This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
- Home
- Research
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 Searches
Popular Reports



Absolute Impact 2023: Progress on oil and gas...



Kazakhstan Energy Transition


Loading the DICE Against Pensions


There Will Be Blood: Decommissioning California’s...


Loading the DICE Against Pensions
Pension funds are risking the retirement savings of millions of people by relying on economic research that ignores critical scientific...

Carbon Tracker and Planet Tracker’s comments on draft ESRS Delegated Act
Carbon Tracker and Planet Tracker welcome the opportunity to respond to the European Commission’s (“the Commission”) consultation on...

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...

Standing at the crossroads: Colorado Commissioners facing difficult bonding decisions
As the Colorado Oil and Gas Conservation Commission (COGCC) evaluates operator bonding proposals, and goes through hearings on the plans...

Driving in the Dark: Why automotive companies need to shed light on climate impacts in FY2022 financial reporting
As automotive companies start to release their annual reports for FY2022 we take look at how they considered climate in FY2021. The...

SHELL – Will Shell’s Energy Transition Strategy Change Under Its New CEO?
Key Findings: Shell has made a significant effort to improve the amount, depth and frequency of information in its approach to the...Popular Reads
Absolute Impact 2023: Progress on oil and gas emissions targets has stalled
We carry out scenario analysis and research to examine and understand how potential changes to supply and...
Read MoreKazakhstan Energy Transition
We carry out scenario analysis and research to examine and understand how potential changes to supply and...
Read MoreIn early 2022, Colorado overhauled its financial assurance rules for oil and gas companies in a rulemaking mandated by SB...
Read MoreIn response to state regulations, Colorado oil and gas well operators have submitted their financial assurance plans. On this...
Read MoreAuditors play a vital role in contributing to the efficiency of financial markets. Their audits provide an independent check...
Read MoreThis article was first published by Brink News, with thanks to Thomas Carver. The shift away from a carbon-based economy risks...
Read MoreResponse to the Financial Conduct Authority’s Consultation Paper “Sustainability Disclosure Requirements (SDR) and investment...
Read MoreWith approximately 2.1 million abandoned wells across the U.S., there is growing concern about unfunded asset retirement...
Read MoreDrilling down: The importance of understanding projected oil and gas...
Oil Flash Note December 2022Financial statements, like economic models, are only as good as the inputs to them. Inputs [1] underpin the information in...
Read MoreThe Transition Files: periodic thoughts and views on companies, industries...
Oil Journal October 2022The Transition Files In Volume 1, this journal comprises: an article on SHELL, another on Discounted Cash Flows, and one on...
Read MoreStill 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...
Read MoreLetter 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 MoreFossil fuel commodity prices are likely to remain volatile with the prospect for further embargos. This is a manifestation of non...
Read MoreThe 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 MoreNone of the CA100+ focus companies within upstream oil & gas production or coal & gas-powered electricity generation have...
Read MoreCarbon Tracker recently announced that it was creating a Global Registry of Fossil Fuels, the “Registry,” which will be a...
Read MoreAfter months of legislative negotiations, the $1.2 trillion Infrastructure bill made it through Congress and was signed by...
Read MoreRace 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 MoreFlying 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 MoreRecently, we submitted a letter in response to the Securities and Exchange Commission’s (SEC) Public Input on Climate Change...
Read MoreIn the run up to COP 26 many oil and gas companies have announced ‘net-zero by 2050’ targets. However, very few companies...
Read MoreAs the Colorado Oil and Gas Conservation Commission (COGCC) weighs competing demands of protecting the state finances and...
Read MoreA 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 MoreThere’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“Having looked to government for bread, on the first scarcity they will turn and bite the hand that fed them.” Edmund...
Read MoreWhen it comes to oilfield plugging obligations, industry voices contend that industry has the problem in hand.[1] And where it...
Read MoreAs Colorado considers improvements to its oil and gas regulations, some will undoubtedly point to its idle well program as a...
Read MoreThis weekend marks the end of the first month of the Biden Presidency. In the weeks since the inauguration we have seen a wave...
Read MoreColorado 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 MoreTo ensure companies meet their obligations to plug oil and gas wells and reclaim drilling sites, Colorado regulations require oil...
Read MoreAmid rising tension the final votes of the 2020 US election were cast last week. By electing Democrats Raphael Warnock and John...
Read MoreCarbon Tracker's Christmas Cracker had a makeover in 2020. This infographic originally went out in our December newsletter,...
Read MoreFor the past two years, the Green New Deal (GND) has driven the conversation about how to address climate change. It has been the...
