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
Coal
08 April 2020
Political decisions, economic realities: The underlying operating cashflows of coal…
Building and operating coal is becoming a political decision that increasingly conflicts with underlying...
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At this time of crisis, the immediate issue is to solve the health and economic...
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Carbon Tax – an idea whose time has come
I was sitting in a hot tub in Leningrad in the summer of 1990 when I realised the Soviet Union would...
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Carbon Tracker Annual Review 2018-2019
Carbon Tracker's mission is to align investors strategies to climate change action. We...
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The Speed of the Energy Transition
Gradual or Rapid Energy Transition: What path are we on? The energy industry is complex, and understanding...
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Carbon Tracker Annual Review 2018-2019
23 October 2019Carbon Tracker's mission is to align investors strategies to climate change...
Read More
The Speed of the Energy Transition
Gradual or Rapid Energy Transition: What path are we on? The energy industry is complex, and understanding...
Read More
A New World: the geopolitics of the energy transformation
Our New Energy Strategist co-authored this report for the International Renewable Energy Agency...
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2020 Vision: why you should see the fossil fuel peak coming
The peak in fossil fuel demand will have a dramatic impact on financial markets in the 2020s. The global...
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The Trillion Dollar Energy Windfall
05 September 2019Falling renewable costs and intermittency solutions drive a tipping point for the...
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The Decline Rate Delusion
The argument is often made that oil reserves have high natural decline rates which necessitate the continuous...
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The political tipping point: Why the politics of energy will follow the economics
The political tipping point is coming. The falling costs of renewables are driving a political tipping...
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Lessons from European electricity for global oil & gas
What can the global oil and gas sector learn from the decline of the European electricity sector after...
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At this time of crisis, the immediate issue is to solve the health and economic...
Read More
Carbon Tax – an idea whose time has come
I was sitting in a hot tub in Leningrad in the summer of 1990 when I realised the Soviet Union would...
Read More
The Energy Transition Fork in the Road
The Amazon is burning, Greenland is melting, the US is rolling back environmental protections, and the energy...
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Event Blog – Climate Risk & The Capital Domino Effect
During the inaugural London Climate Action Week - Carbon Tracker co-hosted the Climate Risk and the Capital...
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Political decisions, economic realities: The underlying operating cashflows of coal power during COVID-19
08 April 2020Building and operating coal is becoming a political decision that increasingly conflicts...
Read More
COVID and coal power: outlook and opportunities
COVID-19 is crippling economies and creating turmoil in financial markets. This note gives our outlook for...
Read More
Here’s why China’s post-COVID-19 stimulus must reject costly coal power
The piece originally was posted to the World Economic Forum website on March 18, 2020. The impact of...
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How to waste over half a trillion dollars: The economic implications of deflationary renewable energy for coal power investments
Coal developers risk wasting more than $600 billion because it is already cheaper to generate electricity...
Read More
Political decisions, economic realities: The underlying operating cashflows of coal power during COVID-19
08 April 2020Building and operating coal is becoming a political decision that increasingly conflicts...
Read More
How to waste over half a trillion dollars: The economic implications of deflationary renewable energy for coal power investments
Coal developers risk wasting more than $600 billion because it is already cheaper to generate electricity...
Read More
Carbon Tracker Annual Review 2018-2019
Carbon Tracker's mission is to align investors strategies to climate change action. We...
Read More
Land of the Rising Sun and Offshore Wind
The economic viability of new and existing coal in Japan could be severely undermined by cheap renewables...
Read More
Apocoalypse Now
24 October 2019The energy complex has EU coal generators in a chokehold. Are policymakers and investors...
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...
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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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PPL’s climate disclosure – misguided at best
Our analysts Matt Gray and Laurence Watson respond to PPL's recent Climate Assessment Report. Summary ...
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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...
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)...
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COVID and coal power: outlook and opportunities
01 April 2020COVID-19 is crippling economies and creating turmoil in financial markets. This note...
Read More
Here’s why China’s post-COVID-19 stimulus must reject costly coal power
The piece originally was posted to the World Economic Forum website on March 18, 2020. The impact of...
Read More
Powering down coal: The economic case for a global coal phase-out is stronger than ever
Coal power is losing its economic footing. As detailed in Figure 1, according to Carbon Tracker analysis,...
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Investor action wins the day vs uneconomic Ostroleka C coal unit
At Carbon Tracker - our research focus is the impact of climate change on financial markets. Our global coal...
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The transition in a time of turmoil
31 March 2020COVID-19 continues to shake the global economy, and energy markets are no exception. Oil...
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Fanning the Flames: How executives continue to be rewarded to produce more oil and gas at odds with the energy transition
Company pay practice doesn’t yet live up to climate ambition, with the gap between stated ambition and...
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Why the oil sector shouldn’t reinvent itself through renewables
The piece originally was posted to LGIM Future World Blog on February 26, 2020. It is reprinted with...
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BP’s Net Zero Ambition: Deciphering the Code
Amid ever-increasing concerns over climate risks, BP is the latest European oil and gas company to announce...
