2021Unabated gas plants’ future role in the power system should be predominantly limited to...
Read More
Do Not Revive Coal: Planned Asia coal plants a danger to Paris
Renewables continue to increase their cost competitiveness versus coal, with 27% of the global coal fleet...
Read More
Foot Off the Gas: Why Italy should invest in clean energy
A Clean Energy Portfolio (CEP) is already more competitive than new combined-cycle gas plants (CCGTs) in...
Read More
Il rischio di andare a tutto gas: Perché l’Italia dovrebbe investire nel settore dell’energia pulita
Nel presente studio analizziamo l’attuabilità finanziaria di nuove centrali a gas in Italia,...
Read More
Taking Stock of Coal Risks
04 November 2021$110 billion of coal plants owned by listed Asian utilities could become uneconomic as...
Read More
End in Sight: How South Korea can force coal offline by 2028
A cost-optimized analysis for a renewables investment schedule for South Korea shows that a more ambitious...
Read More
Apocoalypse Now
The energy complex has EU coal generators in a chokehold. Are policymakers and investors prepared for what...
Read More
Making it mainstream – CA100+ power utility profiles
Climate Action 100+ power utility profiles for mainstream investors to align with Paris and manage energy...
Read More
Indonesia to replace one fifth of coal fleet with renewable energy
03 February 2020According to Carbon Tracker analysis, Indonesia has 15 coal-fired plants (6.4 GW) aged...
Read More
SSE aligns with Carbon Tracker’s Paris-compliant methodology for coal power
In November, SSE confirmed that its remaining hard coal units at Fiddler’s Ferry power plant in the UK...
Read More
Iberdrola aligns with Carbon Tracker’s Paris-compliant methodology for coal power
Iberdrola announced at the opening of the United Nations Framework Convention on Climate Change (COP25)...
Read More
Chinese coal industry patch-up should not encourage new investment
05 November 2021The Chinese government has been sending mixed messages on its long-term climate ambitions...
Read More
South Korea must take opportunity to end coal power and accelerate renewables build-out by 2028
Ending the use of coal for power generation in South Korea by 2028 is not only possible but also the most...
Read More
2020 at Carbon Tracker
Carbon Tracker's Christmas Cracker had a makeover in 2020. This infographic originally went out in our...
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Vistra takes an important step in the clean energy transition, but still has a long journey ahead
The Texas-based company Vistra recently announced that they will close six coal power plants and cut their...
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Annual Review 2019
29 July 2020Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to...
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Carbon Countdown: Prices and Politics in the EU-ETS
Market counts down to the MSR The EU carbon market has been the hottest commodity market in the world over...
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Dispatch dogfight: will the EU ETS put gas in the money in 2018?
Since the start of the year, EU carbon has doubled in value, raising the possibility of coal to gas switching...
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Carbon Clampdown: Closing the Gap to a Paris-compliant EU-ETS
Closing the Gap to a Paris-compliant EU-ETS Carbon pricing, whether via cap-and-trade schemes or taxes, is...
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Annual Review 2019
29 July 2020Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to...
Read More
Carbon Countdown: Prices and Politics in the EU-ETS
Market counts down to the MSR The EU carbon market has been the hottest commodity market in the world over...
Read More
Carbon Clampdown: Closing the Gap to a Paris-compliant EU-ETS
Closing the Gap to a Paris-compliant EU-ETS Carbon pricing, whether via cap-and-trade schemes or taxes, is...
Read More
Since the start of the year, EU carbon has doubled in value, raising the possibility of...
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Carbon Tracker’s Christmas Cracker 2017
21 December 2017If you read just one thing this year…… first, it’s December! What took you so...
Read MorePopular News & Events
View all News & Events
Solar and wind can meet world energy demand 100 times over
Renewables could power world by 2050 as prices collapse, replacing...
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Planned UK Cambo Oil Field is Uneconomic, Unaligned with Paris Goals
Multi-billion-dollar field development poses stranding risk for...
Read MoreOur Current Vacancies
Associate Analyst | Power & Utilities | UK
Location London Bridge, UK Reporting to Head of Power...
Associate Analyst | Oil, Gas & Mining | UK
Location London Bridge, UK Reporting to Head of Oil, Gas...
Associate Analyst | Regulatory and Accounting team | UK
Location London Bridge, UK Reporting to Barbara...
Senior Company Research Analyst | Power & Utilities | US
Location New York Job-type Permanent Salary $Competitive +...
Company Research Analyst North America | Oil, Gas & Mining
Location New...
Company Research Senior Analyst | Power & Utilities | Europe
Carbon Tracker’s mission is to help markets and state actors align energy system...
Important Resources
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Tools
Asset Retirement Obligations (ARO) Portal
In Carbon Tracker’s paper, It’s Closing Time: The Huge Bill to Abandon Oilfields Comes Early,...
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Key Terms
Videos
Video: 2020 Vision – Why you should see the fossil fuel peak coming
Kingsmill Bond explains the findings of his report 2020 Vision: Why you should see the fossil fuel...
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Tools
Company Profiles
Analysis for upwards of ~65 companies in the Oil & Gas and Power & Utilities sectors, demonstrating...
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