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Carbon Tracker is an independent financial think tank that carries out in-depth analysis on the impact of the energy transition on capital markets and the potential investment in high-cost, carbon-intensive fossil fuels.
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EU Gas Summary
Decarbonising CCGT, grids & Scope 3 Emissions Engie needs to consider retiring merchant CCGT...
Read MoreOur Latest Research



EU Gas Summary
Decarbonising CCGT, grids & Scope 3 Emissions Engie needs to consider retiring merchant CCGT...
Read MoreOur Research
View all our researchS-curves in the driving seat of the energy transition
30 January 2023Download Infographic Here The energy transition may well be determined by the phenomenon...
Read MoreInvestors Need to Look Carefully at Stranded Asset Risks
This article was first published by Brink News, with thanks to Thomas Carver. The shift away from a...
Read MoreOne in three UK car sales may be fully electric by end ‘23 as S-Curve transforms market
Blog Series: The UK’s adoption of BEVs – in 2016 UK BEV car sales (all electric) were a mere one in a...
Read MoreSlipped Gear: Automaker emissions goals unaligned to meet climate targets
This report is an assessment of automotive company alignment to the Paris Agreement and their position...
Read MoreThe Transition Files: periodic thoughts and views on companies, industries and energy transition
The Transition Files In Volume 1, this journal comprises: an article on SHELL, another on Discounted Cash...
Read MoreThis report is an assessment of automotive company alignment to the Paris Agreement and...
Read MoreThe Transition Files: periodic thoughts and views on companies, industries and energy transition
25 October 2022The Transition Files In Volume 1, this journal comprises: an article on SHELL, another...
Read MoreOne in three UK car sales may be fully electric by end ‘23 as S-Curve transforms market
05 January 2023Blog Series: The UK’s adoption of BEVs – in 2016 UK BEV car sales (all electric) were...
Read MoreS-curves in the driving seat of the energy transition
30 January 2023Download Infographic Here The energy transition may well be determined by the phenomenon...
Read MoreInvestors Need to Look Carefully at Stranded Asset Risks
This article was first published by Brink News, with thanks to Thomas Carver. The shift away from a...
Read MoreEU Gas Summary
Decarbonising CCGT, grids & Scope 3 Emissions Engie needs to consider retiring merchant CCGT...
Read MoreNaturgy Energy Group S.A – Five steps to alignment
Transition Plan Analysis: For Naturgy to be fully aligned with the goals of the Paris Agreement, five...
Read MoreEngie – Reducing both scope 1 and 3 emissions – scope for improvement
Transition Plan Analysis: Engie’s plans to reduce carbon intensity for scope 1 and 3 emissions from...
Read MoreCentrica plc – Four steps from Company, Regulator and Government to reach alignment
For Centrica to be aligned with the goals of the Paris Agreement, four things need to happen: The...
Read MoreEU Gas Summary
25 January 2023Decarbonising CCGT, grids & Scope 3 Emissions Engie needs to consider retiring...
Read MoreNaturgy Energy Group S.A – Five steps to alignment
Transition Plan Analysis: For Naturgy to be fully aligned with the goals of the Paris Agreement, five...
Read MoreEngie – Reducing both scope 1 and 3 emissions – scope for improvement
Transition Plan Analysis: Engie’s plans to reduce carbon intensity for scope 1 and 3 emissions from...
Read MoreCentrica plc – Four steps from Company, Regulator and Government to reach alignment
For Centrica to be aligned with the goals of the Paris Agreement, four things need to happen: The...
Read MoreCorporate Research: Uniper SE – Restructuring due but let’s not forget decarbonisation
17 September 2022Uniper SE Uniper’s transition to net zero is not aligned with the goals of the...
Read MoreCorporate Research: RWE AG – Talking the talk, but will need to walk the walk
RWE AG RWE’s transition to net zero is not fully aligned with the goals of the Paris Agreement. ...
Read MoreCorporate Research: CEZ a.s – Restructuring due; urgent need for renewables
CEZ a.s CEZ’s transition to net zero by 2040 is not fully aligned with the goals of the Paris...