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Balancing the Budget: Why deflating the carbon bubble requires oil & gas companies to shrink
01 November 2019To deflate the carbon bubble and protect investors, oil & gas companies must...
Read More
Carbon Tracker Annual Review 2018-2019
Carbon Tracker's mission is to align investors strategies to climate change action. We...
Read More
Breaking the Habit – Why none of the large oil companies are “Paris-aligned”, and what they need to do to get there
This report provides an update to our 2017 and 2018 "2 Degrees of Separation" reports, along with an updated...
Read More
Paying With Fire: How oil and gas executives are rewarded for chasing growth and why shareholders could get burned
In this study we review the remuneration practice used in the oil and gas industry and look at alignment with...
Read More
Fanning the Flames: How executives continue to be rewarded to produce more oil and gas at odds with the energy transition
13 March 2020Company pay practice doesn’t yet live up to climate ambition, with the gap between...
Read More
Handbrake Turn
The cost of failing to anticipate an Inevitable Policy Response to climate change In this report, we...
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Scope for Improvement
Why carbon intensity ambitions are welcome, but strict limits on future project sanction remain the route to...
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Electric vehicles: The catalyst to further decarbonisation – interactive tool
EV Oil Demand Displacement Interactive Tool This report and accompanying interactive tool look...
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The transition in a time of turmoil
31 March 2020COVID-19 continues to shake the global economy, and energy markets are no exception. Oil...
Read More
Why the oil sector shouldn’t reinvent itself through renewables
The piece originally was posted to LGIM Future World Blog on February 26, 2020. It is reprinted with...
Read More
BP’s Net Zero Ambition: Deciphering the Code
Amid ever-increasing concerns over climate risks, BP is the latest European oil and gas company to announce...
Read More
Repsol’s net zero ambition: joining the dots
Repsol has just announced a shift in strategic direction – to become a net zero emissions company by 2050....
Read More
Political decisions, economic realities: The underlying operating cashflows of coal power during COVID-19
08 April 2020Building and operating coal is becoming a political decision that increasingly conflicts...
Read More
COVID and coal power: outlook and opportunities
COVID-19 is crippling economies and creating turmoil in financial markets. This note gives our outlook for...
Read More
Here’s why China’s post-COVID-19 stimulus must reject costly coal power
The piece originally was posted to the World Economic Forum website on March 18, 2020. The impact of...
Read More
How to waste over half a trillion dollars: The economic implications of deflationary renewable energy for coal power investments
Coal developers risk wasting more than $600 billion because it is already cheaper to generate electricity...
Read More
Political decisions, economic realities: The underlying operating cashflows of coal power during COVID-19
08 April 2020Building and operating coal is becoming a political decision that increasingly conflicts...
Read More
How to waste over half a trillion dollars: The economic implications of deflationary renewable energy for coal power investments
Coal developers risk wasting more than $600 billion because it is already cheaper to generate electricity...
Read More
Carbon Tracker Annual Review 2018-2019
Carbon Tracker's mission is to align investors strategies to climate change action. We...
Read More
Land of the Rising Sun and Offshore Wind
The economic viability of new and existing coal in Japan could be severely undermined by cheap renewables...
Read More
Apocoalypse Now
24 October 2019The energy complex has EU coal generators in a chokehold. Are policymakers and investors...
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
COVID and coal power: outlook and opportunities
01 April 2020COVID-19 is crippling economies and creating turmoil in financial markets. This note...
Read More
Here’s why China’s post-COVID-19 stimulus must reject costly coal power
The piece originally was posted to the World Economic Forum website on March 18, 2020. The impact of...
Read More
After the hedge: The elephant in RWE’s boardroom
The purpose of this note is to: Address RWE’s response to our recent report Apocoalypse Now, by...
Read More
Powering down coal: The economic case for a global coal phase-out is stronger than ever
Coal power is losing its economic footing. As detailed in Figure 1, according to Carbon Tracker analysis,...
Read More
The transition in a time of turmoil
31 March 2020COVID-19 continues to shake the global economy, and energy markets are no exception. Oil...
Read More
Fanning the Flames: How executives continue to be rewarded to produce more oil and gas at odds with the energy transition
Company pay practice doesn’t yet live up to climate ambition, with the gap between stated ambition and...
Read More
Handbrake Turn
The cost of failing to anticipate an Inevitable Policy Response to climate change In this report, we...
Read More
Balancing the Budget: Why deflating the carbon bubble requires oil & gas companies to shrink
To deflate the carbon bubble and protect investors, oil & gas companies must shrink The world’s listed...
Read More
Balancing the Budget: Why deflating the carbon bubble requires oil & gas companies to shrink
01 November 2019To deflate the carbon bubble and protect investors, oil & gas companies must...
Read More
Carbon Tracker Annual Review 2018-2019
Carbon Tracker's mission is to align investors strategies to climate change action. We...
