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

Is Georgia a tipping point for new US climate policy?
Amid rising tension the final votes of the 2020 U.S. election were cast last week. By electing Democrats...
Read MoreOur Research
View all our research2020 at Carbon Tracker
22 December 2020Carbon Tracker's Christmas Cracker had a makeover in 2020. This infographic originally...
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 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 MoreFault 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 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 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, Exxon’s return to shareholders was negative 10%. In September 2014,...
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 pipeline...
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 More2020 at Carbon Tracker
22 December 2020Carbon Tracker's Christmas Cracker had a makeover in 2020. This infographic originally...
Read MoreNothing to lose but your chains: The emerging market transport leapfrog
Falling battery prices and the electrification of transport systems in emerging markets will reduce...
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 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 MoreFalling battery prices and the electrification of transport systems in emerging markets...
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 MoreThe Decline Rate Delusion
The argument is often made that oil reserves have high natural decline rates which necessitate the continuous...
Read More2020 at Carbon Tracker
22 December 2020Carbon Tracker's Christmas Cracker had a makeover in 2020. This infographic originally...
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 MoreThe 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 MoreIs Georgia a tipping point for new US climate policy?
13 January 2021Amid rising tension the final votes of the 2020 U.S. election were cast last week. By...
Read More2020 at Carbon Tracker
Carbon Tracker's Christmas Cracker had a makeover in 2020. This infographic originally went out in our...
Read MoreThe Road Ahead for the Green New Deal
For the past two years, the Green New Deal (GND) has driven the conversation about how to address climate...
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 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 MoreIs Georgia a tipping point for new US climate policy?
13 January 2021Amid rising tension the final votes of the 2020 U.S. election were cast last week. By...
Read More2020 at Carbon Tracker
Carbon Tracker's Christmas Cracker had a makeover in 2020. This infographic originally went out in our...
Read MoreThe Road Ahead for the Green New Deal
For the past two years, the Green New Deal (GND) has driven the conversation about how to address climate...
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 MoreMeasuring 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 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 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 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 is becoming a political decision that increasingly conflicts with underlying...
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 MoreMeasuring 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 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 MoreCoal Bailout Infects Weakened State Budgets
The sudden economic downturn brought on by the Coronavirus threatens to cripple the finances of U.S state...
Read MoreShopping the Black Friday shale – North America’s oil and gas industry goes on an M&A spree
30 November 20202020 has, to put it mildly, been full of surprises. Oil and gas companies, long...
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 risks to fossil fuel producers...
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 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 MoreFault 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 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 MoreWhack-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 MoreCarbon Tracker's modelling shows no new oil sands are needed in a low carbon...
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 pay practice doesn’t yet live up to climate ambition, with the gap between stated ambition and...
Read MoreShopping the Black Friday shale – North America’s oil and gas industry goes on an M&A spree
30 November 20202020 has, to put it mildly, been full of surprises. Oil and gas companies, long...
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 MoreEni – the first oil company to lay out a strategy of managed decline?
At the end of February, Italian oil major Eni announced new carbon emissions reduction plans. While not...
Read 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 MoreAnnual Review 2019
Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to accelerate the energy...
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 MoreWhack-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 MorePolitical 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 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 & EventsCarbon Tracker and Energy & Clean Air Analytics announce the spinoff of the Satellite Work Stream with the establishment of a new organisation
LONDON/NEW YORK, January 11 – Carbon Tracker announces that its...
Read MoreCarbon Tracker bolsters senior management & research team, spins off satellite work
Catharina Hillenbrand von der Neyen named Head of Company Research of...
Read MoreOur Current Vacancies
Cleantech Analyst
Location Home working due to Covid “normally” London...
Important Resources
View all Refs and ResourcesVideo: 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 Video2 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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