Research
We carry out scenario analysis and research to examine and understand how potential changes to supply and demand will impact the future of fossil fuel-exposed companies and projects. This analysis helps the investment community better understand the financial implications of tackling climate change
Popular Reports
Feet to the Fire: An analysis of potential outcomes of...
Oil
07 September 2022
The Sky’s the Limit: Solar and wind energy...
Energy transition
23 April 2021
EU Coal: The Good, The Bad & The Ugly
Power
14 September 2022
Flying blind: The glaring absence of climate risks in...
Climate risk disclosure
16 September 2021
Our Latest Research
Climate risk disclosure
Report
06 October 2022
Still Flying Blind: The Absence of Climate Risk...
In 2021, Carbon Tracker published its first report about the degree to which companies had disclosed taking climate risks into account...
Report
19 September 2022
Tracking Emissions to Source
Introducing a global registry of fossil fuels to drive corporate and government accountability. The Global Registry of Fossil Fuels...
Corporate Research
Analyst Note
17 September 2022
Corporate 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 could retire 5.7GW of older...
Power
Analyst Note
17 September 2022
Corporate 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. Datteln4 is a major obstacle to...
Power
Analyst Note
17 September 2022
Corporate 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. Germany has yet to bring forward...
Power
Analyst Note
17 September 2022
Corporate 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 Agreement. CEZ is retiring coal...Popular Reads
Feet to the Fire: An analysis of potential outcomes of the Colorado 700-Series Rulemaking
We carry out scenario analysis and research to examine and understand how potential changes to supply and...
Read More
The Sky’s the Limit: Solar and wind energy potential is 100 times as much as global energy demand
We carry out scenario analysis and research to examine and understand how potential changes to supply and...
Read More
We are writing this report because retiring coal is the fastest route to decarbonisation and alignment with the goals of the...
Read More
Feet to the Fire: An analysis of potential outcomes of the Colorado...
Oil Analyst Note September 2022Colorado’s new financial assurance rules will help mitigate orphan well risk, but the benefits are blunted by substantial...
Read More
This year has seen the fundamental dynamics of global energy markets turned completely on their head. A potent cocktail of...
Read More
The UK’s energy security strategy is back at the forefront of political debate. As the government looks to show leadership...
Read More
Summer 2022 has been a rollercoaster for climate advocates in America. On June 30, the US Supreme Court ruled, in West...
Read More
Letter to ISSB on Sustainability- and Climate-related Disclosures
Climate risk disclosure Analyst Note August 2022The International Sustainability Standards Board’s Exposure Drafts “IFRS S1 General Requirements for Disclosure of...
Read More
Event Horizon: A Case Study of Holdback and the Point of No Return for...
Analyst Notes Analyst Note July 2022When oil companies defer saving for asset retirement obligations (AROs), the liabilities accumulate. Meanwhile production, and...
Read More
But it might just save the world North American oil and gas companies are going big on carbon capture, utilisation, and...
Read More
CLP Holdings Limited (CLP) has a commitment to achieve net zero emissions by 2050. However, we do not think CLP’s net zero plan...
Read More
Tenaga Nasional Berhad (TNB) aims to achieve net zero emissions by 2050 underpinned by a commitment to reduce 35% of its...
Read More
Adani Power Limited (APL) has no commitment to achieve net zero emissions and no meaningful plans to manage the energy transition...
Read More
In June, Saudi Aramco published its first ever Sustainability Report, containing details of its "net zero by 2050” target and...
Read More
On June 30, the U.S. Supreme Court ruled that the EPA does not have authority, under the Clean Air Act, to set up an emissions...
Read More
Over $1 trillion of oil & gas assets risk becoming stranded as a result of policy action on climate and the rise in...
Read More
Fossil fuel commodity prices are likely to remain volatile with the prospect for further embargos. This is a manifestation of non...
Read More
The Gulf of Mexico has long been a major oil and gas producing region for the U.S., but field depletion in shallower regions near...
Read More
*This blog is written by Dwayne Purvis for Carbon Tracker* The dynamics of unfunded plugging liabilities have changed so...
Read More
Oil and gas companies are still failing to commit to the absolute emissions reductions necessary to link their businesses to the...
Read More
Shell recently published its first Energy Transition Progress Report. The document has been produced ahead of the AGM on 24...
Read More
The risks associated with gas infrastructure investment have never been higher This report continues our series exploring the...
Read More
None of the CA100+ focus companies within upstream oil & gas production or coal & gas-powered electricity generation have...
Read More
Russia’s unprovoked invasion of Ukraine has created terrible consequences for those living inside Ukraine, but at the same time...
Read More
Out of the frying pan and into the fire: the heat is building on climate...
Energy transition Blog February 2022As temperatures accelerate towards 1.5˚C, near-term actions that limit global warming would reduce losses and damages related to...
Read More
Today the Supreme Court hears oral arguments in the case of West Virginia v. EPA. The case centers on the EPA’s ability to...
Read More
With respect to asset retirement obligations in the oil patch, every regulator has to answer three questions: How do you...
Read More
Why Jordan Peterson Should Think Again on the Energy Transition
Energy transition Blog February 2022On a recent episode of Joe Rogan’s controversial and highly influential podcast, Canadian psychology professor and best-selling...
Read More
Poland’s Energy Dilemma: New gas power traps taxpayers in a costly...
Gas Analyst Note February 2022Poland is approaching a key point in determining the future direction of its power system and the technologies that it wishes to...
Read More
Late last month ExxonMobil launched its Advancing Climate Solutions – 2022 Progress Report,[1] which describes how it is...
Read More
Opinion: Liberalisation and decarbonisation are a recipe for volatility
Energy transition Guest Blog February 2022Market-based pricing for gas saved EU consumers billions – until this winter's energy crunch came along. Europe’s exposure to...
Read More
Managing Peak Oil: Why rising oil prices could create a stranded asset...
