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

Foot off the Gas: Why the UK should invest in…
Betting on new gas today means shouldering consumers with higher prices tomorrow as well as missing the net...
Read MoreOur Research
View all our researchBeyond Petrostates: The burning need to cut oil dependence in the energy transition
11 February 2021Fossil fuel-reliant countries could see a drop of 51% in government oil and gas revenues...
Read More2020 at Carbon Tracker
Carbon Tracker's Christmas Cracker had a makeover in 2020. This infographic originally went out in our...
Read MoreGroundhog 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...
Read MoreShopping the Black Friday shale – North America’s oil and gas industry goes on an M&A spree
2020 has, to put it mildly, been full of surprises. Oil and gas companies, long predictable and averse to...
Read MoreBeyond Petrostates: The burning need to cut oil dependence in the energy transition
11 February 2021Fossil fuel-reliant countries could see a drop of 51% in government oil and gas revenues...
Read MoreFault 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 and stranded asset risks to fossil...
Read MoreBillion 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 MoreAnnual Review 2019
Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to accelerate the energy...
Read MoreThe energy transition will require oil and gas companies to fundamentally change the way...
Read MoreHow The Mighty Are Fallen – How Chasing Growth Destroyed Value In ExxonMobil
Between 2014 and the end of 2019, ExxonMobil 's return to shareholders was negative 10%. In September...
Read MorePipe 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 pipelines and...
Read MoreAbsolute 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 More2020 at Carbon Tracker
22 December 2020Carbon Tracker's Christmas Cracker had a makeover in 2020. This infographic originally...
Read MoreShopping the Black Friday shale – North America’s oil and gas industry goes on an M&A spree
2020 has, to put it mildly, been full of surprises. Oil and gas companies, long predictable and averse to...
Read MoreWhat goes down, must… trade cyclically with a lower average oil price
The oil and gas industry, like many other commodity industries, has long been characterised by volatility,...
Read More50 States of Play
Given the 24 hour news cycle around the US Congressional and Presidential Election, it would be easy to focus...
Read MoreTreat the cause, not the symptom
23 February 2021As Colorado considers improvements to its oil and gas regulations, some will undoubtedly...
Read MoreBiden Hits the Ground Running on Climate Change
This weekend marks the end of the first month of the Biden Presidency. In the weeks since the inauguration...
Read MoreColorado drillers pay pennies on the dollar to plug oil wells
The Colorado Oil & Gas Compact Commission (COGCC) is considering improvements to its oil and gas bonding...
Read MoreThe Moral Hazard of Blanket Bonds
To ensure companies meet their obligations to plug oil and gas wells and reclaim drilling sites, Colorado...
Read MoreProposals 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...
Read MoreBillion 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 MoreAnnual Review 2019
Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to accelerate the energy...
Read MoreIt’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 MoreThe oil industry’s financial statements reflect climate change conflict Oil and gas...
Read MoreThe 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...
Read MorePPL’s climate disclosure – misguided at best
Our analysts Matt Gray and Laurence Watson respond to PPL's recent Climate Assessment Report. Summary ...
Read MoreTreat the cause, not the symptom
23 February 2021As Colorado considers improvements to its oil and gas regulations, some will undoubtedly...
Read MoreBiden Hits the Ground Running on Climate Change
This weekend marks the end of the first month of the Biden Presidency. In the weeks since the inauguration...
Read MoreColorado drillers pay pennies on the dollar to plug oil wells
The Colorado Oil & Gas Compact Commission (COGCC) is considering improvements to its oil and gas bonding...
Read MoreThe Moral Hazard of Blanket Bonds
To ensure companies meet their obligations to plug oil and gas wells and reclaim drilling sites, Colorado...
Read MoreSmart investments and viral ideas in pandemic recovery and contagious new tools for...
Read MoreKingsmill Bond on BBC News talking Joe Biden’s Presidency & the implications for climate action
Carbon Tracker's New Energy Strategist Kingsmill Bond argues the election of Joe Biden on a ticket to restore...
Read More2020 at Carbon Tracker
Carbon Tracker's Christmas Cracker had a makeover in 2020. This infographic originally went out in our...
Read MoreNothing to lose but your chains: The emerging market transport leapfrog
Falling battery prices and the decarbonisation of transport systems in emerging markets will reduce...
Read MoreAnnual Review 2019
29 July 2020Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to...
Read MoreDecline 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...
Read MoreThe 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...
Read MoreCarbon Tracker Annual Review 2018-2019
Carbon Tracker's mission is to align investors strategies to climate change action. We...
Read MoreSmart investments and viral ideas in pandemic recovery and contagious new tools for...
Read MoreNothing to lose but your chains: The emerging market transport leapfrog
Falling battery prices and the decarbonisation of transport systems in emerging markets will reduce...
Read MoreThe 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...
Read MoreThe Trillion Dollar Energy Windfall
Falling renewable costs and intermittency solutions drive a tipping point for the Inevitable Policy...
Read MoreKingsmill Bond on BBC News talking Joe Biden’s Presidency & the implications for climate action
21 January 2021Carbon Tracker's New Energy Strategist Kingsmill Bond argues the election of Joe Biden on...
Read More2020 at Carbon Tracker
Carbon Tracker's Christmas Cracker had a makeover in 2020. This infographic originally went out in our...
Read MoreHow a just transition can speed up the race to net-zero
Guest post by Carbon Tracker advisory board member Nick Robins - reposted with permission from the...
Read MoreUnleashing the river of change
The exit of Trump removes the greatest impediment to the energy transition, and will unleash a great era of...
