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.

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Our Latest Research

Corporate Research 25 January 2023

EU Gas Summary

Decarbonising CCGT, grids & Scope 3 Emissions Engie needs to consider retiring merchant CCGT...

Our Latest Research

Corporate Research 25 January 2023

EU Gas Summary

Decarbonising CCGT, grids & Scope 3 Emissions Engie needs to consider retiring merchant CCGT...

Our Research

View all our research

S-curves in the driving seat of the energy transition

30 January 2023

Download Infographic Here The energy transition may well be determined by the phenomenon...

Investors Need to Look Carefully at Stranded Asset Risks

This article was first published by Brink News, with thanks to Thomas Carver. The shift away from a...

One in three UK car sales may be fully electric by end ‘23 as S-Curve transforms market

Blog Series: The UK’s adoption of BEVs – in 2016 UK BEV car sales (all electric) were a mere one in a...

Slipped Gear: Automaker emissions goals unaligned to meet climate targets

This report is an assessment of automotive company alignment to the Paris Agreement and their position...

The Transition Files: periodic thoughts and views on companies, industries and energy transition

The Transition Files In Volume 1, this journal comprises: an article on SHELL, another on Discounted Cash...

Slipped Gear: Automaker emissions goals unaligned to meet climate targets

10 November 2022

This report is an assessment of automotive company alignment to the Paris Agreement and...

The Transition Files: periodic thoughts and views on companies, industries and energy transition

25 October 2022

The Transition Files In Volume 1, this journal comprises: an article on SHELL, another...

One in three UK car sales may be fully electric by end ‘23 as S-Curve transforms market

05 January 2023

Blog Series: The UK’s adoption of BEVs – in 2016 UK BEV car sales (all electric) were...

S-curves in the driving seat of the energy transition

30 January 2023

Download Infographic Here The energy transition may well be determined by the phenomenon...

Investors Need to Look Carefully at Stranded Asset Risks

This article was first published by Brink News, with thanks to Thomas Carver. The shift away from a...

EU Gas Summary

Decarbonising CCGT, grids & Scope 3 Emissions Engie needs to consider retiring merchant CCGT...

Naturgy Energy Group S.A – Five steps to alignment

Transition Plan Analysis: For Naturgy to be fully aligned with the goals of the Paris Agreement, five...

Engie – Reducing both scope 1 and 3 emissions – scope for improvement

Transition Plan Analysis: Engie’s plans to reduce carbon intensity for scope 1 and 3 emissions from...

Centrica plc – Four steps from Company, Regulator and Government to reach alignment

For Centrica to be aligned with the goals of the Paris Agreement, four things need to happen: The...

EU Gas Summary

25 January 2023

Decarbonising CCGT, grids & Scope 3 Emissions Engie needs to consider retiring...

Naturgy Energy Group S.A – Five steps to alignment

Transition Plan Analysis: For Naturgy to be fully aligned with the goals of the Paris Agreement, five...

Engie – Reducing both scope 1 and 3 emissions – scope for improvement

Transition Plan Analysis: Engie’s plans to reduce carbon intensity for scope 1 and 3 emissions from...

Centrica plc – Four steps from Company, Regulator and Government to reach alignment

For Centrica to be aligned with the goals of the Paris Agreement, four things need to happen: The...

Corporate Research: Uniper SE – Restructuring due but let’s not forget decarbonisation

17 September 2022

Uniper SE Uniper’s transition to net zero is not aligned with the goals of the...

Corporate Research: RWE AG – Talking the talk, but will need to walk the walk

RWE AG RWE’s transition to net zero is not fully aligned with the goals of the Paris Agreement. ...

Corporate Research: CEZ a.s – Restructuring due; urgent need for renewables

CEZ a.s CEZ’s transition to net zero by 2040 is not fully aligned with the goals of the Paris...

EU Coal: The Good, The Bad & The Ugly

We are writing this report because retiring coal is the fastest route to decarbonisation and alignment with...