Oil Analyst Note January 2022Firms can avoid wasting $500bn with managed approach to transition in Inevitable Policy Response scenario even if oil demand...
Read More
Carbon Tracker recently announced that it was creating a Global Registry of Fossil Fuels, the “Registry,” which will be a...
Read More
As a candidate President Biden spoke of the need to act on climate change and said, “it requires action, not denial…...
Read More
Tackling the Methane problem: why investors should drive change at...
Energy transition Blog January 2022To keep 1.5°C alive, immediate action on methane emissions is required from the oil and gas industry, with significant impact...
Read More
2021 Wrapped Up Here is an infographic of the key events that took place at Carbon Tracker and in the climate space in...
Read More
We welcome the recent announcement that South Africa has struck a deal to access concessional financing of $8.5bn over the next...
Read More
Recently I wrote about how the Biden Administration’s efforts to fight climate change could be sailing into rough waters after...
Read More
Third Point, the US activist hedge fund, has recently proposed a significant change to the corporate structure of Shell,...
Read More
In January, the Colorado Oil and Gas Conservation Commission (COGCC) will vote on the new financial assurance rules for Colorado,...
Read More
Right now, global energy commodity prices remain close to long-term highs despite recent declines. But short-term strength in...
Read More
After months of legislative negotiations, the $1.2 trillion Infrastructure bill made it through Congress and was signed by...
Read More
Mergers and acquisition (M&A) activity is shaking up the Australian oil and gas sector. In two proposed all-share deals,...
Read More
When a well is drilled, a legal obligation to plug the well and reclaim the surface is created This is a critical aspect of...
Read More
The Chinese government has been sending mixed messages on its long-term climate ambitions once again On the one hand, an...
Read More
$110 billion of coal plants owned by listed Asian utilities could become uneconomic as the world takes action to meet climate...
Read More
Repsol has seemingly upped its emissions cutting game In early October, responding to shareholder pressure, Repsol announced a...
Read More
Summary As the Colorado Oil and Gas Conservation Commission’s (COGCC) seeks to fulfill its statutory mandate to “require...
Read More
Unabated gas plants’ future role in the power system should be predominantly limited to backup reserve to allow for flexible...
Read More
There is a paradox at the heart of expertise: those who have accumulated the most authority in an industry are often those least...
Read More
Race to the Top: Internalising oil and gas retirement costs
Climate risk disclosure Report October 2021Compared to other large oil and gas producing states, California and Ohio rank last in forcing the closure of idled, abandoned...
Read More
Colorado’s ineffective financial assurance and well plugging rules have allowed the growth of a large portfolio of marginal and...
Read More
Flying blind: The glaring absence of climate risks in financial reporting
Climate risk disclosure Report September 2021Investors are Flying Blind as over 70% of reviewed companies and 80% of auditors fail to disclose climate-related risks in the...
Read More
Committing to net zero is not enough – the emissions reduction pathway is critical Carbon Tracker’s fifth annual...
Read More
The world has changed a lot since Paris; so too should the logic of climate mitigation. Mitigating climate change is no longer...
Read More
On Monday 9th August, the Intergovernmental Panel on Climate Change (IPCC) delivered a climate report warning of ‘code red for...
Read More
In less than 100 days COP26 will start. Many agree that this year’s conference is being held at a critical moment. To...
Read More
Spiralling Disruption: The feedback loops of the energy transition
Energy transition Analyst Note August 2021The fossil energy system is falling over the edge of the demand cliff. 2019 was likely peak fossil fuel demand and this marks...
Read More
Financial assurance requirements are universally considered to be too low to pay for plugging and abandoning wells. An inventory...
Read More
Fossil fuel electricity generation has peaked worldwide as emerging market countries seize the opportunities of low-cost...
Read More
Renewables continue to increase their cost competitiveness versus coal, with 27% of the global coal fleet unprofitable today. Do...
Read More
Recently, we submitted a letter in response to the Securities and Exchange Commission’s (SEC) Public Input on Climate Change...
Read More
The election of President Joe Biden brought a seismic shift in U.S. government policy toward climate change. In addition to...
Read More
Oil and gas companies are increasingly announcing new climate goals as they seek to maintain a social licence to...
Read More
Ending the use of coal for power generation in South Korea by 2028 is not only possible but also the most economical option in...
Read More
The IEA’s latest piece on minerals[1] critical to the energy transition gives a rather pessimistic spin to what was some very...
Read More
In the run up to COP 26 many oil and gas companies have announced ‘net-zero by 2050’ targets. However, very few companies...
Read More
The Sky’s the Limit: Solar and wind energy potential is 100 times as...
Energy transition Report April 2021Solar and wind potential is far higher than that of fossil fuels and can meet global energy demand many times over, unlocking...
Read More
A cost-optimized analysis for a renewables investment schedule for South Korea shows that a more ambitious rollout of renewable...
Read More
Shell and Eni’s recent strategy updates have highlighted a key emerging point in the debate on oil and gas companies’...
Read More
As the Colorado Oil and Gas Conservation Commission (COGCC) weighs competing demands of protecting the state finances and...
Read More
A Tale of Two Share Issues: How fossil fuel equity offerings are losing...
Climate risk disclosure Analyst Note March 2021The value of share offerings in fossil fuel producing and related companies dropped by $123 billion in the last decade,...
Read More
There’s a quip about lawyers that goes 99% of attorneys give the rest a bad name. The same can be said about oil producers...
Read More
A Clean Energy Portfolio (CEP) is already more competitive than new combined-cycle gas plants (CCGTs) in Italy. Foot Off the Gas...
Read More
Nel presente studio analizziamo l’attuabilità finanziaria di nuove centrali a gas in Italia, confrontandone il costo con...
Read More
“Having looked to government for bread, on the first scarcity they will turn and bite the hand that fed them.” Edmund...