Read More2021 is a year of opportunity; one of resetting, reshaping and a chance to remove...
Read MoreMeasuring 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 MoreAnnual Review 2019
Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to accelerate the energy...
Read MoreHow 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 MoreAnnual Review 2019
29 July 2020Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to...
Read MoreHow 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 MorePolitical 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...
Read MoreHow to waste over half a trillion dollars: The economic implications of deflationary renewable energy for coal power investments
Coal developers risk wasting more than $600 billion because it is already cheaper to generate electricity...
Read MoreApocoalypse Now
24 October 2019The energy complex has EU coal generators in a chokehold. Are policymakers and investors...
Read MoreMaking it mainstream – CA100+ power utility profiles
Climate Action 100+ power utility profiles for mainstream investors to align with Paris and manage energy...
Read MoreUnderstanding 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...
Read MorePPL’s climate disclosure – misguided at best
Our analysts Matt Gray and Laurence Watson respond to PPL's recent Climate Assessment Report. Summary ...
Read MoreIndonesia 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 MoreSSE 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 MoreIberdrola 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 More2021 is a year of opportunity; one of resetting, reshaping and a chance to remove...
Read MoreMeasuring 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 MoreEnel 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 MoreA 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 MoreFoot off the Gas: Why the UK should invest in clean energy
25 February 2021Betting on new gas today means shouldering consumers with higher prices tomorrow as well...
Read MoreBeyond 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...
Read MoreCOP26: 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...
Read MoreShopping the Black Friday shale – North America’s oil and gas industry goes on an M&A spree
2020 has, to put it mildly, been full of surprises. Oil and gas companies, long predictable and averse to...
Read MoreFoot off the Gas: Why the UK should invest in clean energy
25 February 2021Betting on new gas today means shouldering consumers with higher prices tomorrow as well...
Read MoreBeyond 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...
Read MoreFault 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 and stranded asset risks to fossil...
Read MoreBillion 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 MoreCarbon Tracker's modelling shows no new oil sands are needed in a low carbon world....
Read MoreAbsolute 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 MoreThe 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 MoreFanning the Flames: How executives continue to be rewarded to produce more oil and gas at odds with the energy transition
Company executives pay practice doesn’t yet live up to climate ambition, with the gap between stated...
Read More2021 is a year of opportunity; one of resetting, reshaping and a chance to remove...
Read MoreShopping the Black Friday shale – North America’s oil and gas industry goes on an M&A spree
2020 has, to put it mildly, been full of surprises. Oil and gas companies, long predictable and averse to...
Read MoreChanging 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 MoreA 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 MoreFoot off the Gas: Why the UK should invest in clean energy
25 February 2021Betting on new gas today means shouldering consumers with higher prices tomorrow as well...
Read More2020 at Carbon Tracker
Carbon Tracker's Christmas Cracker had a makeover in 2020. This infographic originally went out in our...
Read MoreVistra takes an important step in the clean energy transition, but still has a long journey ahead
The Texas-based company Vistra recently announced that they will close six coal power plants and cut their...
Read MoreMeasuring 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 MoreFoot off the Gas: Why the UK should invest in clean energy
25 February 2021Betting on new gas today means shouldering consumers with higher prices tomorrow as well...
Read MoreAnnual Review 2019
Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to accelerate the energy...
Read MoreHow 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 MoreWhack-A-Mole: Will South Korea’s coal power transition be undermined by overcompensated gas?
South Korea needs to phase-out unabated gas by 2050 in a Paris-aligned scenario or potentially risk $60...
Read MoreApocoalypse Now
24 October 2019The energy complex has EU coal generators in a chokehold. Are policymakers and investors...
Read MoreMaking it mainstream – CA100+ power utility profiles
Climate Action 100+ power utility profiles for mainstream investors to align with Paris and manage energy...
Read MoreIndonesia 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 MoreSSE 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 MoreIberdrola 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 More2020 at Carbon Tracker
22 December 2020Carbon Tracker's Christmas Cracker had a makeover in 2020. This infographic originally...
Read MoreVistra takes an important step in the clean energy transition, but still has a long journey ahead
The Texas-based company Vistra recently announced that they will close six coal power plants and cut their...
Read MoreMeasuring 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 MoreA 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 MoreAnnual Review 2019
29 July 2020Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to...
Read MoreCarbon 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 MoreDispatch 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...
Read MoreCarbon 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 MoreAnnual Review 2019
29 July 2020Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to...
Read MoreCarbon 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 MoreCarbon 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 MoreSince the start of the year, EU carbon has doubled in value, raising the possibility of...
Read MoreCarbon Tracker’s Christmas Cracker 2017
21 December 2017If you read just one thing this year…… first, it’s December! What took you so...
Read MorePopular News & Events
View all News & EventsNew UK gas power could derail climate targets and push up power bills
Clean energy technologies could keep the lights on at lower...
Read MoreBeyond Petrostates Report Launch
24 February | Online OECD Development Centre and Carbon Tracker...
Event DetailsAsset Retirement Obligations (AROs) Portal Launch Webinar
2 March | Online US state and federal regulators have failed to...
Event DetailsImportant Resources
View all Refs and ResourcesAsset Retirement Obligations (ARO) Portal
In Carbon Tracker’s paper, It’s Closing Time: The Huge Bill to Abandon Oilfields Comes Early,...
View ToolVideo: 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...
Watch VideoCompany Profiles
Analysis for upwards of ~65 companies in the Oil & Gas and Power & Utilities sectors, demonstrating...
View Tool