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
Blindspot: Auto Loan ABS An Asset-Backed Insecurity?
Automotive
24 May 2023
There Will Be Blood: Decommissioning California’s...
Gas
18 May 2023
Missed Pitch
Gas
05 May 2023
The Sky’s the Limit: Solar and wind energy...
Energy transition
23 April 2021
Our Latest Research
Automotive
Analyst Note
24 May 2023
Blindspot: Auto Loan ABS An Asset-Backed...
Poorly performing Auto Loan ABS has the potential to put the brakes on bond holder returns and automaker cashflow In developed markets,...
Flash Notes
Flash Note
22 May 2023
Enabling the UK power sector’s transition
In Marginal Call, we assessed options for the redesign of Great Britain’s wholesale power market. We highlighted that the need to...
Gas
Report
18 May 2023
There Will Be Blood: Decommissioning California’s Oilfields
California’s oil and gas producing resources have been in overall decline for nearly four decades, but the industry turned a corner...
Blog
16 May 2023
Autumn 2023: Crunch Time for the Climate, and for Climate COPs
It’s been remarked on already, but let’s repeat it: this autumn could define how the international community responds to climate change...
Flash Notes
Flash Note
16 May 2023
Talking the talk but not walking the walk – The absence of net zero financial disclosures
Companies around the world are setting net zero by 2050 targets. Despite that, our analysis shows that of 134 carbon-intensive public...
Corporate Research
Report
09 May 2023
Will Shell’s Energy Transition Strategy Change Under Its New CEO? – Updated Version
Given the very large size of Shell’s hydrocarbon assets on the balance sheet, to convert Shell into a business able to cope well with the...Popular Reads
Blindspot: Auto Loan ABS An Asset-Backed Insecurity?
We carry out scenario analysis and research to examine and understand how potential changes to supply and...
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There Will Be Blood: Decommissioning California’s Oilfields
We carry out scenario analysis and research to examine and understand how potential changes to supply and...
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Many leading asset managers’ investment practices deviate from climate positioning. As awareness of the climate crisis...
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Net Zero has become an energy transition delay tactic, driven by incumbents, but it is unlikely to work - as we detail in this...
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Midstream Running Dry: Energy transition also threatens firms that store...
Flash Notes Flash Note April 2023The midstream sector is a crucial link in the oil and gas supply chain; like the industry at large it faces a series of risks as...
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The recent Environmental Audit Committee’s (EAC) Finance and Net Zero Inquiry, gives us an opportunity to look how...
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Transition Plan Analysis (TPA1) – EDF SA: Nuclear funding gap for...
Corporate Research Report April 2023Transition Plan Analysis Despite nationalisation, EDF remains a major issuer in the fixed income space as well as a competitive...
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Transition Plan Analysis In this note Will Grainger, our Senior North American Power and Utilities Analyst, outlines the key...
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The Transition Files: periodic thoughts and views on companies, industries...
Corporate Research Journal April 2023In this edition of our Transition Files Journal, we celebrate our coverage of US Power and Utilities corporates with a rigorous...
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Standing at the crossroads: Colorado Commissioners facing difficult...
Climate risk disclosure Blog April 2023As the Colorado Oil and Gas Conservation Commission (COGCC) evaluates operator bonding proposals, and goes through hearings on...
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With UK and European leaders continuing to ponder the long-term future of power market design, common themes continue to arise...
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Driving in the Dark: Why automotive companies need to shed light on...
Climate risk disclosure Flash Note April 2023As automotive companies start to release their annual reports for FY2022 we take look at how they considered climate in...
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Balancing Act: Stranded Assets and Flexibility in China’s Power Sector
Power Analyst Note March 2023In September 2020, the People’s Republic of China announced targets of peaking economy-wide carbon emissions before 2030 and...
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Major oil and gas companies still have choices about how to minimise the risk of having stranded assets, for now. Early in...