Read More
2020 was a tough year for big oil. Short-term demand was hammered by the impacts of Covid-19, while the ever-growing...
Read More
When it comes to oilfield plugging obligations, industry voices contend that industry has the problem in hand.[1] And where it...
Read More
Emissions trajectories continue to bend lower Last month, both Shell and Eni revised their scope 3 emissions plans, updating...
Read More
Betting on new gas today means shouldering consumers with higher prices tomorrow as well as missing the net zero pathway the UK...
Read More
Can a virus and viral ideas speed the world’s journey beyond fossil...
Analyst Notes Analyst Note February 2021Smart investments and viral ideas in pandemic recovery and contagious new tools for deeper, cheaper energy efficiency could speed...
Read More
As Colorado considers improvements to its oil and gas regulations, some will undoubtedly point to its idle well program as a...
Read More
This weekend marks the end of the first month of the Biden Presidency. In the weeks since the inauguration we have seen a wave...
Read More
Beyond Petrostates: The burning need to cut oil dependence in the energy...
Oil Report February 2021Fossil fuel-reliant countries could see a drop of 51% in government oil and gas revenues in a shift to a low-carbon world over...
Read More
Colorado drillers pay pennies on the dollar to plug oil wells
Climate risk disclosure Blog February 2021The Colorado Oil & Gas Compact Commission (COGCC) is considering improvements to its oil and gas bonding regime. These...
Read More
To ensure companies meet their obligations to plug oil and gas wells and reclaim drilling sites, Colorado regulations require oil...
Read More
Kingsmill Bond on BBC News talking Joe Biden’s Presidency & the...
Energy transition Blog January 2021Carbon Tracker's New Energy Strategist Kingsmill Bond argues the election of Joe Biden on a ticket to restore America's climate...
Read More
2021 is a year of opportunity; one of resetting, reshaping and a chance to remove distortions that hinder an orderly energy...
Read More
Amid rising tension the final votes of the 2020 US election were cast last week. By electing Democrats Raphael Warnock and John...
Read More
Carbon Tracker's Christmas Cracker had a makeover in 2020. This infographic originally went out in our December newsletter,...
Read More
Groundhog Pay: How executive incentives trap companies in a loop of fossil...
Oil Analyst Note December 2020The energy transition will require oil and gas companies to fundamentally change the way they do business. Groundhog Pay...
Read More
For the past two years, the Green New Deal (GND) has driven the conversation about how to address climate change. It has been the...
Read More
2020 has, to put it mildly, been full of surprises. Oil and gas companies, long predictable and averse to change, have even...
Read More
The oil and gas industry, like many other commodity industries, has long been characterised by volatility, instability and...
Read More
Nothing to lose but your chains: The emerging market transport leapfrog
Energy transition Analyst Note November 2020Falling battery prices and the decarbonisation of transport systems in emerging markets will reduce dependency on oil imports and...
Read More
Guest post by Carbon Tracker advisory board member Nick Robins - reposted with permission from the author If there is one...
Read More
The exit of Trump removes the greatest impediment to the energy transition, and will unleash a great era of creativity and...
Read More
Explorers use maps intensively, but they take the information recorded in the charts they use with a few grains of salt, knowing...
Read More
A key tipping point was reached in 2019. Global demand for fossil fuels peaked and is unlikely ever to recover to its pre-crisis...
Read More
Between 2014 and the end of 2019, ExxonMobil 's return to shareholders was negative 10%. In September 2014, Carbon Tracker...
Read More
Given the 24 hour news cycle around the US Congressional and Presidential Election, it would be easy to focus only on what...
Read More
Fault Lines: How diverging oil and gas company strategies link to stranded...
Oil Report October 2020In a series of reports since 2011, Carbon Tracker has shown the financial and stranded asset risks to fossil fuel producers...
Read More
Proposals to enhance climate-related disclosures by listed issuers and...
Climate risk disclosure Report October 2020Carbon Tracker and Assurance Mark were given the opportunity to comment on the FCA’s above-referenced proposals (the...
Read More
The Texas-based company Vistra recently announced that they will close six coal power plants and cut their coal generating...
Read More
During her presidential campaign announcement, Senator Amy Klobuchar declared that on her first day in office she would take the...
Read More
There are 2.6 million unplugged onshore wells in the U.S., with another estimated 1.2 million that are undocumented. In It’s...
Read More
"Nobody move! I have a hostage. If anyone follows us, I'll kill myself and then her." Roy Miller, Knight and Day A classic...
Read More
As part of a UK government-funded project to support the Philippines power sector stakeholders navigate the shifts, risks and...
Read More
Passing transformative climate change legislation through the U.S. Congress will be one of the major legislative battles of this...
Read More
One of the world’s leading energy forecasters released a report this morning arguing that 2019 was the peak of the fossil fuel...
Read More
The Future’s Not in Plastics: Why plastics demand won’t rescue the oil...
Energy transition Analyst Note September 2020The oil and petrochemical industries are betting their future growth prospects on demand for plastics. But plastics demand is...
Read More
"Oil and gas companies are hurtling toward bankruptcy, raising fears that wells will be left leaking planet-warming pollutants,...
Read More
BP has elaborated on its strategy to deliver net zero – cutting oil and gas production by “at least” 40% by...
Read More
Last Call – States’ final chance to avoid the clean-up tab for big...
Climate risk disclosure Blog July 2020The coronavirus pandemic has caused a sharp decline in oil demand, putting intense pressure on oil companies with large...
Read More
Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to accelerate the energy transition by...
Read More
Carbon Tracker's modelling shows no new oil sands are needed in a low carbon world. Prospective pipelines and projects represent...
Read More
Although coal has long been viewed as the cheapest way to power the global economy, this is no longer the case. New renewable...
Read More
With 46 GW of renewable energy capacity, Enel is the largest private operator of renewable energy globally. [i] [ii] Enel also...