Shell’s Energy Transition Progress Report: Still lacking absolute emissions Scope 3 interim targets

06 May 2022

Shell recently published its first Energy Transition Progress Report. The document has...

Shell and Third Point: Spinning (Off) the Sector

Third Point, the US activist hedge fund, has recently proposed a significant change to the corporate...

The Transition Files: periodic thoughts and views on companies, industries and energy transition

25 October 2022

The Transition Files In Volume 1, this journal comprises: an article on SHELL, another...

Investors Need to Look Carefully at Stranded Asset Risks

27 January 2023

This article was first published by Brink News, with thanks to Thomas Carver. The...

S-curves in the driving seat of the energy transition

Download Infographic Here The energy transition may well be determined by the phenomenon of S-curves. This...

Response to the FCA’s Consultation Paper

Response to the Financial Conduct Authority’s Consultation Paper “Sustainability Disclosure Requirements...

A New Theory of ARO Creditor Rights

With approximately 2.1 million abandoned wells across the U.S., there is growing concern about unfunded asset...

Drilling down: The importance of understanding projected oil and gas prices used in financial reporting

Financial statements, like economic models, are only as good as the inputs to them. Inputs [1] underpin...

Response to the FCA’s Consultation Paper

26 January 2023

Response to the Financial Conduct Authority’s Consultation Paper “Sustainability...

Still Flying Blind: The Absence of Climate Risk in Financial Reporting

In 2021, Carbon Tracker published its first report about the degree to which companies had disclosed taking...

Ukraine FAQs

Fossil fuel commodity prices are likely to remain volatile with the prospect for further embargos. This is a...

Double or Nothing: How regulators are gambling on the future self-interest of large oil and gas companies to decommission the Gulf of Mexico’s aging infrastructure

The Gulf of Mexico has long been a major oil and gas producing region for the U.S., but field depletion in...

A New Theory of ARO Creditor Rights

11 January 2023

With approximately 2.1 million abandoned wells across the U.S., there is growing concern...

Letter to ISSB on Sustainability- and Climate-related Disclosures

The International Sustainability Standards Board’s Exposure Drafts “IFRS S1 General Requirements for...

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...

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...

Drilling down: The importance of understanding projected oil and gas prices used in financial reporting

13 December 2022

Financial statements, like economic models, are only as good as the inputs to...

The Transition Files: periodic thoughts and views on companies, industries and energy transition

25 October 2022

The Transition Files In Volume 1, this journal comprises: an article on SHELL, another...

Investors Need to Look Carefully at Stranded Asset Risks

27 January 2023

This article was first published by Brink News, with thanks to Thomas Carver. The...

CA100+ a long way from destination

None of the CA100+ focus companies within upstream oil & gas production or coal & gas-powered...

Is Biden’s Bill the High-Water Mark on Climate?

After months of legislative negotiations, the $1.2 trillion Infrastructure bill made it through Congress and...

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,...

Investors Need to Look Carefully at Stranded Asset Risks

27 January 2023

This article was first published by Brink News, with thanks to Thomas Carver. The...

Climate Change and the First Rule of Italian Driving

Guest Blog from Greg Rogers, Co-founder, Eratosthenes LLC In a classic scene from the 1976 American...

S-curves in the driving seat of the energy transition

30 January 2023

Download Infographic Here The energy transition may well be determined by the phenomenon...

Investors Need to Look Carefully at Stranded Asset Risks

This article was first published by Brink News, with thanks to Thomas Carver. The shift away from a...

EU Gas Summary

Decarbonising CCGT, grids & Scope 3 Emissions Engie needs to consider retiring merchant CCGT...

Naturgy Energy Group S.A – Five steps to alignment

Transition Plan Analysis: For Naturgy to be fully aligned with the goals of the Paris Agreement, five...

Engie – Reducing both scope 1 and 3 emissions – scope for improvement

Transition Plan Analysis: Engie’s plans to reduce carbon intensity for scope 1 and 3 emissions from...

