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



Kazakhstan Energy Transition


Loading the DICE Against Pensions


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


Avoiding Stranded Assets: risk aversion in oil development
Carbon Tracker has long warned of the risk of investing in future stranded assets; i.e., assets that fail to generate the returns expected...

Absolute Impact 2023: Progress on oil and gas emissions targets has stalled
Carbon Tracker is pleased to launch the 4th edition of our Absolute Impact series, in which we assess and rank the climate goals of some of...

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...

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...

Missed Pitch
Many leading asset managers’ investment practices deviate from climate positioning. As awareness of the climate crisis increasingly...

Midstream Running Dry: Energy transition also threatens firms that store and haul hydrocarbons
The 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 the energy...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 MoreThe Transition Files: periodic thoughts and views on companies, industries...
Oil Journal April 2023In this edition of our Transition Files Journal, we celebrate our coverage of US Power and Utilities corporates with a rigorous...
Read MoreMajor oil and gas companies still have choices about how to minimise the risk of having stranded assets, for now. Early in...
Read MoreWith oil and gas firms announcing executive pay packages, some have come under fire for the bumper payouts awarded to their top...
Read MoreTransition Plan Analysis (TPA) Level 2 Despite differing views on climate change, it cannot escape anyone’s attention that...
Read MoreSHELL – 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...
Read MoreIn response to state regulations, Colorado oil and gas well operators have submitted their financial assurance plans. On this...
Read MoreTransition Plan Analysis (TPA) Level 1 Despite differing views on climate change, it cannot escape anyone’s attention that...
Read MoreThere 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...
Read MoreDownload Infographic Here The energy transition may well be determined by the phenomenon of S-curves. This is because the future...
Read MoreThis article was first published by Brink News, with thanks to Thomas Carver. The shift away from a carbon-based economy risks...
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 More1.5°C-alignment requires production declines, but most oil & gas companies are planning to expand Oil and gas companies...
Read MoreThe energy transition threatens companies involved in the downstream refining sector whose revenue is dependent on the continued...
Read MoreCrude 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,...
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 MoreFeet to the Fire: An analysis of potential outcomes of the Colorado...
Oil Analyst Note September 2022Colorado’s new financial assurance rules will help mitigate orphan well risk, but the benefits are blunted by substantial...
Read MoreThe UK’s energy security strategy is back at the forefront of political debate. As the government looks to show leadership...
Read MoreEvent 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...
Read MoreBut it might just save the world North American oil and gas companies are going big on carbon capture, utilisation, and...
Read MoreIn June, Saudi Aramco published its first ever Sustainability Report, containing details of its "net zero by 2050” target and...
Read MoreOver $1 trillion of oil & gas assets risk becoming stranded as a result of policy action on climate and the rise in...
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 MoreOil and gas companies are still failing to commit to the absolute emissions reductions necessary to link their businesses to the...
Read MoreWith respect to asset retirement obligations in the oil patch, every regulator has to answer three questions: How do you...
Read MoreLate last month ExxonMobil launched its Advancing Climate Solutions – 2022 Progress Report,[1] which describes how it is...
Read MoreManaging Peak Oil: Why rising oil prices could create a stranded asset...
Oil Analyst Note January 2022Firms can avoid wasting $500bn with managed approach to transition in Inevitable Policy Response scenario even if oil demand...
Read MoreCarbon Tracker recently announced that it was creating a Global Registry of Fossil Fuels, the “Registry,” which will be a...
Read MoreTo keep 1.5°C alive, immediate action on methane emissions is required from the oil and gas industry, with significant impact...
Read MoreIn January, the Colorado Oil and Gas Conservation Commission (COGCC) will vote on the new financial assurance rules for Colorado,...
Read MoreWhen a well is drilled, a legal obligation to plug the well and reclaim the surface is created This is a critical aspect of...
Read MoreRepsol has seemingly upped its emissions cutting game In early October, responding to shareholder pressure, Repsol announced a...
Read MoreSummary As the Colorado Oil and Gas Conservation Commission’s (COGCC) seeks to fulfill its statutory mandate to “require...
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 MoreColorado’s ineffective financial assurance and well plugging rules have allowed the growth of a large portfolio of marginal and...
Read MoreCommitting to net zero is not enough – the emissions reduction pathway is critical Carbon Tracker’s fifth annual...
Read MoreFinancial assurance requirements are universally considered to be too low to pay for plugging and abandoning wells. An inventory...
Read MoreOil and gas companies are increasingly announcing new climate goals as they seek to maintain a social licence to...