Read MoreGiven the 24 hour news cycle around the US Congressional and Presidential Election, it would be easy to focus only on what...
Read MoreProposals 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 MoreDuring her presidential campaign announcement, Senator Amy Klobuchar declared that on her first day in office she would take the...
Read MoreThere 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 MorePassing transformative climate change legislation through the U.S. Congress will be one of the major legislative battles of this...
Read More"Oil and gas companies are hurtling toward bankruptcy, raising fears that wells will be left leaking planet-warming pollutants,...
Read MoreLast 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 MoreClick here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to accelerate the energy transition by...
Read MoreThe Earth's temperatures continue to rise causing catastrophic climate change. The risks of climate change are having major...
Read MoreCarbon Tracker pioneered work on the oil and gas industry’s “stranded assets”; as investors increasingly ask whether oil...
Read MoreThe oil industry’s financial statements reflect climate change conflict Oil and gas companies have never been under more...
Read MoreWritten by: Greg Rogers, Theron Horton, Rob Schuwerk Is the goal to get out all of the oil, or get out of the retirement...
Read MoreThe 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 MoreCarbon Tracker's mission is to align investors strategies to climate change action. We recognise that there is...
Read MoreSubmission 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 More14 June | The Vatican Mary Robinson served as president of Ireland from 1990 to 1997, and as UN High Commissioner for Human...
Read MoreReporting 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 MoreConocoPhillips: 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 MoreThe 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 MoreBP and Glencore announce plans to link fossil fuel investments to Paris Agreement goals 2019 is shaping up to be the year in...
Read MoreBy Anthony Hobley Attending Davos for the World Economic Forum (WEF) Annual Meeting is like being thrown into the centre of...
Read MoreMobilising 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 MoreIn the nexus of climate change and financial markets, disclosure is the flavour of the day. Carbon Tracker recently analysed...
Read MoreGuest Blog from Greg Rogers, Co-founder, Eratosthenes LLC In a classic scene from the 1976 American comedy, The Gumball Rally,...
Read MoreUnder 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 MoreWell 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 MoreFalling 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 MoreSummary Occidental neglects demand fundamentals in its 2°C analysis and opts for the foregone conclusion of a test against...
Read MoreChevron’s recent climate change disclosures become the first to reach down to the asset level, but remain light on useful...
Read MoreExxonMobil's Energy and Carbon Summary is a step in the right direction, but lacks clarity across a number of...
Read MoreOur analysts Matt Gray and Laurence Watson respond to PPL's recent Climate Assessment Report. Summary Following a...
Read MoreSubmission 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 MoreComments 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 MoreComments 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 MoreIf you read just one thing this year…… first, it’s December! What took you so long?......second, make it this. Much...
Read MoreA 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 MoreIndustry 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 MoreGlencore released a report last week ahead of its Annual General Meeting aimed at assessing the long-term implications of climate...
Read MoreUnexpectedly, the oil and gas love-in that is CERAWeek saw the latest round of climate risk disclosure emerging from the oil...
Read MoreCarbon 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 MoreFinancial 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 MoreSubmission 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 MoreCarbon 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 MoreNo 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 MoreIn April 2016, the Financial Stability Board’s Task Force on Climate-Related Financial Disclosures published a report on Phase...
Read MoreCarbon 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 MoreCarbon 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 MoreFull 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 MoreCarbon 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 MoreConsiderations 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 MoreRecommended 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 MoreCarbon 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 MoreFossil 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 MoreThe 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 MoreIn a letter to the U.S. Securities and Exchange Commission as part of its ongoing review of disclosure, the Carbon Tracker...
Read MoreRecognising 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 MoreCarbon content is a key financial element of fossil fuel reserves. In December 2013, Carbon Tracker submitted a letter to the...
Read MoreCarbon 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