Read MoreEU Coal: The Good, The Bad & The Ugly
We are writing this report because retiring coal is the fastest route to decarbonisation and alignment with...
Read MoreShell’s Energy Transition Progress Report: Still lacking absolute emissions Scope 3 interim targets
06 May 2022Shell recently published its first Energy Transition Progress Report. The document has...
Read MoreShell and Third Point: Spinning (Off) the Sector
Third Point, the US activist hedge fund, has recently proposed a significant change to the corporate...
Read MoreThe Transition Files: periodic thoughts and views on companies, industries and energy transition
25 October 2022The Transition Files In Volume 1, this journal comprises: an article on SHELL, another...
Read MoreInvestors Need to Look Carefully at Stranded Asset Risks
27 January 2023This article was first published by Brink News, with thanks to Thomas Carver. The...
Read MoreS-curves in the driving seat of the energy transition
Download Infographic Here The energy transition may well be determined by the phenomenon of S-curves. This...
Read MoreResponse to the FCA’s Consultation Paper
Response to the Financial Conduct Authority’s Consultation Paper “Sustainability Disclosure Requirements...
Read MoreA New Theory of ARO Creditor Rights
With approximately 2.1 million abandoned wells across the U.S., there is growing concern about unfunded asset...
Read MoreDrilling down: The importance of understanding projected oil and gas prices used in financial reporting
Financial statements, like economic models, are only as good as the inputs to them. Inputs [1] underpin...
Read MoreResponse to the FCA’s Consultation Paper
26 January 2023Response to the Financial Conduct Authority’s Consultation Paper “Sustainability...
Read MoreStill Flying Blind: The Absence of Climate Risk in Financial Reporting
In 2021, Carbon Tracker published its first report about the degree to which companies had disclosed taking...
Read MoreUkraine FAQs
Fossil fuel commodity prices are likely to remain volatile with the prospect for further embargos. This is a...
Read MoreDouble or Nothing: How regulators are gambling on the future self-interest of large oil and gas companies to decommission the Gulf of Mexico’s aging infrastructure
The Gulf of Mexico has long been a major oil and gas producing region for the U.S., but field depletion in...
Read MoreA New Theory of ARO Creditor Rights
11 January 2023With approximately 2.1 million abandoned wells across the U.S., there is growing concern...
Read MoreLetter to ISSB on Sustainability- and Climate-related Disclosures
The International Sustainability Standards Board’s Exposure Drafts “IFRS S1 General Requirements for...
Read MoreLetter to the SEC on Climate Change Disclosures
Recently, we submitted a letter in response to the Securities and Exchange Commission’s (SEC) Public Input...
Read MoreA 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...
Read MoreDrilling down: The importance of understanding projected oil and gas prices used in financial reporting
13 December 2022Financial statements, like economic models, are only as good as the inputs to...
Read MoreThe Transition Files: periodic thoughts and views on companies, industries and energy transition
25 October 2022The Transition Files In Volume 1, this journal comprises: an article on SHELL, another...
Read MoreInvestors Need to Look Carefully at Stranded Asset Risks
27 January 2023This article was first published by Brink News, with thanks to Thomas Carver. The...
Read MoreCA100+ a long way from destination
None of the CA100+ focus companies within upstream oil & gas production or coal & gas-powered...
Read MoreIs 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...
Read MoreCan 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,...
Read MoreInvestors Need to Look Carefully at Stranded Asset Risks
27 January 2023This article was first published by Brink News, with thanks to Thomas Carver. The...
Read MoreClimate Change and the First Rule of Italian Driving
Guest Blog from Greg Rogers, Co-founder, Eratosthenes LLC In a classic scene from the 1976 American...
Read MoreS-curves in the driving seat of the energy transition
30 January 2023Download Infographic Here The energy transition may well be determined by the phenomenon...
Read MoreInvestors Need to Look Carefully at Stranded Asset Risks
This article was first published by Brink News, with thanks to Thomas Carver. The shift away from a...
Read MoreEU Gas Summary
Decarbonising CCGT, grids & Scope 3 Emissions Engie needs to consider retiring merchant CCGT...
