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
14 July 2021
Reach for the Sun: The emerging market electricity leapfrog
Fossil fuel electricity generation has peaked worldwide as emerging market countries seize the opportunities...
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They only fill when they drill
15 July 2021Financial assurance requirements are universally considered to be too low to pay for...
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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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Oil companies should hedge their bets on CCUS and offsetting
Shell and Eni’s recent strategy updates have highlighted a key emerging point in the debate on oil and gas...
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99% of producers give the rest a bad name
There’s a quip about lawyers that goes 99% of attorneys give the rest a bad name. The same can be said...
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Beyond 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...
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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 and stranded asset 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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They only fill when they drill
15 July 2021Financial assurance requirements are universally considered to be too low to pay for...
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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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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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How 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...
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Shell and Eni’s recent strategy updates have highlighted a key emerging point in the...
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99% of producers give the rest a bad name
There’s a quip about lawyers that goes 99% of attorneys give the rest a bad name. The same can be said...
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Oil should fund its own retirement
“Having looked to government for bread, on the first scarcity they will turn and bite the hand that fed...
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Shell Execs now paid to walk the talk
2020 was a tough year for big oil. Short-term demand was hammered by the impacts of Covid-19, while the...
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Fossil fuel electricity generation has peaked worldwide as emerging market countries...
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Mineral constraints for transition overstated by IEA
The IEA’s latest piece on minerals[1] critical to the energy transition gives a rather pessimistic spin to...
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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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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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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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Smart investments and viral ideas in pandemic recovery and contagious new tools for...
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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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The Trillion Dollar Energy Windfall
Falling renewable costs and intermittency solutions drive a tipping point for the Inevitable Policy...
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The IEA’s latest piece on minerals[1] critical to the energy transition gives a rather...
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Kingsmill 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...
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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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How 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...
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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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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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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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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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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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Can you see stranded assets through the SMOG?
29 April 2021In the run up to COP 26 many oil and gas companies have announced ‘net-zero by 2050’...
Read More
The mom and pop oil company
As the Colorado Oil and Gas Conservation Commission (COGCC) weighs competing demands of protecting the state...
Read More
99% of producers give the rest a bad name
There’s a quip about lawyers that goes 99% of attorneys give the rest a bad name. The same can be said...
Read More
Oil should fund its own retirement
“Having looked to government for bread, on the first scarcity they will turn and bite the hand that fed...
Read More
They only fill when they drill
15 July 2021Financial assurance requirements are universally considered to be too low to pay for...
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
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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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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A Clean Energy Portfolio (CEP) is already more competitive than new combined-cycle gas...
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Il rischio di andare a tutto gas: Perché l’Italia dovrebbe investire nel settore dell’energia pulita
Nel presente studio analizziamo l’attuabilità finanziaria di nuove centrali a gas in Italia,...
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Foot off the Gas: Why the UK should invest in clean energy
Betting on new gas today means shouldering consumers with higher prices tomorrow as well as missing the net...
Read More
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...
Read More
They only fill when they drill
15 July 2021Financial assurance requirements are universally considered to be too low to pay for...
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
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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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 pipelines and...
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Emissions trajectories continue to bend lower Last month, both Shell and Eni revised...
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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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Shopping 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...
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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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Renewables continue to increase their cost competitiveness versus coal, with 27% of the...
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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
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...
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 Korea must take opportunity to end coal power and accelerate renewables build-out by 2028
20 May 2021Ending the use of coal for power generation in South Korea by 2028 is not only possible...
Read More
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...
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...
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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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Renewables continue to increase their cost competitiveness versus coal, with 27% of the...
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
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
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
Renewables continue to increase their cost competitiveness versus coal, with 27% of the...
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
Il rischio di andare a tutto gas: Perché l’Italia dovrebbe investire nel settore dell’energia pulita
Nel presente studio analizziamo l’attuabilità finanziaria di nuove centrali a gas in Italia,...
Read More
Foot off the Gas: Why the UK should invest in clean energy
Betting on new gas today means shouldering consumers with higher prices tomorrow as well as missing the net...
Read More
A cost-optimized analysis for a renewables investment schedule for South Korea shows that...
Read More
Apocoalypse Now
The energy complex has EU coal generators in a chokehold. Are policymakers and investors prepared for what...
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
South Korea must take opportunity to end coal power and accelerate renewables build-out by 2028
20 May 2021Ending the use of coal for power generation in South Korea by 2028 is not only possible...
Read More
2020 at Carbon Tracker
Carbon Tracker's Christmas Cracker had a makeover in 2020. This infographic originally went out in our...
Read More
Vistra 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...
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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...
Read More
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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Paris target at risk as five countries plan 80% of world’s new coal power
Investors warned that Asian governments’ plans for 600 new coal...
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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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Oil majors’ net zero plans still far from Paris targets
Companies strengthen climate policies but many keep options to...
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Important Resources
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Tools
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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