Read More
There is growing recognition that drastic changes to oil and gas consumption are required to meet the finite limits of a global...
Read More
The Earth's temperatures continue to rise causing catastrophic climate change. The risks of climate change are having major...
Read More
Carbon Tracker pioneered work on the oil and gas industry’s “stranded assets”; as investors increasingly ask whether oil...
Read More
The oil industry’s financial statements reflect climate change conflict Oil and gas companies have never been under more...
Read More
Key findings: Our research shows that UK Export Finance supports upstream oil projects that seem very likely to become...
Read More
Decline and Fall: The Size & Vulnerability of the Fossil Fuel System
Energy transition Report June 2020The energy transition is disrupting the entire fossil fuel system, with profound consequences for financial markets and...
Read More
This blog was originally posted here on 26 May 2020. It is reprinted with permission. The world of Environmental, Social and...
Read More
The sudden economic downturn brought on by the Coronavirus threatens to cripple the finances of U.S state governments. The...
Read More
The COVID-19 pandemic shut economies, disrupted established global production chains and pressed an indefinite pause on the...
Read More
At the end of February, Italian oil major Eni announced new carbon emissions reduction plans. While not aiming for net zero...
Read More
In ancient Greek theatre, deus ex machina (“god from the machine”) is when a seemingly intractable plot issue is...
Read More
This blog updates our 2018 note Carbon Budgets Explained. Carbon budgets – the amount of carbon dioxide emissions permitted...
Read More
The Covid-19 crisis is showing up the oil and gas industry’s exposure to the threat of falling demand, a forewarning of what...
Read More
The IEA on Thursday[1] released some eye-watering projections for energy demand declines in 2020 in the light of the Covid19...
Read More
The 2019 report on the Speed of the Energy Transition by the World Economic Forum Global Future Council on Energy described two...
Read More
One of last year’s key developments relating to climate change risks was a handful of fossil fuel producers agreeing to show...
Read More
South Korea needs to phase-out unabated gas by 2050 in a Paris-aligned scenario or potentially risk $60 billion in stranded...
Read More
Written by: Greg Rogers, Theron Horton, Rob Schuwerk Is the goal to get out all of the oil, or get out of the retirement...
Read More
The arms race in setting carbon emissions targets is such that Shell, once one of the industry leaders when it announced its...
Read More
Building and operating coal power is becoming a political decision that increasingly conflicts with underlying economic...
Read More
At this time of crisis, the immediate issue is to solve the health and economic emergencies, and we salute the heroes of the...
Read More
I was sitting in a hot tub in Leningrad in the summer of 1990 when I realised the Soviet Union would fall. There were five of...
Read More
COVID-19 is crippling economies and creating turmoil in financial markets. This note gives our outlook for coal generation in...
Read More
COVID-19 continues to shake the global economy, and energy markets are no exception. Oil in particular finds itself caught...
Read More
The piece originally was posted to the World Economic Forum website on March 18, 2020. The impact of China's previous...
Read More
Fanning the Flames: How executives continue to be rewarded to produce more...
Oil Analyst Note March 2020Company executives pay practice doesn’t yet live up to climate ambition, with the gap between stated ambition and demonstrable...
Read More
Coal developers risk wasting more than $600 billion because it is already cheaper to generate electricity from new renewables...
Read More
The piece originally was posted to LGIM Future World Blog on February 26, 2020. It is reprinted with permission. By Nick...
Read More
The Flip Side: Stranded Assets and Stranded Liabilities
Climate risk disclosure Analyst Note February 2020Carbon Tracker’s fundamental insight is that the oil and gas industry’s growth plans do not fit in a low carbon world. As...
Read More
Amid ever-increasing concerns over climate risks, BP is the latest European oil and gas company to announce a climate goal with...
Read More
According to Carbon Tracker analysis, Indonesia has 15 coal-fired plants (6.4 GW) aged 20 years and older. The decision to...
Read More
Handbrake Turn: The cost of failing to anticipate an Inevitable Policy...
Oil Analyst Note January 2020In this report, we look at the Inevitable Policy Response (IPR), which models the potential impacts of delayed tough...
Read More
The purpose of this note is to: Address RWE’s response to our recent report Apocoalypse Now, by acknowledging that, per...
Read More
Coal power is losing its economic footing. As detailed in Figure 1, according to Carbon Tracker analysis, which is based on...
Read More
SSE aligns with Carbon Tracker’s Paris-compliant methodology for coal...
Coal Flash Note December 2019In November, SSE confirmed that its remaining hard coal units at Fiddler’s Ferry power plant in the UK will close by 31...
Read More
Iberdrola aligns with Carbon Tracker’s Paris-compliant methodology for...
Coal Flash Note December 2019Iberdrola announced at the opening of the United Nations Framework Convention on Climate Change (COP25) this week it will...
Read More
Repsol has just announced a shift in strategic direction – to become a net zero emissions company by 2050. This move extends...
Read More
Economist Ann Pettifor is one of several leading thinkers publishing books on the Green New Deal (GND) this year. However unlike...
Read More
To deflate the carbon bubble and protect investors, oil & gas companies must shrink The world’s listed oil and gas majors...
Read More
The energy complex has EU coal generators in a chokehold. Are policymakers and investors prepared for what comes next? In this...
Read More
Carbon Tracker's mission is to align investors strategies to climate change action. We recognise that there is...
Read More
The economic viability of new and existing coal in Japan could be severely undermined by cheap renewables and, without policy...
Read More
Once upon a time – the 1990s if you are interested -- there was a wondrous oil company called Exxon. It was run by a clever...
Read More
Submission to Treasury Committee on Green Finance & Decarbonisation...
Climate risk disclosure Blog September 2019Carbon Tracker's Mike Knight submitted evidence to the Treasury Select Committee inquiry into the decarbonisation of the UK...