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With oil and gas firms announcing executive pay packages, some have come under fire for the bumper payouts awarded to their top...
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Transition Plan Analysis (TPA) Level 2 Despite differing views on climate change, it cannot escape anyone’s attention that...
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SHELL – Will Shell’s Energy Transition Strategy Change Under Its...
Corporate Research Report March 2023Key Findings: Shell has made a significant effort to improve the amount, depth and frequency of information in its approach...
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In early 2022, Colorado overhauled its financial assurance rules for oil and gas companies in a rulemaking mandated by SB...
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In response to state regulations, Colorado oil and gas well operators have submitted their financial assurance plans. On this...
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Transition Plan Analysis (TPA) Level 1 Despite differing views on climate change, it cannot escape anyone’s attention that...
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There must have been a time in the 1920s some 20 years after the introduction of the Model T Ford in the United States, and with...
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Auditors play a vital role in contributing to the efficiency of financial markets. Their audits provide an independent check...
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At more than 300 pages, there is much to absorb in Chris Skidmore MP’s Net-Zero Review for the British government – and to...
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Last month, President Biden marked his second year in office. As a candidate, he often discussed the need to take on climate...
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Recent extreme price spikes for the GB power market have triggered key discussions over whether the time has come for a shift in...
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Download Infographic Here The energy transition may well be determined by the phenomenon of S-curves. This is because the future...
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This article was first published by Brink News, with thanks to Thomas Carver. The shift away from a carbon-based economy risks...
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Response to the Financial Conduct Authority’s Consultation Paper “Sustainability Disclosure Requirements (SDR) and investment...
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Decarbonising CCGT, grids & Scope 3 Emissions Engie needs to consider retiring merchant CCGT capacity. Its plans to...
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Transition Plan Analysis: For Naturgy to be fully aligned with the goals of the Paris Agreement, five things need to...
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Transition Plan Analysis: Engie’s plans to reduce carbon intensity for scope 1 and 3 emissions from generation are not...
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Centrica plc – Four steps from Company, Regulator and Government to...
Corporate Research Report January 2023For Centrica to be aligned with the goals of the Paris Agreement, four things need to happen: The company needs to...
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On Track for Paris? IEA lays out required pace of energy transition to...
Energy transition Flash Note January 2023Viewed as an established authority on the latest energy trends, the annual World Energy Outlook (WEO) informs both investment and...
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With approximately 2.1 million abandoned wells across the U.S., there is growing concern about unfunded asset retirement...
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One in three UK car sales may be fully electric by end ‘23 as S-Curve...
Automotive Blog January 2023Blog Series: The UK’s adoption of BEVs – in 2016 UK BEV car sales (all electric) were a mere one in a 100, and derided. By...
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Drilling down: The importance of understanding projected oil and gas...
Climate risk disclosure Flash Note December 2022Financial statements, like economic models, are only as good as the inputs to them. Inputs [1] underpin the information in...
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1.5°C-alignment requires production declines, but most oil & gas companies are planning to expand Oil and gas companies...
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Carbon Tracker Research in an Energy Transition Context: October through November 2022 COP27 Special Report: African...
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J-Power has a commitment to achieve net zero emissions by 2050 but we do not think the plan is currently Paris-aligned We...
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The consensus about COP27 was one of disappointment. The sense of anti-climax has thrown into even sharper focus the huge...
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Commentators like to say that midterm elections are a referendum on the party in power. So, what do these results mean for...
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The energy transition threatens companies involved in the downstream refining sector whose revenue is dependent on the continued...
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Despite heavy restrictions and security at the Egypt conference, a record number of Civil Society organisations and activists...
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The war in Ukraine is a further example of the inherent fragility of the world fossil fuel system. It is accelerating the energy...
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Slipped Gear: Automaker emissions goals unaligned to meet climate targets
Automotive Analyst Note November 2022This report is an assessment of automotive company alignment to the Paris Agreement and their position relative to the automotive...