Read MoreNaturgy Energy Group S.A – Five steps to alignment
Transition Plan Analysis: For Naturgy to be fully aligned with the goals of the Paris Agreement, five...
Read MoreEngie – Reducing both scope 1 and 3 emissions – scope for improvement
Transition Plan Analysis: Engie’s plans to reduce carbon intensity for scope 1 and 3 emissions from...
Read MoreEU Gas Summary
25 January 2023Decarbonising CCGT, grids & Scope 3 Emissions Engie needs to consider retiring...
Read MoreNaturgy Energy Group S.A – Five steps to alignment
Transition Plan Analysis: For Naturgy to be fully aligned with the goals of the Paris Agreement, five...
Read MoreEngie – Reducing both scope 1 and 3 emissions – scope for improvement
Transition Plan Analysis: Engie’s plans to reduce carbon intensity for scope 1 and 3 emissions from...
Read MoreCentrica plc – Four steps from Company, Regulator and Government to reach alignment
For Centrica to be aligned with the goals of the Paris Agreement, four things need to happen: The...
Read MoreThe fossil energy system is falling over the edge of the demand cliff. 2019 was likely...
Read MoreCan 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...
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 MoreOn Track for Paris? IEA lays out required pace of energy transition to keep 1.5°C in sight
20 January 2023Viewed as an established authority on the latest energy trends, the annual World Energy...
Read MoreThe Transition Files: periodic thoughts and views on companies, industries and energy transition
25 October 2022The Transition Files In Volume 1, this journal comprises: an article on SHELL, another...
Read MoreS-curves in the driving seat of the energy transition
30 January 2023Download Infographic Here The energy transition may well be determined by the phenomenon...
Read MoreCarbon Tracker Research in an Energy Transition Context
Carbon Tracker Research in an Energy Transition Context: October through November 2022 COP27...
Read MoreOut of the frying pan and into the fire: the heat is building on climate adaptation
As temperatures accelerate towards 1.5˚C, near-term actions that limit global warming would reduce losses...
Read MoreWhy 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 MoreMarket-based pricing for gas saved EU consumers billions – until this winter's energy...
Read MoreState 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...
Read MoreInvestors Need to Look Carefully at Stranded Asset Risks
27 January 2023This article was first published by Brink News, with thanks to Thomas Carver. The...
Read MoreS-curves in the driving seat of the energy transition
Download Infographic Here The energy transition may well be determined by the phenomenon of S-curves. This...
Read MoreDrilling down: The importance of understanding projected oil and gas prices used in financial reporting
Financial statements, like economic models, are only as good as the inputs to them. Inputs [1] underpin...
Read MoreParis Maligned
1.5°C-alignment requires production declines, but most oil & gas companies are planning to expand Oil...
Read MoreRefining exposure to an accelerating energy transition
The energy transition threatens companies involved in the downstream refining sector whose revenue is...
Read MoreParis Maligned
08 December 20221.5°C-alignment requires production declines, but most oil & gas companies are...
Read MoreUnburnable Carbon: Ten Years On
Over $1 trillion of oil & gas assets risk becoming stranded as a result of policy action on climate and...
Read MoreUkraine FAQs
Fossil fuel commodity prices are likely to remain volatile with the prospect for further embargos. This is a...
Read MoreDouble or Nothing: How regulators are gambling on the future self-interest of large oil and gas companies to decommission the Gulf of Mexico’s aging infrastructure
The Gulf of Mexico has long been a major oil and gas producing region for the U.S., but field depletion in...
Read MoreCrude Intentions: How oil and gas executives are still rewarded to chase fossil growth, despite the urgent need to transition
04 November 2022The energy transition is fundamentally shifting the way oil and gas companies operate; as...
Read MoreFeet to the Fire: An analysis of potential outcomes of the Colorado 700-Series Rulemaking
Colorado’s new financial assurance rules will help mitigate orphan well risk, but the benefits are blunted...
Read MoreEvent Horizon: A Case Study of Holdback and the Point of No Return for Decommissioning Upstream Oil and Gas “Assets”
When oil companies defer saving for asset retirement obligations (AROs), the liabilities...