EU Gas Summary

25 January 2023

Decarbonising CCGT, grids & Scope 3 Emissions Engie needs to consider retiring...

Naturgy Energy Group S.A – Five steps to alignment

Transition Plan Analysis: For Naturgy to be fully aligned with the goals of the Paris Agreement, five...

Engie – Reducing both scope 1 and 3 emissions – scope for improvement

Transition Plan Analysis: Engie’s plans to reduce carbon intensity for scope 1 and 3 emissions from...

Centrica plc – Four steps from Company, Regulator and Government to reach alignment

For Centrica to be aligned with the goals of the Paris Agreement, four things need to happen: The...

Spiralling Disruption: The feedback loops of the energy transition

05 August 2021

The fossil energy system is falling over the edge of the demand cliff. 2019 was likely...

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...

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...

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...

On Track for Paris? IEA lays out required pace of energy transition to keep 1.5°C in sight

20 January 2023

Viewed as an established authority on the latest energy trends, the annual World Energy...

The Transition Files: periodic thoughts and views on companies, industries and energy transition

25 October 2022

The Transition Files In Volume 1, this journal comprises: an article on SHELL, another...

S-curves in the driving seat of the energy transition

30 January 2023

Download Infographic Here The energy transition may well be determined by the phenomenon...

Carbon Tracker Research in an Energy Transition Context

Carbon Tracker Research in an Energy Transition Context: October through November 2022 COP27...

Out of the frying pan and into the fire: the heat is building on climate adaptation

As temperatures accelerate towards 1.5˚C, near-term actions that limit global warming would reduce losses...

Jordan Peterson has spoken to conservative groups such as Turning Point USA.

Why Jordan Peterson Should Think Again on the Energy Transition

On a recent episode of Joe Rogan’s controversial and highly influential podcast, Canadian psychology...

Opinion: Liberalisation and decarbonisation are a recipe for volatility

03 February 2022

Market-based pricing for gas saved EU consumers billions – until this winter's energy...

State of The Transition, November 2016: Steps forward continue to outnumber steps back, notwithstanding the Trump election. But.

Guest post by Jeremy Leggett, Non-executive chairman of Carbon Tracker The global energy...

Investors Need to Look Carefully at Stranded Asset Risks

27 January 2023

This article was first published by Brink News, with thanks to Thomas Carver. The...

S-curves in the driving seat of the energy transition

Download Infographic Here The energy transition may well be determined by the phenomenon of S-curves. This...

Drilling down: The importance of understanding projected oil and gas prices used in financial reporting

Financial statements, like economic models, are only as good as the inputs to them. Inputs [1] underpin...

Paris Maligned

1.5°C-alignment requires production declines, but most oil & gas companies are planning to expand Oil...

Refining exposure to an accelerating energy transition

The energy transition threatens companies involved in the downstream refining sector whose revenue is...

Paris Maligned

08 December 2022

1.5°C-alignment requires production declines, but most oil & gas companies are...

Unburnable Carbon: Ten Years On

Over $1 trillion of oil & gas assets risk becoming stranded as a result of policy action on climate and...

Ukraine FAQs

Fossil fuel commodity prices are likely to remain volatile with the prospect for further embargos. This is a...

Double or Nothing: How regulators are gambling on the future self-interest of large oil and gas companies to decommission the Gulf of Mexico’s aging infrastructure

The Gulf of Mexico has long been a major oil and gas producing region for the U.S., but field depletion in...

Crude Intentions: How oil and gas executives are still rewarded to chase fossil growth, despite the urgent need to transition

04 November 2022

The energy transition is fundamentally shifting the way oil and gas companies operate; as...

Feet to the Fire: An analysis of potential outcomes of the Colorado 700-Series Rulemaking

Colorado’s new financial assurance rules will help mitigate orphan well risk, but the benefits are blunted...

Event Horizon: A Case Study of Holdback and the Point of No Return for Decommissioning Upstream Oil and Gas “Assets”

When oil companies defer saving for asset retirement obligations (AROs), the liabilities...