Read More
This report provides an update to our 2017 and 2018 "2 Degrees of Separation" reports, along with an updated methodology. The...
Read More
Gradual or Rapid Energy Transition: What path are we on? The energy industry is complex, and understanding the major trends...
Read More
The Amazon is burning, Greenland is melting, the US is rolling back environmental protections, and the energy sector consensus is...
Read More
Falling renewable costs and intermittency solutions drive a tipping point for the Inevitable Policy Response The Inevitable...
Read More
At Carbon Tracker - our research focus is the impact of climate change on financial markets. Our global coal report, Powering...
Read More
Last week Carbon Tracker’s power & utilities team was in Manila to attend the launch of a UK government-funded project to...
Read More
During the inaugural London Climate Action Week - Carbon Tracker co-hosted the Climate Risk and the Capital Domino Effect event...
Read More
Climate Action 100+ power utility profiles for mainstream investors to align with Paris and manage energy transition...
Read More
Recently Carbon Tracker’s power and utilities team travelled to Vietnam to market our latest analyst note, Here Comes the Sun...
Read More
14 June | The Vatican Mary Robinson served as president of Ireland from 1990 to 1997, and as UN High Commissioner for Human...
Read More
The following piece originally was posted to Oilprice.com on March 3, 2019. It is reprinted with permission. Investors are...
Read More
Vietnam’s low-cost renewables revolution and its implications for coal power investments Key findings: ...
Read More
The UK Climate Change Committee (CCC) has reported on its recommended targets for the UK to reduce its greenhouse gas emissions...
Read More
Reporting for a Secure Climate: A model disclosure for upstream oil and gas
Climate risk disclosure Report May 2019There is growing attention on the potential impacts of climate-related risks on the upstream oil and gas sector A 2019 report by...
Read More
The argument is often made that oil reserves have high natural decline rates which necessitate the continuous investment in and...
Read More
ConocoPhillips: Concerned on Capex, Cagey on the Dwindling Carbon Budget
Climate risk disclosure Blog March 2019ConocoPhillips’ February 2019 climate report lays out a thoughtful approach to governing climate risk. It addresses...
Read More
Why shareholders should rethink executive reward For much of the early part of this century, the oil and gas industry was in...
Read More
The missing link – bridging the gap between emission targets and fossil...
Climate risk disclosure Blog February 2019To manage against the goals of the Paris Agreement, oil companies like Chevron must factor scope 3 emissions into their capital...
Read More
BP and Glencore announce plans to link fossil fuel investments to Paris Agreement goals 2019 is shaping up to be the year in...
Read More
In this study we review the remuneration practice used in the oil and gas industry and look at alignment with either growth or...
Read More
By Anthony Hobley Attending Davos for the World Economic Forum (WEF) Annual Meeting is like being thrown into the centre of...
Read More
The political tipping point: Why the politics of energy will follow the...
Energy transition Analyst Note January 2019The political tipping point is coming. The falling costs of renewables are driving a political tipping point where politicians...
Read More
Our New Energy Strategist co-authored this report for the International Renewable Energy Agency (IRENA) Fundamental changes...
Read More
Why carbon intensity ambitions are welcome, but strict limits on future project sanction remain the route to Paris...
Read More
What can the global oil and gas sector learn from the decline of the European electricity sector after 2007? The story of the...
Read More
Arriving into Katowice Poland, host city for COP24, you were immediately struck by the obvious conflict at the heart of the UN...
Read More
Myths of the Energy Transition – Don’t Let Stranded Economic Thinking...
Energy transition Blog December 2018In the 2014 film Merchants of Doubt a small group of well funded lobbyists cast doubts over the science linking tobacco to lung...
Read More
Myths of the transition: Hard-to-abate sectors prevent an energy transition
Energy transition Analyst Note December 2018Myth 3. Hard-to-abate sectors prevent an energy transition This is the third of the Energy Transition Myth Busters series,...
Read More
This interactive portal and accompanying report track the economic and financial risks of coal power at the asset-level...
Read More
Adding a Green Economy to a Brown Economy Does Not Equal Success.
Energy transition Blog November 2018Our Take on OECD Green Finance 2018 Over 2 days in Paris, 13-14 November business leaders, Government policy makers, NGOs and...
Read More
This blog originally appeared on the IEEFA website By Tom Sanzillo, Kathy Hipple and Clark Williams-Derry Invest in the...
Read More
Myths of the transition: The intermittency of renewables prevents an...
Energy transition Analyst Note November 2018Myth 2. The intermittency of renewables will prevent the transition This is the second of the Energy Transition Myth Busters...
Read More
Myths of the transition: Renewables are too small to matter
Energy transition Analyst Note November 2018Myth 1. Renewable energy sources are too small to impact the giant fossil fuel sector. This is the first of a series on the...
Read More
Economic and financial risks of coal power in Indonesia, Vietnam and the...
Coal Report October 2018Examining the stranded asset risk of coal plants in Indonesia, Vietnam and The Philippines These three country briefings...
Read More
By Paul Spedding BP chief executive Bob Dudley is at risk of being branded an altruist if his “Oil and Money” speech to...
Read More
Nowhere to hide: Using satellite imagery to estimate the utilisation of...
Power Report October 2018In this report, we present the results from a revolutionary method pioneered by Carbon Tracker to use satellite imagery to...
Read More
Carbon capture and storage, or CCS, refers to technologies that allow us to capture CO2 at the source of its production and...
Read More
The peak in fossil fuel demand will have a dramatic impact on financial markets in the 2020s. The global energy system is...
Read More
One of the questions we are most frequently asked by investors is – how can we tell if a company is “Paris compliant”? This...
Read More
The asset economics and financial implications of Energa’s and Enea’s proposed new Ostrołęka coal power plant C In this...
Read More
Mobilising IOSCO to take action on the TCFD recommendations
Climate risk disclosure Report August 2018This report was produced by Client Earth, WWF and Carbon Tracker The International Organization of Securities Commissions...