Read MoreAbsolute Impact: Why Oil and Gas Companies Need Credible Plans to Meet Climate Targets
Oil and gas companies are still failing to commit to the absolute emissions reductions necessary to link...
Read MoreDrilling down: The importance of understanding projected oil and gas prices used in financial reporting
13 December 2022Financial statements, like economic models, are only as good as the inputs to...
Read MoreRefining exposure to an accelerating energy transition
The energy transition threatens companies involved in the downstream refining sector whose revenue is...
Read MoreShell’s Energy Transition Progress Report: Still lacking absolute emissions Scope 3 interim targets
Shell recently published its first Energy Transition Progress Report. The document has been produced ahead...
Read MoreShell and Third Point: Spinning (Off) the Sector
Third Point, the US activist hedge fund, has recently proposed a significant change to the corporate...
Read MoreThe Transition Files: periodic thoughts and views on companies, industries and energy transition
25 October 2022The Transition Files In Volume 1, this journal comprises: an article on SHELL, another...
Read MoreInvestors Need to Look Carefully at Stranded Asset Risks
27 January 2023This article was first published by Brink News, with thanks to Thomas Carver. The...
Read MoreWhy drilling for more fossil fuels won’t bring UK energy security or cut prices
The UK’s energy security strategy is back at the forefront of political debate. As the government looks...
Read MoreA magical CCUS unicorn will not save the oil industry
But it might just save the world North American oil and gas companies are going big on carbon capture,...
Read MoreOil giant Aramco still doing minimum to tackle emissions
In June, Saudi Aramco published its first ever Sustainability Report, containing details of its "net zero by...
Read MoreInvestors Need to Look Carefully at Stranded Asset Risks
27 January 2023This article was first published by Brink News, with thanks to Thomas Carver. The...
Read MoreIEEFA Update: Oil and gas industry caught in a capex conundrum
This blog originally appeared on the IEEFA website By Tom Sanzillo, Kathy Hipple and Clark...
Read MoreBP’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...
Read MoreInvestors Need to Look Carefully at Stranded Asset Risks
27 January 2023This article was first published by Brink News, with thanks to Thomas Carver. The...
Read MoreS-curves in the driving seat of the energy transition
Download Infographic Here The energy transition may well be determined by the phenomenon of S-curves. This...
Read MoreEU Gas Summary
Decarbonising CCGT, grids & Scope 3 Emissions Engie needs to consider retiring merchant CCGT...
Read MoreNaturgy Energy Group S.A – Five steps to alignment
Transition Plan Analysis: For Naturgy to be fully aligned with the goals of the Paris Agreement, five...
Read MoreEngie – Reducing both scope 1 and 3 emissions – scope for improvement
Transition Plan Analysis: Engie’s plans to reduce carbon intensity for scope 1 and 3 emissions from...
Read MoreEU Gas Summary
25 January 2023Decarbonising CCGT, grids & Scope 3 Emissions Engie needs to consider retiring...
Read MoreNaturgy Energy Group S.A – Five steps to alignment
Transition Plan Analysis: For Naturgy to be fully aligned with the goals of the Paris Agreement, five...
Read MoreEngie – Reducing both scope 1 and 3 emissions – scope for improvement
Transition Plan Analysis: Engie’s plans to reduce carbon intensity for scope 1 and 3 emissions from...
Read MoreCentrica plc – Four steps from Company, Regulator and Government to reach alignment
For Centrica to be aligned with the goals of the Paris Agreement, four things need to happen: The...
Read MoreCrude Intentions: How oil and gas executives are still rewarded to chase fossil growth, despite the urgent need to transition
04 November 2022The energy transition is fundamentally shifting the way oil and gas companies operate; as...
Read MorePoland’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 MoreThey only fill when they drill
Financial assurance requirements are universally considered to be too low to pay for plugging and abandoning...
