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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

Accounting, Audit, & Disclosure Report 04 August 2026

Carbon Tracker’s response to the Proposed Rescission of Climate-Related Disclosure Rules, File Number S7-2026-19

Since 2024, the energy transition has progressed and physical impacts have intensified. Key considerations supporting our request to...

A melting iceberg floating in a polluted ocean, blurred factories in the distance

Asset Retirement Obligation Report 17 December 2025

Asset Retirement Obligations: What Lies Beneath?

Why inconsistent asset retirement obligation disclosures leave investors exposed to hidden risk Oil and gas companies in the UK, Canada...

Accounting, Audit, & Disclosure Analyst Note 24 July 2025

Carbon Tracker Response to the FASB’s Invitation to Comment

Carbon Tracker submitted a joint response with Ceres and the Climate Accounting and Audit Project to the FASB’s Invitation to Comment on...

CA100+ & Stewardship Report 04 June 2025

Carbon Tracker Methodologies for Climate Action 100+

These documents set out the frameworks and methodologies for how Carbon Tracker Initiative assesses companies in consideration of climate...

Accounting, Audit, & Disclosure Analyst Note 17 April 2025

Flying Blind: Disabling Autopilot for Audit Reports

Improving audit report transparency in the face of climate and transition-related risks Carbon Tracker’s Flying Blind series examines...

Accounting, Audit, & Disclosure Report 03 March 2025

Flying Blind: Accounting and Audit Regulation

This report is the latest in Carbon Tracker’s Flying Blind series, which focuses on the extent to which companies disclose their...

Off the record: Accounting loophole leaves billions in decommissioning...

Accounting, Audit, & Disclosure Flash Note December 2024

The costs to retire certain assets- asset retirement obligations (AROs)- are typically recorded on the balance sheet and can be...

Carbon Tracker Response to the IASB Consultation

Accounting, Audit, & Disclosure Analyst Note November 2024

Carbon Tracker provided comments on the International Accounting Standards Board’s Exposure Draft: Climate-related and Other...

Carbon Tracker Response to FCA’s Consultation Paper CP24/12

Accounting, Audit, & Disclosure Report October 2024

Carbon Tracker has responded to the FCA’s consultation on the new Public Trading Offers and Admissions to the Trading...

Investor Call to Action: FCA Consultation on New Disclosure Rules

Accounting, Audit, & Disclosure Report August 2024

The FCA have just announced a Prospectus Review. Specifically, we draw your attention to a key section in the FCA’s...

Flying Blind: In a Holding Pattern

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Report February 2024

The continued absence of climate and transition risks in financial reporting Climate and energy transition risks, and company...

Carbon Tracker Submission to the IFRS Interpretations Committee

Analyst Notes Analyst Note February 2024

Carbon Tracker Initiative (Carbon Tracker) provided comments on the Tentative Agenda Decision: Climate-related Commitments (IAS...

From Net Zero to New Zero – Reserves Estimates in a Decarbonizing...

Accounting, Audit, & Disclosure Report December 2023

Oil and gas reserve classification systems today are focused on the value oil and gas has when burnt. Devised in the first part...

Talking the talk but not walking the walk – The absence of net zero...

Flash Notes Flash Note May 2023

Companies around the world are setting net zero by 2050 targets. Despite that, our analysis shows that of 134 carbon-intensive...

Driving in the Dark: Why automotive companies need to shed light on...

As automotive companies start to release their annual reports for FY2022 we take look at how they considered climate in...

SHELL – Will Shell’s Energy Transition Strategy Change Under Its...

Corporate Research (Oil & Gas) Report March 2023

Key Findings: Shell has made a significant effort to improve the amount, depth and frequency of information in its approach...

Mind the audit gap

Auditors play a vital role in contributing to the efficiency of financial markets. Their audits provide an independent check...

Response to the FCA’s Consultation Paper

Response to the Financial Conduct Authority’s Consultation Paper “Sustainability Disclosure Requirements (SDR) and investment...

Drilling down: The importance of understanding projected oil and gas...

Financial statements, like economic models, are only as good as the inputs to them. Inputs [1] underpin the information in...

The Transition Files: periodic thoughts and views on companies, industries...

Autos Journal October 2022

The Transition Files In Volume 1, this journal comprises: an article on SHELL, another on Discounted Cash Flows, and one on...

Still Flying Blind: The Absence of Climate Risk in Financial Reporting

In 2021, Carbon Tracker published its first report about the degree to which companies had disclosed taking climate risks into...