Read More
Market counts down to the MSR The EU carbon market has been the hottest commodity market in the world over the last 16...
Read More
In the nexus of climate change and financial markets, disclosure is the flavour of the day. Carbon Tracker recently analysed...
Read More
Guest Blog from Greg Rogers, Co-founder, Eratosthenes LLC In a classic scene from the 1976 American comedy, The Gumball Rally,...
Read More
This report updates our 2 Degrees of Separation report, published in June 2017 2 Degrees of Separation laid out a framework...
Read More
EV Oil Demand Displacement Interactive Tool This report and accompanying interactive tool look exclusively at...
Read More
Dispatch dogfight: will the EU ETS put gas in the money in 2018?
Carbon Markets Analyst Note June 2018Since the start of the year, EU carbon has doubled in value, raising the possibility of coal to gas switching in power...
Read More
Under The Microscope: Are companies’ scenario analyses meeting...
Climate risk disclosure Report May 2018This paper provides in-depth analysis of the company disclosure of the largest oil and gas companies: BP, Chevron, Conoco...
Read More
One year ago we posted here comes the sun – a blog which found the lowest solar bid of 2017 could be less than the cash cost of...
Read More
Several financial institutions have recently announced they will stop funding new coal power projects, with HSBC being the...
Read More
Closing the Gap to a Paris-compliant EU-ETS Carbon pricing, whether via cap-and-trade schemes or taxes, is not sufficient on...
Read More
Well Cooked? EOG Resources drops resolution on GHG emissions
Climate risk disclosure Blog April 2018An SEC decision allowed EOG Resources to exclude a shareholder resolution on GHG emissions A recent SEC decision allowing EOG...
Read More
Falling Short – An assessment of ExxonMobil’s disclosure of...
Climate risk disclosure Report March 2018This is the first in a series of reports on company scenario analyses, focusing on ExxonMobil This paper seeks to assist...
Read More
Summary Occidental neglects demand fundamentals in its 2°C analysis and opts for the foregone conclusion of a test against...
Read More
This study updates our report 2 Degrees of Separation, and for the first time quantifies risk of overinvestment under a 1.75ᵒC...
Read More
Chevron’s recent climate change disclosures become the first to reach down to the asset level, but remain light on useful...
Read More
Summary The operating costs of coal units are complex and depend on many variables. Coal units are complex, long-life...
Read More
ExxonMobil's Energy and Carbon Summary is a step in the right direction, but lacks clarity across a number of...
Read More
A PDF version of this paper is available here. An updated version of this note is available now in Carbon Budgets: Where are...
Read More
Our analysts Matt Gray and Laurence Watson respond to PPL's recent Climate Assessment Report. Summary Following a...
Read More
Facts still matter: FERC saves US energy consumer $1.4b pa by rejecting...
Coal Analyst Note January 2018Summary The Federal Energy Regulatory Commission (FERC) announced on 8 January that it would reject the Notice of Proposed...
Read More
Summary: Xcel Energy’s 2017 Colorado filing shows the median bid price for wind plus storage was $21/MWh and for solar...
Read More
Submission to BEIS on Streamlined Energy and Carbon Reporting proposal
Climate risk disclosure Report January 2018Carbon Tracker's submission to the consultation phase of the Department of Business, Energy & Industrial Strategy's...
Read More
Comments on the Environmental Audit Committee’s Green Finance inquiry
Climate risk disclosure Report December 2017Carbon Tracker Initiative comments on the Environmental Audit Committee’s Green Finance inquiry We welcome the opportunity...
Read More
Comments on SASB’s Proposed Changes to Provisional Standards
Climate risk disclosure Report December 2017Carbon Tracker's comments on the Sustainability Accounting Standards Board proposed changes to provisional standards. We...
Read More
If you read just one thing this year…… first, it’s December! What took you so long?......second, make it this. Much...
Read More
Headlines Growth of electric vehicles (EVs) in scenarios developed by some oil majors is ten years behind the level expected...
Read More
In this report, we look at how a scenario for the EU28 that is compliant with limiting the rise in global warming to below 2°C...
Read More
A Time Machine for Climate Risk: bringing the future forward with 2˚C...
Climate risk disclosure Blog November 2017See here for a downloadable version of this blog. “Breaking the Tragedy of the Horizon” It has been two years since the...
Read More
What does a 2°C scenario mean for future refining capacity? In this paper, we look at how a scenario for oil demand that is...
Read More
Perry’s proposal to reregulate US power markets – $1.4b pa subsidy...
Coal Analyst Note October 2017The Notice of Proposed Rulemaking (NOPR) announced on September 29 will grant coal and nuclear units operating in organised...
Read More
State of the transition: The roulette wheels of Las Vegas land on green
Energy transition Blog September 2017What have Las Vegas casinos got in common with tackling climate change and transitioning to a low carbon economy? More than you...
Read More
Coal’s market share in the US power mix is being diminished at an unprecedented rate due to fierce competition from cheap gas...
Read More
Explore the report webpage: 2degreeseparation.com This report, produced by Carbon Tracker, Principles for Responsible...
Read More
Does the oil major’s 2017 Energy Perspectives mark new thinking for the company? On June 8th, Statoil published the 2017...
Read More
Industry opposes enhanced climate risk disclosure, concerned it will move...
Climate risk disclosure Blog May 2017Robert Shuwerk responds to industry opposition to the TCFD recommendations. The Financial Stability Board’s task force on...
Read More
Glencore released a report last week ahead of its Annual General Meeting aimed at assessing the long-term implications of climate...
Read More
Cost reductions of India’s solar revolution should serve as a warning to coal investors This week solar PV prices in India...
Read More
Former UN climate change chief Christiana Figueres brings new urgency to the global climate conversation with a campaign to...