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On Monday 24th October, Mark Carney (the UN Special Envoy for Climate Action and Finance at United Nations and Co-Chair of the...
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Crude Intentions: How oil and gas executives are still rewarded to chase...
Gas Analyst Note November 2022The energy transition is fundamentally shifting the way oil and gas companies operate; as demand falls for fossil fuels,...
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Compared with the somewhat more benign backdrop to COP26 and Glasgow 12 months ago, the political conditions underpinning COP27...
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Starting in a fortnight will be one of the most crucial climate conferences of the year, COP27. Hosted this year in Egypt, the...
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Put a price on it: The case for more effective carbon pricing in Japan
Power Analyst Note October 2022Amidst an energy crisis and a power supply crunch, the Japanese power sector is today experiencing unprecedented stress owing to...
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The Transition Files: periodic thoughts and views on companies, industries...
Corporate Research Journal October 2022The Transition Files In Volume 1, this journal comprises: an article on SHELL, another on Discounted Cash Flows, and one on...
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For many decades fossil hydrogen has been an integral part of our energy society. From being an essential component for powering...
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RWE is bringing forward the closure of 3.1GW of lignite capacity at Niederaussem K, Neurath F & G from end 2038 to December...
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Still Flying Blind: The Absence of Climate Risk in Financial Reporting
Climate risk disclosure Report October 2022In 2021, Carbon Tracker published its first report about the degree to which companies had disclosed taking climate risks into...
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Introducing a global registry of fossil fuels to drive corporate and government accountability. The Global Registry of Fossil...
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Corporate Research: PGE – Urgency needed, especially for renewables
Corporate Research Report September 2022PGE PGE’s planned transition to net zero is not aligned with the goals of the Paris Agreement. PGE could retire 5.7GW...
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Corporate Research: Uniper SE – Restructuring due but let’s not...
Corporate Research Analyst Note September 2022Uniper SE Uniper’s transition to net zero is not aligned with the goals of the Paris Agreement. Datteln4 is a major...
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Corporate Research: RWE AG – Talking the talk, but will need to walk...
Corporate Research Analyst Note September 2022RWE AG RWE’s transition to net zero is not fully aligned with the goals of the Paris Agreement. Germany has yet to...
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Corporate Research: CEZ a.s – Restructuring due; urgent need for...
Corporate Research Analyst Note September 2022CEZ a.s CEZ’s transition to net zero by 2040 is not fully aligned with the goals of the Paris Agreement. CEZ is...
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We are writing this report because retiring coal is the fastest route to decarbonisation and alignment with the goals of the...
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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...
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This year has seen the fundamental dynamics of global energy markets turned completely on their head. A potent cocktail of...
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The UK’s energy security strategy is back at the forefront of political debate. As the government looks to show leadership...
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Summer 2022 has been a rollercoaster for climate advocates in America. On June 30, the US Supreme Court ruled, in West...
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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...
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Event Horizon: A Case Study of Holdback and the Point of No Return for...
Oil Analyst Note July 2022When oil companies defer saving for asset retirement obligations (AROs), the liabilities accumulate. Meanwhile production, and...
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But it might just save the world North American oil and gas companies are going big on carbon capture, utilisation, and...
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CLP Holdings Limited (CLP) has a commitment to achieve net zero emissions by 2050. However, we do not think CLP’s net zero plan...
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Tenaga Nasional Berhad (TNB) aims to achieve net zero emissions by 2050 underpinned by a commitment to reduce 35% of its...
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Adani Power Limited (APL) has no commitment to achieve net zero emissions and no meaningful plans to manage the energy transition...
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In June, Saudi Aramco published its first ever Sustainability Report, containing details of its "net zero by 2050” target and...
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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...
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Over $1 trillion of oil & gas assets risk becoming stranded as a result of policy action on climate and the rise in...