Read More
Breaking the Habit – Why none of the large oil companies are “Paris-aligned”, and what they need to do to get there
This report provides an update to our 2017 and 2018 "2 Degrees of Separation" reports, along with an updated...
Read More
Paying With Fire: How oil and gas executives are rewarded for chasing growth and why shareholders could get burned
In this study we review the remuneration practice used in the oil and gas industry and look at alignment with...
Read More
Fanning the Flames: How executives continue to be rewarded to produce more oil and gas at odds with the energy transition
13 March 2020Company pay practice doesn’t yet live up to climate ambition, with the gap between...
Read More
Handbrake Turn
The cost of failing to anticipate an Inevitable Policy Response to climate change In this report, we...
Read More
Scope for Improvement
Why carbon intensity ambitions are welcome, but strict limits on future project sanction remain the route to...
Read More
Electric Vehicle Tracker
Headlines Growth of electric vehicles (EVs) in scenarios developed by some oil majors is ten years...
Read More
The transition in a time of turmoil
31 March 2020COVID-19 continues to shake the global economy, and energy markets are no exception. Oil...
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Activist Investors Force Change In The Oil Industry
The following piece originally was posted to Oilprice.com on March 3, 2019. It is reprinted with...
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Growth incentives just don’t pay for oil and gas investors
Why shareholders should rethink executive reward For much of the early part of this century, the oil and...
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IEEFA Update: Oil and gas industry caught in a capex conundrum
This blog originally appeared on the IEEFA website By Tom Sanzillo, Kathy Hipple and Clark...
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The Flip Side: Stranded Assets and Stranded Liabilities
19 February 2020Carbon Tracker’s fundamental insight is that the oil and gas industry’s growth plans...
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Carbon Tracker Annual Review 2018-2019
Carbon Tracker's mission is to align investors strategies to climate change action. We...
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Submission to Treasury Committee on Green Finance & Decarbonisation of UK Economy
Carbon Tracker's Mike Knight submitted evidence to the Treasury Select Committee inquiry into the...
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Extracts from Mary Robinson’s Vatican Speech
14 June | The Vatican Mary Robinson served as president of Ireland from 1990 to 1997, and as UN High...
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Carbon Tracker Annual Review 2018-2019
23 October 2019Carbon Tracker's mission is to align investors strategies to climate change...
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Reporting for a Secure Climate: A model disclosure for upstream oil and gas
There is growing attention on the potential impacts of climate-related risks on the upstream oil and gas...
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Mobilising IOSCO to take action on the TCFD recommendations
This report was produced by Client Earth, WWF and Carbon Tracker The International Organization of...
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Under The Microscope: Are companies’ scenario analyses meeting investors’ requirements?
This paper provides in-depth analysis of the company disclosure of the largest oil and gas companies: BP,...
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The Flip Side: Stranded Assets and Stranded Liabilities
19 February 2020Carbon Tracker’s fundamental insight is that the oil and gas industry’s growth plans...
Read More
PPL’s climate disclosure – misguided at best
Our analysts Matt Gray and Laurence Watson respond to PPL's recent Climate Assessment Report. Summary ...
Read More
Carbon Tracker's Mike Knight submitted evidence to the Treasury Select Committee inquiry...
Read More
Extracts from Mary Robinson’s Vatican Speech
14 June | The Vatican Mary Robinson served as president of Ireland from 1990 to 1997, and as UN High...
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ConocoPhillips: Concerned on Capex, Cagey on the Dwindling Carbon Budget
ConocoPhillips’ February 2019 climate report lays out a thoughtful approach to governing climate risk. It...
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The missing link – bridging the gap between emission targets and fossil fuel output
To manage against the goals of the Paris Agreement, oil companies like Chevron must factor scope 3 emissions...
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Carbon Countdown: Prices and Politics in the EU-ETS
21 August 2018Market counts down to the MSR The EU carbon market has been the hottest commodity...
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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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Carbon Tracker’s Christmas Cracker 2017
If you read just one thing this year…… first, it’s December! What took you so long?......second,...
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Carbon Countdown: Prices and Politics in the EU-ETS
21 August 2018Market counts down to the MSR The EU carbon market has been the hottest commodity...
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...
Read More
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
06 May -
Webinar: The Energy Transition: the knowns & unknowns
6 May | 14:00 UK Carbon Tracker and Responsible Investor have...
Event Details
Coal developers risk $600 billion as renewables outcompete worldwide
New wind or solar already cheaper than 60% of operating coal...
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42% of global coal power plants run at a loss, finds world-first study
New wind and solar will be cheaper than 96% of existing coal power by...
Read MoreWe’re Award Winning
Carbon Tracker was designated ‘NGO of the year’ at the Business Green Awards 2017.
We also won the Guardian Sustainable Business Award for Innovation in Communicating Sustainability in 2015 and 2014.
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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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Infographics
2 degrees of separation at a glance: are the oil and gas majors aligned with a 2˚C / 1.75˚C carbon budget?
These infographic updates the findings of our '2 Degrees of Separation report', produced in...
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