Read More
Unexpectedly, the oil and gas love-in that is CERAWeek saw the latest round of climate risk disclosure emerging from the oil...
Read More
Carbon Tracker’s submission to the FSB Task Force on Climate-related...
Climate risk disclosure Report February 2017In response to an enquiry from the G20, the Financial Stability Board produced a seminal report investigating the implications of...
Read More
Expect the Unexpected: The Disruptive Power of Low-carbon Technology
Energy transition Report February 2017This report was produced in partnership between Carbon Tracker and the Grantham Institute at Imperial College London. The...
Read More
Alpha Natural Resources, Peabody Energy Corp., and Arch Coal, Inc.—three of the four largest U.S. coal companies by annual...
Read More
Financial Stability Board talks of climate change in a language investors...
Climate risk disclosure Blog January 2017Carbon Tracker's Rob Schuwerk explains why the FSB's climate risk recommendations are an important step towards helping financial...
Read More
The 12 Days of Carbon Tracker Well…that was different. 2016 has been quite the year of change. A year of political events that...
Read More
State of The Transition, November 2016: Steps forward continue to...
Energy transition Guest Blog December 2016Guest post by Jeremy Leggett, Non-executive chairman of Carbon Tracker The global energy transition remains in...
Read More
Chasing the Dragon? China’s coal overcapacity crisis and what it means...
Power Report November 2016China is currently building more coal plants than it needs and in doing so is misallocating capital at an unprecedented...
Read More
Latest IEA Outlook outlines an accelerated low-carbon transition
Energy transition Blog November 2016WEO 2016 also warns of disjointed scenario if energy transition is delayed. Scenarios are not forecasts The scenarios produced...
Read More
Guest post by Kingsmill Bond, new energy analyst at Trusted Sources (research & consultancy) The orthodox view is that...
Read More
Even if oil prices rise in the aftermath of the OPEC agreement on cutting production, the oil industry should be wary of...
Read More
Carbon Tracker’s work on the energy transition has already demonstrated the value in challenging traditional energy model...
Read More
Submission to SEC on Property Disclosures for Mining Registrants
Climate risk disclosure Report September 2016In response to the US Securities and Exchange Commission (SEC) Release No. 33-10098, "Modernization of Property Disclosures for...
Read More
Carbon Tracker’s submission to the US Securities and Exchange...
Climate risk disclosure Report July 2016In response to the SEC's Concept Release on Business and Financial Disclosure, Carbon Tracker submitted comments, identifying...
Read More
Why a 2°C business model is less risky than 'business-as-usual' for oil companies. The business model for many companies in the...
Read More
In January 2016 the US Secretary of the Interior announced a moratorium on new coal leasing on public lands pending completion of...
Read More
No Rhyme or Reason – Unreasonable projections in a world confronting...
Climate risk disclosure Report July 2016In the US, carbon-intensive sectors have made risk factor disclosures related to climate change for years but very little of it...
Read More
Carbon Tracker’s reports and blogs are available in seven different languages: Arabic...
Read More
U.S. and European oil and gas companies are under increasing pressure from shareholders to stress test their businesses against a...
Read More
In April 2016, the Financial Stability Board’s Task Force on Climate-Related Financial Disclosures published a report on Phase...
Read More
Oil majors could be worth up to $140 billion more by aligning production with climate targets
Read More
Carbon Tracker’s submission to UK Department of BIS consultation:...
Climate risk disclosure Report April 2016In 2013, the European Commission adopted proposals for a Directive amending the Accounting Directive in relation to the reporting...
Read More
A series of recent Forbes articles intend to cast doubt on the relevance of stranded asset risks to investors. Mark Fulton,...
Read More
The flaws in the business models of some of the largest US shale producers are becoming clear. Growing levels of debt are...
Read More
In 2016, the Kingdom of Saudi Arabia has a major opportunity to develop a new industry, an opportunity that became something of...
Read More
Carbon Tracker’s submission to the Parliament of Australia’s Senate...
Climate risk disclosure Report March 2016In February 2016, we were invited to contribute to the Australian Senate Economics References Committee’s inquiry into carbon...
Read More
The recent shift in China’s economy has been one of dramatic speed and scale. The first decade of the 2000s saw China’s...
Read More
By Paul Spedding, Former Global Co-Head of Oil And Gas Research at HSBC and Advisor to Carbon Tracker. First appeared on...
Read More
Full Disclosure: Why Chevron Needs to Stress-Test the Business at...
Climate risk disclosure Report March 2016This paper examines Chevron’s current disclosures in the context of Carbon Tracker’s April 2015 Blueprint, where we...
Read More
Carbon Tracker & Sandbag written evidence on EAC Inquiry on...
Climate risk disclosure Report February 2016UK Environmental Audit Committee inquiry: Sustainability and HM Treasury The cross-departmental Environmental Audit Committee...
Read More
Just because one of Britain's best loved vehicles rolled off the production line for the last time last week doesn't...
Read More
Considerations for reporting and disclosure in a carbon-constrained world
Climate risk disclosure Report January 2016Hot on the heels of a historic climate deal in Paris the Carbon Tracker Initiative and the Climate Disclosure Standards Board,...
Read More
Shelagh Whitley and Mark Fulton President Obama’s rejection of the Keystone XL pipeline last November signalled a landmark...
Read More
Stranded Assets a Response: Myth or Reality? Late last year respected British economist Dieter Helm dismissed the concept of...
Read More
Recommended Strategic Risk Engagement Principles for Fossil Fuel Companies
Climate risk disclosure Report December 2015In 2011, Carbon Tracker asked whether the world’s capital markets were carrying a “carbon bubble”. Further analysis...
Read More
The data is clear – the energy transition is underway, and the direction of travel is away from fossil fuels. But not everyone...
Read More
Carbon Tracker’s submission to HM Treasury consultation on energy...
Climate risk disclosure Report November 2015In late 2015, the U.K.’s economic and finance ministry sought public responses to a consultation concentrated on simplifying...