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Fossil fuel commodity prices are likely to remain volatile with the prospect for further embargos. This is a manifestation of non...
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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...
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*This blog is written by Dwayne Purvis for Carbon Tracker* The dynamics of unfunded plugging liabilities have changed so...
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Oil and gas companies are still failing to commit to the absolute emissions reductions necessary to link their businesses to the...
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Shell’s Energy Transition Progress Report: Still lacking absolute...
Corporate Research Flash Note May 2022Shell recently published its first Energy Transition Progress Report. The document has been produced ahead of the AGM on 24...
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The risks associated with gas infrastructure investment have never been higher This report continues our series exploring the...
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None of the CA100+ focus companies within upstream oil & gas production or coal & gas-powered electricity generation have...
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Russia’s unprovoked invasion of Ukraine has created terrible consequences for those living inside Ukraine, but at the same time...
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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...
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Today the Supreme Court hears oral arguments in the case of West Virginia v. EPA. The case centers on the EPA’s ability to...
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With respect to asset retirement obligations in the oil patch, every regulator has to answer three questions: How do you...
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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...
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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...
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Late last month ExxonMobil launched its Advancing Climate Solutions – 2022 Progress Report,[1] which describes how it is...
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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...
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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...
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Carbon Tracker recently announced that it was creating a Global Registry of Fossil Fuels, the “Registry,” which will be a...
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As a candidate President Biden spoke of the need to act on climate change and said, “it requires action, not denial…...
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To keep 1.5°C alive, immediate action on methane emissions is required from the oil and gas industry, with significant impact...
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2021 Wrapped Up Here is an infographic of the key events that took place at Carbon Tracker and in the climate space in...
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We welcome the recent announcement that South Africa has struck a deal to access concessional financing of $8.5bn over the next...
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Recently I wrote about how the Biden Administration’s efforts to fight climate change could be sailing into rough waters after...
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Third Point, the US activist hedge fund, has recently proposed a significant change to the corporate structure of Shell,...
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In January, the Colorado Oil and Gas Conservation Commission (COGCC) will vote on the new financial assurance rules for Colorado,...
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Right now, global energy commodity prices remain close to long-term highs despite recent declines. But short-term strength in...
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After months of legislative negotiations, the $1.2 trillion Infrastructure bill made it through Congress and was signed by...
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When a well is drilled, a legal obligation to plug the well and reclaim the surface is created This is a critical aspect of...
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The Chinese government has been sending mixed messages on its long-term climate ambitions once again On the one hand, an...
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$110 billion of coal plants owned by listed Asian utilities could become uneconomic as the world takes action to meet climate...
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Repsol has seemingly upped its emissions cutting game In early October, responding to shareholder pressure, Repsol announced a...
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Summary As the Colorado Oil and Gas Conservation Commission’s (COGCC) seeks to fulfill its statutory mandate to “require...
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Unabated gas plants’ future role in the power system should be predominantly limited to backup reserve to allow for flexible...
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There is a paradox at the heart of expertise: those who have accumulated the most authority in an industry are often those least...
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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...
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Colorado’s ineffective financial assurance and well plugging rules have allowed the growth of a large portfolio of marginal and...
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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...
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Committing to net zero is not enough – the emissions reduction pathway is critical Carbon Tracker’s fifth annual...
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The world has changed a lot since Paris; so too should the logic of climate mitigation. Mitigating climate change is no longer...
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On Monday 9th August, the Intergovernmental Panel on Climate Change (IPCC) delivered a climate report warning of ‘code red for...
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In less than 100 days COP26 will start. Many agree that this year’s conference is being held at a critical moment. To...
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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...
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Financial assurance requirements are universally considered to be too low to pay for plugging and abandoning wells. An inventory...
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Fossil fuel electricity generation has peaked worldwide as emerging market countries seize the opportunities of low-cost...
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Renewables continue to increase their cost competitiveness versus coal, with 27% of the global coal fleet unprofitable today. Do...
