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
Paris Maligned
Oil
08 December 2022
On Track for Paris? IEA lays out required pace of...
Energy transition
20 January 2023
EU Gas Summary
Corporate Research
25 January 2023
The Sky’s the Limit: Solar and wind energy...
Energy transition
23 April 2021
Our Latest Research
Gas
Blog
27 January 2023
Investors Need to Look Carefully at Stranded...
This article was first published by Brink News, with thanks to Thomas Carver. The shift away from a carbon-based economy risks...
Corporate Research
Report
25 January 2023
EU Gas Summary
Decarbonising CCGT, grids & Scope 3 Emissions Engie needs to consider retiring merchant CCGT capacity. Its plans to reduce carbon...
Corporate Research
Report
25 January 2023
Naturgy Energy Group S.A – Five steps to alignment
Transition Plan Analysis: For Naturgy to be fully aligned with the goals of the Paris Agreement, five things need to happen. ...
Corporate Research
Report
25 January 2023
Engie – Reducing both scope 1 and 3 emissions – scope for improvement
Transition Plan Analysis: Engie’s plans to reduce carbon intensity for scope 1 and 3 emissions from generation are not fully aligned...
Corporate Research
Report
25 January 2023
Centrica plc – Four steps from Company, Regulator and Government to reach alignment
For Centrica to be aligned with the goals of the Paris Agreement, four things need to happen: The company needs to accelerate the...
Gas
Report
08 December 2022
Paris Maligned
1.5°C-alignment requires production declines, but most oil & gas companies are planning to expand Oil and gas companies are...Popular Reads
Paris Maligned
We carry out scenario analysis and research to examine and understand how potential changes to supply and...
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On Track for Paris? IEA lays out required pace of energy transition to keep 1.5°C in sight
We carry out scenario analysis and research to examine and understand how potential changes to supply and...
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This article was first published by Brink News, with thanks to Thomas Carver. The shift away from a carbon-based...
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Crude Intentions: How oil and gas executives are still rewarded to chase...
Oil 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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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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This year has seen the fundamental dynamics of global energy markets turned completely on their head. A potent cocktail of...
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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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The risks associated with gas infrastructure investment have never been higher This report continues our series exploring the...
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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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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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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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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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Mergers and acquisition (M&A) activity is shaking up the Australian oil and gas sector. In two proposed all-share deals,...
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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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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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Colorado’s ineffective financial assurance and well plugging rules have allowed the growth of a large portfolio of marginal and...
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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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Financial assurance requirements are universally considered to be too low to pay for plugging and abandoning wells. An inventory...
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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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A cost-optimized analysis for a renewables investment schedule for South Korea shows that a more ambitious rollout of renewable...
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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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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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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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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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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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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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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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BP has elaborated on its strategy to deliver net zero – cutting oil and gas production by “at least” 40% by...
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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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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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The oil industry’s financial statements reflect climate change conflict Oil and gas companies have never been under more...
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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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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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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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COVID-19 continues to shake the global economy, and energy markets are no exception. Oil in particular finds itself caught...
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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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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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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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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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Carbon Tracker's mission is to align investors strategies to climate change action. We recognise that there is...
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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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The following piece originally was posted to Oilprice.com on March 3, 2019. It is reprinted with permission. Investors are...
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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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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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Why carbon intensity ambitions are welcome, but strict limits on future project sanction remain the route to Paris...
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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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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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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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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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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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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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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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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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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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Explore the report webpage: 2degreeseparation.com This report, produced by Carbon Tracker, Principles for Responsible...
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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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The 12 Days of Carbon Tracker Well…that was different. 2016 has been quite the year of change. A year of political events that...
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Even if oil prices rise in the aftermath of the OPEC agreement on cutting production, the oil industry should be wary of...
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Carbon Tracker’s work on the energy transition has already demonstrated the value in challenging traditional energy model...
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Why a 2°C business model is less risky than 'business-as-usual' for oil companies. The business model for many companies in the...
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Carbon Tracker’s reports and blogs are available in seven different languages: Arabic...
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A series of recent Forbes articles intend to cast doubt on the relevance of stranded asset risks to investors. Mark Fulton,...
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The flaws in the business models of some of the largest US shale producers are becoming clear. Growing levels of debt are...
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Stranded Assets a Response: Myth or Reality? Late last year respected British economist Dieter Helm dismissed the concept of...
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The data is clear – the energy transition is underway, and the direction of travel is away from fossil fuels. But not everyone...
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Is Royal Dutch Shell, one of the world’s biggest oil and gas companies, really turning its back on fossil fuels? Not only has...
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Low carbon scenarios do include the potential for gas demand to grow over the next decade. But if we are to stay within a carbon...
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US shale production has prompted increased volatility in the oil markets, as exemplified by the 50% drop in prices during the...
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The 2015 Oil Spending Review is in Full Swing With oil prices collapsing to between $50/$60 a barrel (at the...
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Over the past 18 months the Carbon Tracker Initiative has written a number of studies on the economics of the controversial...
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During 2014, following in the footsteps of Shell and ExxonMobil, oil and gas industry association IPIECA published a “fact...
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Carbon Tracker Initiative's Anthony Hobley argues that far from being a disaster for clean tech, low oil prices could aid...
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Carbon Tracker comment on US-China climate change agreement “For Carbon Tracker, today’s announcement of the “joint...
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The fourth in the series of Carbon Tracker's Unburnable Carbon reports, focuses on Brazil - a country with the fascinating...
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This new research from Carbon Tracker and the Grantham Research Institute on Climate Change and the Environment at LSE calls...
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This is the original report which pioneered the concept of the 'Carbon Bubble'. This award-winning analysis by Carbon...
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