EU Coal: The Good, The Bad & The Ugly

Corporate Research (Power & Utilities) Analyst Note September 2022

We are writing this report because retiring coal is the fastest route to decarbonisation and alignment with the goals of the...

Letter to ISSB on Sustainability- and Climate-related Disclosures

The International Sustainability Standards Board’s Exposure Drafts “IFRS S1 General Requirements for Disclosure of...

Ukraine FAQs

Fossil fuel commodity prices are likely to remain volatile with the prospect for further embargos. This is a manifestation of non...

CA100+ a long way from destination

Accounting, Audit, & Disclosure Blog March 2022

None of the CA100+ focus companies within upstream oil & gas production or coal & gas-powered electricity generation have...

Flying blind: The glaring absence of climate risks in financial reporting

Investors are Flying Blind as over 70% of reviewed companies and 80% of auditors fail to disclose climate-related risks in the...

Letter to the SEC on Climate Change Disclosures

Accounting, Audit, & Disclosure Analyst Note June 2021

Recently, we submitted a letter in response to the Securities and Exchange Commission’s (SEC) Public Input on Climate Change...

Can you see stranded assets through the SMOG?

Accounting, Audit, & Disclosure Blog April 2021

In the run up to COP 26 many oil and gas companies have announced ‘net-zero by 2050’ targets. However, very few companies...

A Tale of Two Share Issues: How fossil fuel equity offerings are losing...

The value of share offerings in fossil fuel producing and related companies dropped by $123 billion in the last decade,...

99% of producers give the rest a bad name

Accounting, Audit, & Disclosure Blog March 2021

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...

Orphaned wells are the tip of the iceberg

Accounting, Audit, & Disclosure Blog March 2021

When it comes to oilfield plugging obligations, industry voices contend that industry has the problem in hand.[1] And where it...

Colorado drillers pay pennies on the dollar to plug oil wells

Accounting, Audit, & Disclosure Blog February 2021

The Colorado Oil & Gas Compact Commission (COGCC) is considering improvements to its oil and gas bonding regime. These...

2020 at Carbon Tracker

Energy Transition Blog December 2020

Carbon Tracker's Christmas Cracker had a makeover in 2020. This infographic originally went out in our December newsletter,...

Proposals to enhance climate-related disclosures by listed issuers and...

Carbon Tracker and Assurance Mark were given the opportunity to comment on the FCA’s above-referenced proposals (the...

Annual Review 2019

Coal Report July 2020

Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to accelerate the energy transition by...

The Impair State: The Paris Agreement starts to impact oil & gas...

Oil & Gas Analyst Note June 2020

The oil industry’s financial statements reflect climate change conflict Oil and gas companies have never been under more...

Carbon Tracker Annual Review 2018-2019

Carbon Tracker's mission is to align investors strategies to climate change action. We recognise that there is...

Reporting for a Secure Climate: A model disclosure for upstream oil and gas

There is growing attention on the potential impacts of climate-related risks on the upstream oil and gas sector A 2019 report by...

The missing link – bridging the gap between emission targets and fossil...

Accounting, Audit, & Disclosure Blog February 2019

To manage against the goals of the Paris Agreement, oil companies like Chevron must factor scope 3 emissions into their capital...

Climate Change and the First Rule of Italian Driving

Accounting, Audit, & Disclosure Guest Blog July 2018

Guest Blog from Greg Rogers, Co-founder, Eratosthenes LLC In a classic scene from the 1976 American comedy, The Gumball Rally,...

Under The Microscope: Are companies’ scenario analyses meeting...

This paper provides in-depth analysis of the company disclosure of the largest oil and gas companies: BP, Chevron, Conoco...

Well Cooked? EOG Resources drops resolution on GHG emissions

Accounting, Audit, & Disclosure Blog April 2018

An SEC decision allowed EOG Resources to exclude a shareholder resolution on GHG emissions A recent SEC decision allowing EOG...

Falling Short – An assessment of ExxonMobil’s disclosure of...

Accounting, Audit, & Disclosure Report March 2018

This is the first in a series of reports on company scenario analyses, focusing on ExxonMobil This paper seeks to assist...

Trial and Error: Occidental’s first stab at climate-related risks

Accounting, Audit, & Disclosure Blog March 2018

Summary Occidental neglects demand fundamentals in its 2°C analysis and opts for the foregone conclusion of a test against...

Mind The Gap: the $1.6 trillion energy transition risk

Energy Transition Report March 2018

This study updates our report 2 Degrees of Separation, and for the first time quantifies risk of overinvestment under a 1.75ᵒC...