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Recently, we submitted a letter in response to the Securities and Exchange Commission’s (SEC) Public Input on Climate Change...
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The election of President Joe Biden brought a seismic shift in U.S. government policy toward climate change. In addition to...
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Oil and gas companies are increasingly announcing new climate goals as they seek to maintain a social licence to...
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Ending the use of coal for power generation in South Korea by 2028 is not only possible but also the most economical option in...
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The IEA’s latest piece on minerals[1] critical to the energy transition gives a rather pessimistic spin to what was some very...
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In the run up to COP 26 many oil and gas companies have announced ‘net-zero by 2050’ targets. However, very few companies...
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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...
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A cost-optimized analysis for a renewables investment schedule for South Korea shows that a more ambitious rollout of renewable...
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Shell and Eni’s recent strategy updates have highlighted a key emerging point in the debate on oil and gas companies’...
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As the Colorado Oil and Gas Conservation Commission (COGCC) weighs competing demands of protecting the state finances and...
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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,...
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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...
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A Clean Energy Portfolio (CEP) is already more competitive than new combined-cycle gas plants (CCGTs) in Italy. Foot Off the Gas...
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Nel presente studio analizziamo l’attuabilità finanziaria di nuove centrali a gas in Italia, confrontandone il costo con...
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“Having looked to government for bread, on the first scarcity they will turn and bite the hand that fed them.” Edmund...
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2020 was a tough year for big oil. Short-term demand was hammered by the impacts of Covid-19, while the ever-growing...
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When it comes to oilfield plugging obligations, industry voices contend that industry has the problem in hand.[1] And where it...
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Emissions trajectories continue to bend lower Last month, both Shell and Eni revised their scope 3 emissions plans, updating...
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Betting on new gas today means shouldering consumers with higher prices tomorrow as well as missing the net zero pathway the UK...
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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...
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As Colorado considers improvements to its oil and gas regulations, some will undoubtedly point to its idle well program as a...
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This weekend marks the end of the first month of the Biden Presidency. In the weeks since the inauguration we have seen a wave...
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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...
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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...
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To ensure companies meet their obligations to plug oil and gas wells and reclaim drilling sites, Colorado regulations require oil...
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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...
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2021 is a year of opportunity; one of resetting, reshaping and a chance to remove distortions that hinder an orderly energy...
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Amid rising tension the final votes of the 2020 US election were cast last week. By electing Democrats Raphael Warnock and John...
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Carbon Tracker's Christmas Cracker had a makeover in 2020. This infographic originally went out in our December newsletter,...
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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...
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For the past two years, the Green New Deal (GND) has driven the conversation about how to address climate change. It has been the...
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2020 has, to put it mildly, been full of surprises. Oil and gas companies, long predictable and averse to change, have even...
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The oil and gas industry, like many other commodity industries, has long been characterised by volatility, instability and...
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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...
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Guest post by Carbon Tracker advisory board member Nick Robins - reposted with permission from the author If there is one...
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The exit of Trump removes the greatest impediment to the energy transition, and will unleash a great era of creativity and...
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Explorers use maps intensively, but they take the information recorded in the charts they use with a few grains of salt, knowing...
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A key tipping point was reached in 2019. Global demand for fossil fuels peaked and is unlikely ever to recover to its pre-crisis...
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Between 2014 and the end of 2019, ExxonMobil 's return to shareholders was negative 10%. In September 2014, Carbon Tracker...
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Given the 24 hour news cycle around the US Congressional and Presidential Election, it would be easy to focus only on what...
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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...
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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...
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The Texas-based company Vistra recently announced that they will close six coal power plants and cut their coal generating...
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During her presidential campaign announcement, Senator Amy Klobuchar declared that on her first day in office she would take the...
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There are 2.6 million unplugged onshore wells in the U.S., with another estimated 1.2 million that are undocumented. In It’s...