Absolute Impact: Why Oil and Gas Companies Need Credible Plans to Meet Climate Targets

Oil and gas companies are still failing to commit to the absolute emissions reductions necessary to link...

Drilling down: The importance of understanding projected oil and gas prices used in financial reporting

13 December 2022

Financial statements, like economic models, are only as good as the inputs to...

Refining exposure to an accelerating energy transition

The energy transition threatens companies involved in the downstream refining sector whose revenue is...

Shell’s Energy Transition Progress Report: Still lacking absolute emissions Scope 3 interim targets

Shell recently published its first Energy Transition Progress Report. The document has been produced ahead...

Shell and Third Point: Spinning (Off) the Sector

Third Point, the US activist hedge fund, has recently proposed a significant change to the corporate...

The Transition Files: periodic thoughts and views on companies, industries and energy transition

25 October 2022

The Transition Files In Volume 1, this journal comprises: an article on SHELL, another...

Investors Need to Look Carefully at Stranded Asset Risks

27 January 2023

This article was first published by Brink News, with thanks to Thomas Carver. The...

Why drilling for more fossil fuels won’t bring UK energy security or cut prices

The UK’s energy security strategy is back at the forefront of political debate. As the government looks...

A magical CCUS unicorn will not save the oil industry

But it might just save the world North American oil and gas companies are going big on carbon capture,...

Oil giant Aramco still doing minimum to tackle emissions

In June, Saudi Aramco published its first ever Sustainability Report, containing details of its "net zero by...

Investors Need to Look Carefully at Stranded Asset Risks

27 January 2023

This article was first published by Brink News, with thanks to Thomas Carver. The...

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...

BP’s Dudley doomed to repeat past mistakes as oil rises

By Paul Spedding BP chief executive Bob Dudley is at risk of being branded an altruist if his “Oil and...

Investors Need to Look Carefully at Stranded Asset Risks

27 January 2023

This article was first published by Brink News, with thanks to Thomas Carver. The...

S-curves in the driving seat of the energy transition

Download Infographic Here The energy transition may well be determined by the phenomenon of S-curves. This...

EU Gas Summary

Decarbonising CCGT, grids & Scope 3 Emissions Engie needs to consider retiring merchant CCGT...

Naturgy Energy Group S.A – Five steps to alignment

Transition Plan Analysis: For Naturgy to be fully aligned with the goals of the Paris Agreement, five...

Engie – Reducing both scope 1 and 3 emissions – scope for improvement

Transition Plan Analysis: Engie’s plans to reduce carbon intensity for scope 1 and 3 emissions from...

EU Gas Summary

25 January 2023

Decarbonising CCGT, grids & Scope 3 Emissions Engie needs to consider retiring...

Naturgy Energy Group S.A – Five steps to alignment

Transition Plan Analysis: For Naturgy to be fully aligned with the goals of the Paris Agreement, five...

Engie – Reducing both scope 1 and 3 emissions – scope for improvement

Transition Plan Analysis: Engie’s plans to reduce carbon intensity for scope 1 and 3 emissions from...

Centrica plc – Four steps from Company, Regulator and Government to reach alignment

For Centrica to be aligned with the goals of the Paris Agreement, four things need to happen: The...

Crude Intentions: How oil and gas executives are still rewarded to chase fossil growth, despite the urgent need to transition

04 November 2022

The energy transition is fundamentally shifting the way oil and gas companies operate; as...

Poland’s Energy Dilemma: New gas power traps taxpayers in a costly future

Poland is approaching a key point in determining the future direction of its power system and the...

They only fill when they drill

Financial assurance requirements are universally considered to be too low to pay for plugging and abandoning...

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...

Shell and Third Point: Spinning (Off) the Sector

06 December 2021

Third Point, the US activist hedge fund, has recently proposed a significant change to...

Australian oil and gas mergers: Exposing the weakness of company transition planning

Mergers and acquisition (M&A) activity is shaking up the Australian oil and gas sector. In two...

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...

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...