Read More
Lost in Transition: How the energy sector is missing potential demand...
Energy transition Report October 2015This report is designed to challenge the conventional thinking and linear models which dominate the current scenarios for energy...
Read More
This paper, first presented at the 1st Global Stranded Assets Conference, hosted by the Smith School in Oxford September 2015,...
Read More
Is Royal Dutch Shell, one of the world’s biggest oil and gas companies, really turning its back on fossil fuels? Not only has...
Read More
There has been much discussion of fossil fuel subsidies as both an inefficient use of public tax dollars and a barrier to the...
Read More
“First they ignore you, then they laugh at you, then they fight you, then you win.” Mahatma Gandhi I recently attended a...
Read More
First appeared in BusinessGreen Global coal is on the ropes. Prices of thermal coal have collapsed as demand evaporates;...
Read More
This guest post by Paul Gilding, an independent writer, corporate advisor and advocate for action on climate change and...
Read More
Low carbon scenarios do include the potential for gas demand to grow over the next decade. But if we are to stay within a carbon...
Read More
Fossil Fuel companies failing legal duty to report climate risk
Climate risk disclosure Report June 2015Some fossil fuel companies are failing in their legal duty to address climate risk in their reporting, a group of non-profit...
Read More
First appeared in BusinessGreen Will the United Nations Climate Change Conference (COP 21) in Paris later this year be a...
Read More
Petrobras’ recent launch of a notional $2.5 billion worth of 100-year bonds has been viewed as evidence that investors,...
Read More
In this report we analyse the EU’s largest 5 power generators: Électricité de France (EDF), GDF Suez, Enel, E.ON and RWE, who...
Read More
The Carbon Tracker Initiative’s Submission to the Capital Markets Union...
Climate risk disclosure Report May 2015Carbon Tracker recently submitted comments to the European Commission's ongoing capital markets union (CMU)...
Read More
Rising greenhouse gas emissions are often talked about as a one-time, irreversible natural experiment with the climate...
Read More
First appeared in BusinessGreen Through our pioneering “Carbon Bubble” work we used a simple idea and easy numbers to...
Read More
First appeared in BusinessGreen As the world’s top financiers gather in Paris ahead of International Climate Finance Day on...
Read More
First appeared in BusinessGreen Ahead of the Paris climate talks the burning question for policy makers and investors is how...
Read More
US shale production has prompted increased volatility in the oil markets, as exemplified by the 50% drop in prices during the...
Read More
Carbon Tracker is developing a transition road map for the fossil fuel industry. This will outline the steps we believe that the...
Read More
The steep fall in the price of oil since the middle of last year has brought volatility back to the market with a vengeance,...
Read More
The market for thermal coal is in structural decline in the United States. Squeezed out by an abundance of cheap shale gas and...
Read More
The 2015 Oil Spending Review is in Full Swing With oil prices collapsing to between $50/$60 a barrel (at the...
Read More
Over the past 18 months the Carbon Tracker Initiative has written a number of studies on the economics of the controversial...
Read More
In a letter to the U.S. Securities and Exchange Commission as part of its ongoing review of disclosure, the Carbon Tracker...
Read More
During 2014, following in the footsteps of Shell and ExxonMobil, oil and gas industry association IPIECA published a “fact...
Read More
Carbon Tracker Initiative's Anthony Hobley argues that far from being a disaster for clean tech, low oil prices could aid...
Read More
Carbon Tracker comment on US-China climate change agreement “For Carbon Tracker, today’s announcement of the “joint...
Read More
This Carbon Tracker report shows how rural communities in Africa and India suffering most from a lack of modern energy can...
Read More
Carbon Tracker’s ultimate vision is a climate-secure energy and financial system. This does not mean fossil fuels being...
Read More
Recognising Risk, Perpetuating Uncertainty. A baseline survey of climate...
Climate risk disclosure Report October 2014In partnership with Ceres, CDP and CDSB, Carbon Tracker has assessed the responses from over 80 fossil fuel companies to a...
Read More
Our research on coal consists of a package of detailed analyses of coal supply, demand and financial trends. The accompanying...
Read More
Shell underestimates risk for up to $77 bln of high cost oil projects The Carbon Tracker Initiative (CTI) and Energy...
Read More
This latest piece of research from Standard & Poors’ coal analysts in collaboration with CTI explores for the first time...
Read More
Since the turn of the century, China has almost single-handedly been driving global thermal coal consumption growth. Changes in...
Read More
This report is a risk analysis which provides a tool for the majority of investors who cannot simply divest, so they can...
Read More
Exxon: Is business as normal the right strategy? Earlier this month, ExxonMobil published a document entitled, “Energy and...
Read More
Carbon Tracker respond to the US Department of State's Final Supplemental Environmental Impact Statement (FSEIS) with our new...
Read More
Carbon content is a key financial element of fossil fuel reserves. In December 2013, Carbon Tracker submitted a letter to the...
Read More
Following on from Carbon Tracker’s Unburnable Carbon 2013 global analysis, we release this report in collaboration with The...
Read More
Carbon Avoidance: Accounting for emissions hidden in reserves
Climate risk disclosure Report October 2013This new research from Carbon Tracker and the Association of Chartered Certified Accountants reveals that current financial...
Read More
The fourth in the series of Carbon Tracker's Unburnable Carbon reports, focuses on Brazil - a country with the fascinating...
Read More
This new research from Carbon Tracker and the Grantham Research Institute on Climate Change and the Environment at LSE calls...
Read More
Carbon Tracker and Standard & Poors have been working together on the implications of carbon constraints for credit ratings...
Read More
This new analysis from the Carbon Tracker Initiative finds that the current coal reserves earmarked for the South African market,...
Read More
This is the original report which pioneered the concept of the 'Carbon Bubble'. This award-winning analysis by Carbon...
Read More