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"Nobody move! I have a hostage. If anyone follows us, I'll kill myself and then her." Roy Miller, Knight and Day A classic...
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As part of a UK government-funded project to support the Philippines power sector stakeholders navigate the shifts, risks and...
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Passing transformative climate change legislation through the U.S. Congress will be one of the major legislative battles of this...
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One of the world’s leading energy forecasters released a report this morning arguing that 2019 was the peak of the fossil fuel...
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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...
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"Oil and gas companies are hurtling toward bankruptcy, raising fears that wells will be left leaking planet-warming pollutants,...
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BP has elaborated on its strategy to deliver net zero – cutting oil and gas production by “at least” 40% by...
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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...
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Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to accelerate the energy transition by...
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Carbon Tracker's modelling shows no new oil sands are needed in a low carbon world. Prospective pipelines and projects represent...
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Although coal has long been viewed as the cheapest way to power the global economy, this is no longer the case. New renewable...
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With 46 GW of renewable energy capacity, Enel is the largest private operator of renewable energy globally. [i] [ii] Enel also...
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There is growing recognition that drastic changes to oil and gas consumption are required to meet the finite limits of a global...
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The Earth's temperatures continue to rise causing catastrophic climate change. The risks of climate change are having major...
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Carbon Tracker pioneered work on the oil and gas industry’s “stranded assets”; as investors increasingly ask whether oil...
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The oil industry’s financial statements reflect climate change conflict Oil and gas companies have never been under more...
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Key findings: Our research shows that UK Export Finance supports upstream oil projects that seem very likely to become...
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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...
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This blog was originally posted here on 26 May 2020. It is reprinted with permission. The world of Environmental, Social and...
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The sudden economic downturn brought on by the Coronavirus threatens to cripple the finances of U.S state governments. The...
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The COVID-19 pandemic shut economies, disrupted established global production chains and pressed an indefinite pause on the...
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At the end of February, Italian oil major Eni announced new carbon emissions reduction plans. While not aiming for net zero...
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In ancient Greek theatre, deus ex machina (“god from the machine”) is when a seemingly intractable plot issue is...
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This blog updates our 2018 note Carbon Budgets Explained. Carbon budgets – the amount of carbon dioxide emissions permitted...
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The Covid-19 crisis is showing up the oil and gas industry’s exposure to the threat of falling demand, a forewarning of what...
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The IEA on Thursday[1] released some eye-watering projections for energy demand declines in 2020 in the light of the Covid19...
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The 2019 report on the Speed of the Energy Transition by the World Economic Forum Global Future Council on Energy described two...
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One of last year’s key developments relating to climate change risks was a handful of fossil fuel producers agreeing to show...
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South Korea needs to phase-out unabated gas by 2050 in a Paris-aligned scenario or potentially risk $60 billion in stranded...
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Written by: Greg Rogers, Theron Horton, Rob Schuwerk Is the goal to get out all of the oil, or get out of the retirement...
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The arms race in setting carbon emissions targets is such that Shell, once one of the industry leaders when it announced its...
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Building and operating coal power is becoming a political decision that increasingly conflicts with underlying economic...
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At this time of crisis, the immediate issue is to solve the health and economic emergencies, and we salute the heroes of the...
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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...
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COVID-19 is crippling economies and creating turmoil in financial markets. This note gives our outlook for coal generation in...
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COVID-19 continues to shake the global economy, and energy markets are no exception. Oil in particular finds itself caught...
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The piece originally was posted to the World Economic Forum website on March 18, 2020. The impact of China's previous...
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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...
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Coal developers risk wasting more than $600 billion because it is already cheaper to generate electricity from new renewables...
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The piece originally was posted to LGIM Future World Blog on February 26, 2020. It is reprinted with permission. By Nick...
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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...
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Amid ever-increasing concerns over climate risks, BP is the latest European oil and gas company to announce a climate goal with...
