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
12 August 2020
Three policy challenges — one solution
"Oil and gas companies are hurtling toward bankruptcy, raising fears that wells will be left leaking...
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Changing the Game – BP takes climate issue by the horns
04 August 2020BP has elaborated on its strategy to deliver net zero – cutting oil and gas production...
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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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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 pipeline...
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Absolute Impact: Why oil majors’ climate ambitions fall short of Paris limits
There is growing recognition that drastic changes to oil and gas consumption are required to meet the finite...
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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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It’s Closing Time: The Huge Bill to Abandon Oilfields Comes Early
Carbon Tracker pioneered work on the oil and gas industry’s “stranded assets”; as investors...
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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...
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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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Carbon Tracker's modelling shows no new oil sands are needed in a low carbon...
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Absolute Impact: Why oil majors’ climate ambitions fall short of Paris limits
There is growing recognition that drastic changes to oil and gas consumption are required to meet the finite...
Read More
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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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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Changing the Game – BP takes climate issue by the horns
04 August 2020BP has elaborated on its strategy to deliver net zero – cutting oil and gas production...
Read More
A Tale of Two Investors: A Carbon Tracker Video
The Earth's temperatures continue to rise causing catastrophic climate change. The risks of climate change...
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Supporting stranding: UKEF’s oil finance failing the Paris test
Key findings: Our research shows that UK Export Finance supports upstream oil projects that seem very...
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Eni – the first oil company to lay out a strategy of managed decline?
At the end of February, Italian oil major Eni announced new carbon emissions reduction plans. While not...
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Three policy challenges — one solution
12 August 2020"Oil and gas companies are hurtling toward bankruptcy, raising fears that wells will be...
Read More
Last Call – States’ final chance to avoid the clean-up tab for big oil
The coronavirus pandemic has caused a sharp decline in oil demand, putting intense pressure on oil companies...
Read More
Annual Review 2019
Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to accelerate the energy...
Read More
A Tale of Two Investors: A Carbon Tracker Video
The Earth's temperatures continue to rise causing catastrophic climate change. The risks of climate change...
Read More
Annual Review 2019
29 July 2020Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to...
Read More
It’s Closing Time: The Huge Bill to Abandon Oilfields Comes Early
Carbon Tracker pioneered work on the oil and gas industry’s “stranded assets”; as investors...
Read More
Carbon Tracker Annual Review 2018-2019
Carbon Tracker's mission is to align investors strategies to climate change action. We...
Read More
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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The oil industry’s financial statements reflect climate change conflict Oil and gas...
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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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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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Three policy challenges — one solution
12 August 2020"Oil and gas companies are hurtling toward bankruptcy, raising fears that wells will be...
Read More
Last Call – States’ final chance to avoid the clean-up tab for big oil
The coronavirus pandemic has caused a sharp decline in oil demand, putting intense pressure on oil companies...
Read More
A Tale of Two Investors: A Carbon Tracker Video
The Earth's temperatures continue to rise causing catastrophic climate change. The risks of climate change...
Read More
California Gives New Meaning to Stripper Wells
Written by: Greg Rogers, Theron Horton, Rob Schuwerk Is the goal to get out all of the oil, or get out...
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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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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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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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A Tale of Two Investors: A Carbon Tracker Video
The Earth's temperatures continue to rise causing catastrophic climate change. The risks of climate change...
Read More
Annual Review 2019
29 July 2020Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to...
Read More
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...
Read More
Political decisions, economic realities: The underlying operating cashflows of coal power during COVID-19
Building and operating coal is becoming a political decision that increasingly conflicts with underlying...
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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...
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Apocoalypse Now
24 October 2019The energy complex has EU coal generators in a chokehold. Are policymakers and investors...
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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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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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With 46 GW of renewable energy capacity, Enel is the largest private operator of...
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A Tale of Two Investors: A Carbon Tracker Video
The Earth's temperatures continue to rise causing catastrophic climate change. The risks of climate change...
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Coal Bailout Infects Weakened State Budgets
The sudden economic downturn brought on by the Coronavirus threatens to cripple the finances of U.S state...
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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
Annual Review 2019
29 July 2020Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to...
Read More
A Tale of Two Investors: A Carbon Tracker Video
The Earth's temperatures continue to rise causing catastrophic climate change. The risks of climate change...
