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
Gas
08 April 2022
Stop Fuelling Uncertainty: Why Asia should avoid the LNG trap
The risks associated with gas infrastructure investment have never been higher This report continues our...
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CA100+ a long way from destination
28 March 2022None of the CA100+ focus companies within upstream oil & gas production or coal &...
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Measuring oil and gas revenues per tonne of CO2e
Carbon Tracker recently announced that it was creating a Global Registry of Fossil Fuels, the “Registry,”...
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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...
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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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Measuring oil and gas revenues per tonne of CO2e
25 January 2022Carbon Tracker recently announced that it was creating a Global Registry of Fossil Fuels,...
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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...
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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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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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CA100+ a long way from destination
28 March 2022None of the CA100+ focus companies within upstream oil & gas production or coal &...
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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...
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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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Climate Change and the First Rule of Italian Driving
26 July 2018Guest Blog from Greg Rogers, Co-founder, Eratosthenes LLC In a classic scene from the...
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The risks associated with gas infrastructure investment have never been higher This...
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Clean energy can help undermine Russia and strengthen Europe
Russia’s unprovoked invasion of Ukraine has created terrible consequences for those living inside Ukraine,...
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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...
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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...
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The risks associated with gas infrastructure investment have never been higher This...
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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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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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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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Poland is approaching a key point in determining the future direction of its power system...
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They only fill when they drill
Financial assurance requirements are universally considered to be too low to pay for plugging and abandoning...
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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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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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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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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...
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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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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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Russia’s unprovoked invasion of Ukraine has created terrible consequences for those...
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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...
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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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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...
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IEEFA Update: Oil and gas industry caught in a capex conundrum
16 November 2018This blog originally appeared on the IEEFA website By Tom Sanzillo, Kathy Hipple and...
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In Colorado, Amnesty for Oil Producers, Plugging Costs for the State
18 February 2022With respect to asset retirement obligations in the oil patch, every regulator has to...
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ExxonMobil is planning on climate failure despite ‘Advancing Climate Solutions’
Late last month ExxonMobil launched its Advancing Climate Solutions – 2022 Progress Report,[1] which...
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Managing Peak Oil: Why rising oil prices could create a stranded asset trap as the energy transition accelerates
Firms can avoid wasting $500bn with managed approach to transition in Inevitable Policy Response scenario...
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Measuring oil and gas revenues per tonne of CO2e
Carbon Tracker recently announced that it was creating a Global Registry of Fossil Fuels, the “Registry,”...
Read More
Measuring oil and gas revenues per tonne of CO2e
25 January 2022Carbon Tracker recently announced that it was creating a Global Registry of Fossil Fuels,...
Read More
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...
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...
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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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Managing Peak Oil: Why rising oil prices could create a stranded asset trap as the energy transition accelerates
27 January 2022Firms can avoid wasting $500bn with managed approach to transition in Inevitable Policy...
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They only fill when they drill
Financial assurance requirements are universally considered to be too low to pay for plugging and abandoning...
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
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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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
Mergers and acquisition (M&A) activity is shaking up the Australian oil and gas sector. In two...
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
In Colorado, Amnesty for Oil Producers, Plugging Costs for the State
18 February 2022With respect to asset retirement obligations in the oil patch, every regulator has to...
Read More
ExxonMobil is planning on climate failure despite ‘Advancing Climate Solutions’
Late last month ExxonMobil launched its Advancing Climate Solutions – 2022 Progress Report,[1] which...
Read More
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...
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
IEEFA Update: Oil and gas industry caught in a capex conundrum
16 November 2018This blog originally appeared on the IEEFA website By Tom Sanzillo, Kathy Hipple and...
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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...
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Out of the frying pan and into the fire: the heat is building on climate adaptation
28 February 2022As temperatures accelerate towards 1.5˚C, near-term actions that limit global warming...
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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...
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Opinion: Liberalisation and decarbonisation are a recipe for volatility
Market-based pricing for gas saved EU consumers billions – until this winter's energy crunch came along....
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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...
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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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Out of the frying pan and into the fire: the heat is building on climate adaptation
28 February 2022As temperatures accelerate towards 1.5˚C, near-term actions that limit global warming...
Read More
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...
Read More
Opinion: Liberalisation and decarbonisation are a recipe for volatility
Market-based pricing for gas saved EU consumers billions – until this winter's energy crunch came along....
Read More
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...
Read More
Market-based pricing for gas saved EU consumers billions – until this winter's energy...
Read More
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...
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South Africa Needs Significantly More Money to Help Phase Out Coal
15 December 2021We welcome the recent announcement that South Africa has struck a deal to access...
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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...
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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
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 Africa Needs Significantly More Money to Help Phase Out Coal
15 December 2021We welcome the recent announcement that South Africa has struck a deal to access...
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...
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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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The risks associated with gas infrastructure investment have never been higher This...
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Deep Dive on West Virginia v. EPA
Today the Supreme Court hears oral arguments in the case of West Virginia v. EPA. The case centers on the...
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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...
Read More
Chinese coal industry patch-up should not encourage new investment
The Chinese government has been sending mixed messages on its long-term climate ambitions once again On...
Read More
The risks associated with gas infrastructure investment have never been higher This...
Read More
Put Gas on Standby
Unabated gas plants’ future role in the power system should be predominantly limited to backup reserve 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
Poland is approaching a key point in determining the future direction of its power system...
Read More
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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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
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
Deep Dive on West Virginia v. EPA
28 February 2022Today the Supreme Court hears oral arguments in the case of West Virginia v. EPA. The...
Read More
Chinese coal industry patch-up should not encourage new investment
The Chinese government has been sending mixed messages on its long-term climate ambitions once again On...
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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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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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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10 May -
Proxy Season 2022 – The investment case for integrating net zero by 2050 into financial statements: A focus on shareholder resolutions at Chevron & Exxon
10 May | Online Financial statements that ignore the financial...
Event Details
16 May -
Absolute Impact: How do we know if oil and gas ‘net zero’ ambitions are credible?
Oil and gas companies are starting to recognise the impact that the...
Event DetailsOur Current Vacancies
Head of Stewardship – US
Role title Head of Stewardship Location Home working...
Company Research Analyst North America | Oil, Gas & Mining
Location New...
Important Resources
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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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