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According to Carbon Tracker analysis, Indonesia has 15 coal-fired plants (6.4 GW) aged 20 years and older. The decision to...
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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...
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The purpose of this note is to: Address RWE’s response to our recent report Apocoalypse Now, by acknowledging that, per...
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Coal power is losing its economic footing. As detailed in Figure 1, according to Carbon Tracker analysis, which is based on...
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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...
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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...
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Repsol has just announced a shift in strategic direction – to become a net zero emissions company by 2050. This move extends...
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Economist Ann Pettifor is one of several leading thinkers publishing books on the Green New Deal (GND) this year. However unlike...
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To deflate the carbon bubble and protect investors, oil & gas companies must shrink The world’s listed oil and gas majors...
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The energy complex has EU coal generators in a chokehold. Are policymakers and investors prepared for what comes next? In this...
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Carbon Tracker's mission is to align investors strategies to climate change action. We recognise that there is...
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The economic viability of new and existing coal in Japan could be severely undermined by cheap renewables and, without policy...
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Once upon a time – the 1990s if you are interested -- there was a wondrous oil company called Exxon. It was run by a clever...
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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...
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This report provides an update to our 2017 and 2018 "2 Degrees of Separation" reports, along with an updated methodology. The...
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Gradual or Rapid Energy Transition: What path are we on? The energy industry is complex, and understanding the major trends...
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The Amazon is burning, Greenland is melting, the US is rolling back environmental protections, and the energy sector consensus is...
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Falling renewable costs and intermittency solutions drive a tipping point for the Inevitable Policy Response The Inevitable...
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At Carbon Tracker - our research focus is the impact of climate change on financial markets. Our global coal report, Powering...
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Last week Carbon Tracker’s power & utilities team was in Manila to attend the launch of a UK government-funded project to...
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During the inaugural London Climate Action Week - Carbon Tracker co-hosted the Climate Risk and the Capital Domino Effect event...
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Climate Action 100+ power utility profiles for mainstream investors to align with Paris and manage energy transition...
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Recently Carbon Tracker’s power and utilities team travelled to Vietnam to market our latest analyst note, Here Comes the Sun...
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14 June | The Vatican Mary Robinson served as president of Ireland from 1990 to 1997, and as UN High Commissioner for Human...
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The following piece originally was posted to Oilprice.com on March 3, 2019. It is reprinted with permission. Investors are...
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Vietnam’s low-cost renewables revolution and its implications for coal power investments Key findings: ...
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The UK Climate Change Committee (CCC) has reported on its recommended targets for the UK to reduce its greenhouse gas emissions...
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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...
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The argument is often made that oil reserves have high natural decline rates which necessitate the continuous investment in and...
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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...
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Why shareholders should rethink executive reward For much of the early part of this century, the oil and gas industry was in...
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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...
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BP and Glencore announce plans to link fossil fuel investments to Paris Agreement goals 2019 is shaping up to be the year in...
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In this study we review the remuneration practice used in the oil and gas industry and look at alignment with either growth or...
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By Anthony Hobley Attending Davos for the World Economic Forum (WEF) Annual Meeting is like being thrown into the centre of...
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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...
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Our New Energy Strategist co-authored this report for the International Renewable Energy Agency (IRENA) Fundamental changes...
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Why carbon intensity ambitions are welcome, but strict limits on future project sanction remain the route to Paris...
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What can the global oil and gas sector learn from the decline of the European electricity sector after 2007? The story of the...
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Arriving into Katowice Poland, host city for COP24, you were immediately struck by the obvious conflict at the heart of the UN...
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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...
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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,...
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This interactive portal and accompanying report track the economic and financial risks of coal power at the asset-level...
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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...
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This blog originally appeared on the IEEFA website By Tom Sanzillo, Kathy Hipple and Clark Williams-Derry Invest in the...
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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...
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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...
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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...