Read More
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 road ahead after COVID
The COVID-19 pandemic shut economies, disrupted established global production chains and pressed an...
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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
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 A-Z of the Energy Transition: Knowns and Unknowns
The 2019 report on the Speed of the Energy Transition by the World Economic Forum Global Future Council on...
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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 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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A Tale of Two Investors: A Carbon Tracker Video
19 June 2020The Earth's temperatures continue to rise causing catastrophic climate change. The risks...
Read More
The road ahead after COVID
The COVID-19 pandemic shut economies, disrupted established global production chains and pressed an...
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Was 2019 the peak of the fossil fuel era?
The IEA on Thursday[1] released some eye-watering projections for energy demand declines in 2020 in the light...
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COVID-19 and the energy transition: crisis as midwife to the new
At this time of crisis, the immediate issue is to solve the health and economic emergencies, and we salute...
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Changing the Game – BP takes climate issue by the horns
04 August 2020BP has elaborated on its strategy to deliver net zero – cutting oil and gas production...
Read More
Annual Review 2019
Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to accelerate the energy...
Read More
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 pipeline...
Read More
Absolute Impact: Why oil majors’ climate ambitions fall short of Paris limits
There is growing recognition that drastic changes to oil and gas consumption are required to meet the finite...
Read More
Annual Review 2019
29 July 2020Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to...
Read More
Whack-A-Mole: Will South Korea’s coal power transition be undermined by overcompensated gas?
Korea needs to phase-out unabated gas by 2050 in a Paris-aligned scenario or potentially risk $60 billion in...
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
Carbon Tracker Annual Review 2018-2019
Carbon Tracker's mission is to align investors strategies to climate change action. We...
Read More
Carbon Tracker's modelling shows no new oil sands are needed in a low carbon...
Read More
Absolute Impact: Why oil majors’ climate ambitions fall short of Paris limits
There is growing recognition that drastic changes to oil and gas consumption are required to meet the finite...
Read More
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...
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
Changing the Game – BP takes climate issue by the horns
04 August 2020BP has elaborated on its strategy to deliver net zero – cutting oil and gas production...
Read More
A Tale of Two Investors: A Carbon Tracker Video
The Earth's temperatures continue to rise causing catastrophic climate change. The risks of climate change...
Read More
Eni – the first oil company to lay out a strategy of managed decline?
At the end of February, Italian oil major Eni announced new carbon emissions reduction plans. While not...
Read More
Total’s extended emissions ambition: more of the same
In ancient Greek theatre, deus ex machina (“god from the machine”) is when a seemingly...
Read More
Annual Review 2019
29 July 2020Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to...
Read More
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...
Read More
A Tale of Two Investors: A Carbon Tracker Video
The Earth's temperatures continue to rise causing catastrophic climate change. The risks of climate change...
Read More
Whack-A-Mole: Will South Korea’s coal power transition be undermined by overcompensated gas?
Korea needs to phase-out unabated gas by 2050 in a Paris-aligned scenario or potentially risk $60 billion in...
Read More
Annual Review 2019
29 July 2020Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to...
Read More
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...
Read More
Whack-A-Mole: Will South Korea’s coal power transition be undermined by overcompensated gas?
Korea needs to phase-out unabated gas by 2050 in a Paris-aligned scenario or potentially risk $60 billion in...
Read More
Political decisions, economic realities: The underlying operating cashflows of coal power during COVID-19
Building and operating coal is becoming a political decision that increasingly conflicts with underlying...
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
A Tale of Two Investors: A Carbon Tracker Video
19 June 2020The Earth's temperatures continue to rise causing catastrophic climate change. The risks...
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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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...
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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...
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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...
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New Global Coalition of Tech, Climate Groups Will Combine AI and Satellites to Monitor GHG Emissions Worldwide in Real Time
Nine nonprofits, tech companies, and former U.S. Vice President Al...
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Many oil majors still falling short on absolute emissions cuts
Despite rising acceptance of peak oil demand, most plan on increasing...
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Carbon Tracker statement: BP considerably ups stakes in ‘arms race’ of emissions targets
Announcing a massive quarterly loss of close to $7 billion and a 50%...
Read MoreImportant Resources
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Key Terms
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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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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