Chevron takes tentative steps on asset-level climate risk

Accounting, Audit, & Disclosure Blog March 2018

Chevron’s recent climate change disclosures become the first to reach down to the asset level, but remain light on useful...

Exxon nudges in right direction on climate risk

Accounting, Audit, & Disclosure Blog February 2018

ExxonMobil's Energy and Carbon Summary is a step in the right direction, but lacks clarity across a number of...

PPL’s climate disclosure – misguided at best

Coal Analyst Note January 2018

Our analysts Matt Gray and Laurence Watson respond to PPL's recent Climate Assessment Report. Summary Following a...

Comments on the Environmental Audit Committee’s Green Finance inquiry

Carbon Tracker Initiative comments on the Environmental Audit Committee’s Green Finance inquiry We welcome the opportunity...

Comments on SASB’s Proposed Changes to Provisional Standards

Carbon Tracker's comments on the Sustainability Accounting Standards Board proposed changes to provisional standards. We...

Glencore: Still digging for a future based on the past

Energy Transition Blog May 2017

Glencore released a report last week ahead of its Annual General Meeting aimed at assessing the long-term implications of climate...

Oil industry still in “La La Land”

Accounting, Audit, & Disclosure Blog March 2017

Unexpectedly, the oil and gas love-in that is CERAWeek saw the latest round of climate risk disclosure emerging from the oil...

Carbon Tracker’s submission to the FSB Task Force on Climate-related...

In response to an enquiry from the G20, the Financial Stability Board produced a seminal report investigating the implications of...

Submission to SEC on Property Disclosures for Mining Registrants

In response to the US Securities and Exchange Commission (SEC) Release No. 33-10098, "Modernization of Property Disclosures for...

Carbon Tracker’s submission to the US Securities and Exchange...

In response to the SEC's Concept Release on Business and Financial Disclosure, Carbon Tracker submitted comments, identifying...

No Rhyme or Reason – Unreasonable projections in a world confronting...

In the US, carbon-intensive sectors have made risk factor disclosures related to climate change for years but very little of it...

Shell climate disclosures: Déjà vu?

U.S. and European oil and gas companies are under increasing pressure from shareholders to stress test their businesses against a...

Carbon Tracker Submission to FSB-TCFD Phase 1 Consultation

In April 2016, the Financial Stability Board’s Task Force on Climate-Related Financial Disclosures published a report on Phase...

Carbon Tracker’s submission to UK Department of BIS consultation:...

In 2013, the European Commission adopted proposals for a Directive amending the Accounting Directive in relation to the reporting...

Carbon Tracker’s submission to the Parliament of Australia’s Senate...

In February 2016, we were invited to contribute to the Australian Senate Economics References Committee’s inquiry into carbon...

Full Disclosure: Why Chevron Needs to Stress-Test the Business at...

This paper examines Chevron’s current disclosures in the context of Carbon Tracker’s April 2015 Blueprint, where we...

Carbon Tracker & Sandbag written evidence on EAC Inquiry on...

UK Environmental Audit Committee inquiry: Sustainability and HM Treasury The cross-departmental Environmental Audit Committee...

Considerations for reporting and disclosure in a carbon-constrained world

Hot on the heels of a historic climate deal in Paris the Carbon Tracker Initiative and the Climate Disclosure Standards Board,...

Recommended Strategic Risk Engagement Principles for Fossil Fuel Companies

In 2011, Carbon Tracker asked whether the world’s capital markets were carrying a “carbon bubble”. Further analysis...

Carbon Tracker’s submission to HM Treasury consultation on energy...

In late 2015, the U.K.’s economic and finance ministry sought public responses to a consultation concentrated on simplifying...

Letter to the U.S. Securities and Exchange Commission

In a letter to the U.S. Securities and Exchange Commission as part of its ongoing review of disclosure, the Carbon Tracker...

Recognising Risk, Perpetuating Uncertainty. A baseline survey of climate...

Accounting, Audit, & Disclosure Report October 2014

In partnership with Ceres, CDP and CDSB, Carbon Tracker has assessed the responses from over 80 fossil fuel companies to a...

Carbon Tracker’s letter to FASB – December 2013

Carbon content is a key financial element of fossil fuel reserves. In December 2013, Carbon Tracker submitted a letter to the...

Carbon Avoidance: Accounting for emissions hidden in reserves

This new research from Carbon Tracker and the Association of Chartered Certified Accountants reveals that current financial...

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