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By Paul Spedding BP chief executive Bob Dudley is at risk of being branded an altruist if his “Oil and Money” speech to...
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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...
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Carbon capture and storage, or CCS, refers to technologies that allow us to capture CO2 at the source of its production and...
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The peak in fossil fuel demand will have a dramatic impact on financial markets in the 2020s. The global energy system is...
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One of the questions we are most frequently asked by investors is – how can we tell if a company is “Paris compliant”? This...
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The asset economics and financial implications of Energa’s and Enea’s proposed new Ostrołęka coal power plant C In this...
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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...
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Market counts down to the MSR The EU carbon market has been the hottest commodity market in the world over the last 16...
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In the nexus of climate change and financial markets, disclosure is the flavour of the day. Carbon Tracker recently analysed...
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Guest Blog from Greg Rogers, Co-founder, Eratosthenes LLC In a classic scene from the 1976 American comedy, The Gumball Rally,...
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This report updates our 2 Degrees of Separation report, published in June 2017 2 Degrees of Separation laid out a framework...
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EV Oil Demand Displacement Interactive Tool This report and accompanying interactive tool look exclusively at...
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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...
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Vers un SEQE-UE conforme à l'accord de Paris Notre modélisation de cette compression de l'offre suggère que le prix de l'EUA...
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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...
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Die Lücke zu einem Paris-konformen EU-EHS schließen Die Schaffung dieser Angebotsknappheit könnte die Preise auf 15 €/t bis...
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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...
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Several financial institutions have recently announced they will stop funding new coal power projects, with HSBC being the...
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Closing the Gap to a Paris-compliant EU-ETS Carbon pricing, whether via cap-and-trade schemes or taxes, is not sufficient on...
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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...
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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...
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Summary Occidental neglects demand fundamentals in its 2°C analysis and opts for the foregone conclusion of a test against...
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This study updates our report 2 Degrees of Separation, and for the first time quantifies risk of overinvestment under a 1.75ᵒC...
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Chevron’s recent climate change disclosures become the first to reach down to the asset level, but remain light on useful...
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Summary The operating costs of coal units are complex and depend on many variables. Coal units are complex, long-life...
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ExxonMobil's Energy and Carbon Summary is a step in the right direction, but lacks clarity across a number of...
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Zwei-Grad-Ziel und Strategieanalyse für europäische Kohlekraft-Investoren In diesem Bericht beschäftigen wir uns mit einem...
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A PDF version of this paper is available here. An updated version of this note is available now in Carbon Budgets: Where are...
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Our analysts Matt Gray and Laurence Watson respond to PPL's recent Climate Assessment Report. Summary Following a...
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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...
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Summary: Xcel Energy’s 2017 Colorado filing shows the median bid price for wind plus storage was $21/MWh and for solar...
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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...
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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...
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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...
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If you read just one thing this year…… first, it’s December! What took you so long?......second, make it this. Much...
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Headlines Growth of electric vehicles (EVs) in scenarios developed by some oil majors is ten years behind the level expected...
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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...
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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...
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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...
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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...
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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...
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Coal’s market share in the US power mix is being diminished at an unprecedented rate due to fierce competition from cheap gas...
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China is currently building more coal plants than it needs and in doing so is misallocating capital at an unprecedented rate. As...
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Explore the report webpage: 2degreeseparation.com This report, produced by Carbon Tracker, Principles for Responsible...
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Does the oil major’s 2017 Energy Perspectives mark new thinking for the company? On June 8th, Statoil published the 2017...
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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...
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Glencore released a report last week ahead of its Annual General Meeting aimed at assessing the long-term implications of climate...
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Cost reductions of India’s solar revolution should serve as a warning to coal investors This week solar PV prices in India...
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Former UN climate change chief Christiana Figueres brings new urgency to the global climate conversation with a campaign to...
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Unexpectedly, the oil and gas love-in that is CERAWeek saw the latest round of climate risk disclosure emerging from the oil...
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