The Transition Files: periodic thoughts and views on companies, industries and energy transition

25 October 2022

The Transition Files In Volume 1, this journal comprises: an article on SHELL, another...

Investors Need to Look Carefully at Stranded Asset Risks

27 January 2023

This article was first published by Brink News, with thanks to Thomas Carver. The...

Europe’s dash for LNG makes case against Asian gas investment stronger

This year has seen the fundamental dynamics of global energy markets turned completely on their head. A...

Clean energy can help undermine Russia and strengthen Europe

Russia’s unprovoked invasion of Ukraine has created terrible consequences for those living inside Ukraine,...

Tackling the Methane problem: why investors should drive change at investee companies

To keep 1.5°C alive, immediate action on methane emissions is required from the oil and gas industry, with...

Investors Need to Look Carefully at Stranded Asset Risks

27 January 2023

This article was first published by Brink News, with thanks to Thomas Carver. The...

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...

S-curves in the driving seat of the energy transition

30 January 2023

Download Infographic Here The energy transition may well be determined by the phenomenon...

Investors Need to Look Carefully at Stranded Asset Risks

This article was first published by Brink News, with thanks to Thomas Carver. The shift away from a...

RWE: Starting to walk the talk

RWE is bringing forward the closure of 3.1GW of lignite capacity at Niederaussem K, Neurath F & G from...

Corporate Research: PGE – Urgency needed, especially for renewables

PGE PGE’s planned transition to net zero is not aligned with the goals of the Paris Agreement. PGE...

Corporate Research: Uniper SE – Restructuring due but let’s not forget decarbonisation

Uniper SE Uniper’s transition to net zero is not aligned with the goals of the Paris Agreement. ...

Corporate Research: RWE AG – Talking the talk, but will need to walk the walk

RWE AG RWE’s transition to net zero is not fully aligned with the goals of the Paris Agreement. ...

RWE: Starting to walk the talk

07 October 2022

RWE is bringing forward the closure of 3.1GW of lignite capacity at Niederaussem K,...

Corporate Research: PGE – Urgency needed, especially for renewables

PGE PGE’s planned transition to net zero is not aligned with the goals of the Paris Agreement. PGE...

Ukraine FAQs

Fossil fuel commodity prices are likely to remain volatile with the prospect for further embargos. This is a...

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...

Corporate Research: Uniper SE – Restructuring due but let’s not forget decarbonisation

17 September 2022

Uniper SE Uniper’s transition to net zero is not aligned with the goals of the...

Corporate Research: RWE AG – Talking the talk, but will need to walk the walk

RWE AG RWE’s transition to net zero is not fully aligned with the goals of the Paris Agreement. ...

Corporate Research: CEZ a.s – Restructuring due; urgent need for renewables

CEZ a.s CEZ’s transition to net zero by 2040 is not fully aligned with the goals of the Paris...

EU Coal: The Good, The Bad & The Ugly

We are writing this report because retiring coal is the fastest route to decarbonisation and alignment with...

Indonesia to replace one fifth of coal fleet with renewable energy

03 February 2020

According to Carbon Tracker analysis, Indonesia has 15 coal-fired plants (6.4 GW) aged...

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...

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)...

South Africa Needs Significantly More Money to Help Phase Out Coal

15 December 2021

We welcome the recent announcement that South Africa has struck a deal to access...

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...

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...

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...

S-curves in the driving seat of the energy transition

30 January 2023

Download Infographic Here The energy transition may well be determined by the phenomenon...

Investors Need to Look Carefully at Stranded Asset Risks

This article was first published by Brink News, with thanks to Thomas Carver. The shift away from a...

Put a price on it: The case for more effective carbon pricing in Japan

Amidst an energy crisis and a power supply crunch, the Japanese power sector is today experiencing...

The Impact of West Virginia v. EPA

On June 30, the U.S. Supreme Court ruled that the EPA does not have authority, under the Clean Air Act, to...

Annual Review 2019

Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to accelerate the energy...

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...

Annual Review 2019

29 July 2020

Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to...

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...