Read MoreAbsolute 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 MoreShell and Third Point: Spinning (Off) the Sector
06 December 2021Third Point, the US activist hedge fund, has recently proposed a significant change to...
Read MoreAustralian 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 MoreWhen 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 MoreNorth 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 MoreThe Transition Files: periodic thoughts and views on companies, industries and energy transition
25 October 2022The Transition Files In Volume 1, this journal comprises: an article on SHELL, another...
Read MoreInvestors Need to Look Carefully at Stranded Asset Risks
27 January 2023This article was first published by Brink News, with thanks to Thomas Carver. The...
Read MoreEurope’s dash for LNG makes case against Asian gas investment stronger
This year has seen the fundamental dynamics of global energy markets turned completely on their head. A...
Read MoreClean energy can help undermine Russia and strengthen Europe
Russia’s unprovoked invasion of Ukraine has created terrible consequences for those living inside Ukraine,...
Read MoreTackling 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 MoreInvestors Need to Look Carefully at Stranded Asset Risks
27 January 2023This article was first published by Brink News, with thanks to Thomas Carver. The...
Read MoreIEEFA Update: Oil and gas industry caught in a capex conundrum
This blog originally appeared on the IEEFA website By Tom Sanzillo, Kathy Hipple and Clark...
Read MoreS-curves in the driving seat of the energy transition
30 January 2023Download Infographic Here The energy transition may well be determined by the phenomenon...
Read MoreInvestors Need to Look Carefully at Stranded Asset Risks
This article was first published by Brink News, with thanks to Thomas Carver. The shift away from a...
Read MoreRWE: Starting to walk the talk
RWE is bringing forward the closure of 3.1GW of lignite capacity at Niederaussem K, Neurath F & G from...
Read MoreCorporate Research: PGE – Urgency needed, especially for renewables
PGE PGE’s planned transition to net zero is not aligned with the goals of the Paris Agreement. PGE...
Read MoreCorporate Research: Uniper SE – Restructuring due but let’s not forget decarbonisation
Uniper SE Uniper’s transition to net zero is not aligned with the goals of the Paris Agreement. ...
Read MoreCorporate Research: RWE AG – Talking the talk, but will need to walk the walk
RWE AG RWE’s transition to net zero is not fully aligned with the goals of the Paris Agreement. ...
Read MoreRWE: Starting to walk the talk
07 October 2022RWE is bringing forward the closure of 3.1GW of lignite capacity at Niederaussem K,...
Read MoreCorporate Research: PGE – Urgency needed, especially for renewables
PGE PGE’s planned transition to net zero is not aligned with the goals of the Paris Agreement. PGE...
Read MoreUkraine FAQs
Fossil fuel commodity prices are likely to remain volatile with the prospect for further embargos. This is a...
Read MoreDo 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 MoreCorporate Research: Uniper SE – Restructuring due but let’s not forget decarbonisation
17 September 2022Uniper SE Uniper’s transition to net zero is not aligned with the goals of the...
Read MoreCorporate Research: RWE AG – Talking the talk, but will need to walk the walk
RWE AG RWE’s transition to net zero is not fully aligned with the goals of the Paris Agreement. ...
Read MoreCorporate Research: CEZ a.s – Restructuring due; urgent need for renewables
CEZ a.s CEZ’s transition to net zero by 2040 is not fully aligned with the goals of the Paris...
Read MoreEU Coal: The Good, The Bad & The Ugly
We are writing this report because retiring coal is the fastest route to decarbonisation and alignment with...
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 MoreSouth 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 MoreSouth 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 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 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 MoreS-curves in the driving seat of the energy transition
30 January 2023Download Infographic Here The energy transition may well be determined by the phenomenon...
Read MoreInvestors Need to Look Carefully at Stranded Asset Risks
This article was first published by Brink News, with thanks to Thomas Carver. The shift away from a...
Read MorePut a price on it: The case for more effective carbon pricing in Japan
Amidst an energy crisis and a power supply crunch, the Japanese power sector is today experiencing...
Read MoreThe Impact of West Virginia v. EPA
On June 30, the U.S. Supreme Court ruled that the EPA does not have authority, under the Clean Air Act, to...
Read MoreAnnual Review 2019
Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to accelerate the energy...
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 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 More