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
Energy transition
20 November 2020
Nothing to lose but your chains: The emerging market transport…
Falling battery prices and the electrification of transport systems in emerging markets will reduce...
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Falling battery prices and the electrification of transport systems in emerging markets...
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Unleashing the river of change
The exit of Trump removes the greatest impediment to the energy transition, and will unleash a great era of...
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The Map Is Not the Territory: New Routes to a 1.5°C Future
Explorers use maps intensively, but they take the information recorded in the charts they use with a few...
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The Energy Transition – The Time is Now
A key tipping point was reached in 2019. Global demand for fossil fuels peaked and is unlikely ever to...
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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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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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Falling battery prices and the electrification of transport systems in emerging markets...
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The Future’s Not in Plastics: Why plastics demand won’t rescue the oil sector
The oil and petrochemical industries are betting their future growth prospects on demand for plastics. But...
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The Trillion Dollar Energy Windfall
Falling renewable costs and intermittency solutions drive a tipping point for the Inevitable Policy...
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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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Unleashing the river of change
10 November 2020The exit of Trump removes the greatest impediment to the energy transition, and will...
Read More
The Map Is Not the Territory: New Routes to a 1.5°C Future
Explorers use maps intensively, but they take the information recorded in the charts they use with a few...
Read More
The Energy Transition – The Time is Now
A key tipping point was reached in 2019. Global demand for fossil fuels peaked and is unlikely ever to...
Read More
Peak fossil fuels – new grounds for hope
One of the world’s leading energy forecasters released a report this morning arguing that 2019 was the peak...
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Between 2014 and the end of 2019, Exxon’s return to shareholders was negative...
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50 States of Play
Given the 24 hour news cycle around the US Congressional and Presidential Election, it would be easy to focus...
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Fault Lines: How diverging oil and gas company strategies link to stranded asset risk
In a series of reports since 2011, Carbon Tracker has shown the financial risks to fossil fuel producers...
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Billion Dollar Orphans: Why millions of oil and gas wells could become wards of the state
There are 2.6 million unplugged onshore wells in the U.S., with another estimated 1.2 million that are...
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Fault Lines: How diverging oil and gas company strategies link to stranded asset risk
09 October 2020In a series of reports since 2011, Carbon Tracker has shown the financial risks to fossil...
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Billion Dollar Orphans: Why millions of oil and gas wells could become wards of the state
There are 2.6 million unplugged onshore wells in the U.S., with another estimated 1.2 million that are...
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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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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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Between 2014 and the end of 2019, Exxon’s return to shareholders was negative...
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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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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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50 States of Play
26 October 2020Given the 24 hour news cycle around the US Congressional and Presidential Election, it...
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Changing the Game – BP takes climate issue by the horns
BP has elaborated on its strategy to deliver net zero – cutting oil and gas production by “at least”...
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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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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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50 States of Play
26 October 2020Given the 24 hour news cycle around the US Congressional and Presidential Election, it...
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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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Climate’s Most Powerful Person in the World?
During her presidential campaign announcement, Senator Amy Klobuchar declared that on her first day in office...
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Billion Dollar Orphans: Why millions of oil and gas wells could become wards of the state
There are 2.6 million unplugged onshore wells in the U.S., with another estimated 1.2 million that are...
Read More
Proposals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligations (CP20/3)
06 October 2020Carbon Tracker and Assurance Mark were given the opportunity to comment on the FCA’s...
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Billion Dollar Orphans: Why millions of oil and gas wells could become wards of the state
There are 2.6 million unplugged onshore wells in the U.S., with another estimated 1.2 million that are...
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
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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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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50 States of Play
26 October 2020Given the 24 hour news cycle around the US Congressional and Presidential Election, it...
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Climate’s Most Powerful Person in the World?
During her presidential campaign announcement, Senator Amy Klobuchar declared that on her first day in office...
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PetroShare gets the Oil and Colorado, the hole
"Nobody move! I have a hostage. If anyone follows us, I'll kill myself and then her." Roy Miller, Knight...
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The Ghost of 1837
Passing transformative climate change legislation through the U.S. Congress will be one of the major...
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Measuring and managing energy transition risk in the Philippines
15 September 2020As part of a UK government-funded project to support the Philippines power sector...
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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...
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...
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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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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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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...
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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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Measuring and managing energy transition risk in the Philippines
15 September 2020As part of a UK government-funded project to support the Philippines power sector...
Read More
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....
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
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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Fault Lines: How diverging oil and gas company strategies link to stranded asset risk
09 October 2020In a series of reports since 2011, Carbon Tracker has shown the financial risks to fossil...
Read More
Billion Dollar Orphans: Why millions of oil and gas wells could become wards of the state
There are 2.6 million unplugged onshore wells in the U.S., with another estimated 1.2 million that are...
Read More
Changing the Game – BP takes climate issue by the horns
BP has elaborated on its strategy to deliver net zero – cutting oil and gas production by “at least”...
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
Fault Lines: How diverging oil and gas company strategies link to stranded asset risk
09 October 2020In a series of reports since 2011, Carbon Tracker has shown the financial risks to fossil...
Read More
Billion Dollar Orphans: Why millions of oil and gas wells could become wards of the state
There are 2.6 million unplugged onshore wells in the U.S., with another estimated 1.2 million that are...
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
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
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...
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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...
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...
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Total’s extended emissions ambition: more of the same
In ancient Greek theatre, deus ex machina (“god from the machine”) is when a seemingly...
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Vistra takes an important step in the clean energy transition, but still has a long journey ahead
02 October 2020The Texas-based company Vistra recently announced that they will close six coal power...
Read More
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...
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
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
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
Vistra takes an important step in the clean energy transition, but still has a long journey ahead
02 October 2020The Texas-based company Vistra recently announced that they will close six coal power...
Read More
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...
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
COVID and coal power: outlook and opportunities
COVID-19 is crippling economies and creating turmoil in financial markets. This note gives our outlook for...
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Annual Review 2019
29 July 2020Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to...
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Carbon Countdown: Prices and Politics in the EU-ETS
Market counts down to the MSR The EU carbon market has been the hottest commodity market in the world over...
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Dispatch dogfight: will the EU ETS put gas in the money in 2018?
Since the start of the year, EU carbon has doubled in value, raising the possibility of coal to gas switching...
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Carbon Clampdown: Closing the Gap to a Paris-compliant EU-ETS
Closing the Gap to a Paris-compliant EU-ETS Carbon pricing, whether via cap-and-trade schemes or taxes, is...
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Annual Review 2019
29 July 2020Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to...
Read More
Carbon Countdown: Prices and Politics in the EU-ETS
Market counts down to the MSR The EU carbon market has been the hottest commodity market in the world over...
Read More
Carbon Clampdown: Closing the Gap to a Paris-compliant EU-ETS
Closing the Gap to a Paris-compliant EU-ETS Carbon pricing, whether via cap-and-trade schemes or taxes, is...
Read More
Since the start of the year, EU carbon has doubled in value, raising the possibility of...
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Carbon Tracker’s Christmas Cracker 2017
21 December 2017If you read just one thing this year…… first, it’s December! What took you so...
Read MorePopular News & Events
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Shift to electric vehicles in emerging markets will ‘end oil era’
China leads transition that may slash growth in global oil demand by...
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Carbon Tracker to Measure World’s Power Plant Emissions from Space with Support from Google.org
Think tank to continue pioneering satellite-based power plant...
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Important 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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