Read MoreShell and Eni’s recent strategy updates have highlighted a key emerging point in the debate on oil and gas companies’...
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 More2020 was a tough year for big oil. Short-term demand was hammered by the impacts of Covid-19, while the ever-growing...
Read MoreEmissions trajectories continue to bend lower Last month, both Shell and Eni revised their scope 3 emissions plans, updating...
Read MoreBeyond Petrostates: The burning need to cut oil dependence in the energy...
Oil Report February 2021Fossil fuel-reliant countries could see a drop of 51% in government oil and gas revenues in a shift to a low-carbon world over...
Read MoreCarbon Tracker's Christmas Cracker had a makeover in 2020. This infographic originally went out in our December newsletter,...
Read MoreGroundhog Pay: How executive incentives trap companies in a loop of fossil...
Oil Analyst Note December 2020The energy transition will require oil and gas companies to fundamentally change the way they do business. Groundhog Pay...
Read More2020 has, to put it mildly, been full of surprises. Oil and gas companies, long predictable and averse to change, have even...
Read MoreThe oil and gas industry, like many other commodity industries, has long been characterised by volatility, instability and...
Read MoreBetween 2014 and the end of 2019, ExxonMobil 's return to shareholders was negative 10%. In September 2014, Carbon Tracker...
Read MoreGiven the 24 hour news cycle around the US Congressional and Presidential Election, it would be easy to focus only on what...
Read MoreFault Lines: How diverging oil and gas company strategies link to stranded...
Oil Report October 2020In a series of reports since 2011, Carbon Tracker has shown the financial and stranded asset risks to fossil fuel producers...
Read 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 MoreBP has elaborated on its strategy to deliver net zero – cutting oil and gas production by “at least” 40% by...
Read MoreClick here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to accelerate the energy transition by...
Read MoreCarbon Tracker's modelling shows no new oil sands are needed in a low carbon world. Prospective pipelines and projects represent...
Read MoreThere is growing recognition that drastic changes to oil and gas consumption are required to meet the finite limits of a global...
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 MoreKey findings: Our research shows that UK Export Finance supports upstream oil projects that seem very likely to become...
Read MoreAt the end of February, Italian oil major Eni announced new carbon emissions reduction plans. While not aiming for net zero...
Read MoreIn ancient Greek theatre, deus ex machina (“god from the machine”) is when a seemingly intractable plot issue is...
Read MoreThis blog updates our 2018 note Carbon Budgets Explained. Carbon budgets – the amount of carbon dioxide emissions permitted...
Read MoreThe Covid-19 crisis is showing up the oil and gas industry’s exposure to the threat of falling demand, a forewarning of what...
Read MoreOne of last year’s key developments relating to climate change risks was a handful of fossil fuel producers agreeing to show...
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 arms race in setting carbon emissions targets is such that Shell, once one of the industry leaders when it announced its...
Read MoreCOVID-19 continues to shake the global economy, and energy markets are no exception. Oil in particular finds itself caught...
Read MoreFanning the Flames: How executives continue to be rewarded to produce more...
Oil Analyst Note March 2020Company executives pay practice doesn’t yet live up to climate ambition, with the gap between stated ambition and demonstrable...
Read MoreThe piece originally was posted to LGIM Future World Blog on February 26, 2020. It is reprinted with permission. By Nick...
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 MoreAmid ever-increasing concerns over climate risks, BP is the latest European oil and gas company to announce a climate goal with...
Read MoreHandbrake Turn: The cost of failing to anticipate an Inevitable Policy...
Oil Analyst Note January 2020In this report, we look at the Inevitable Policy Response (IPR), which models the potential impacts of delayed tough...
Read MoreRepsol has just announced a shift in strategic direction – to become a net zero emissions company by 2050. This move extends...
Read MoreTo deflate the carbon bubble and protect investors, oil & gas companies must shrink The world’s listed oil and gas majors...
Read MoreCarbon Tracker's mission is to align investors strategies to climate change action. We recognise that there is...
Read MoreOnce upon a time – the 1990s if you are interested -- there was a wondrous oil company called Exxon. It was run by a clever...
Read MoreThis report provides an update to our 2017 and 2018 "2 Degrees of Separation" reports, along with an updated methodology. The...
Read MoreThe following piece originally was posted to Oilprice.com on March 3, 2019. It is reprinted with permission. Investors are...
Read MoreThe UK Climate Change Committee (CCC) has reported on its recommended targets for the UK to reduce its greenhouse gas emissions...
Read MoreWhy shareholders should rethink executive reward For much of the early part of this century, the oil and gas industry was in...
Read MoreIn this study we review the remuneration practice used in the oil and gas industry and look at alignment with either growth or...
Read MoreWhy carbon intensity ambitions are welcome, but strict limits on future project sanction remain the route to Paris...
Read MoreThis blog originally appeared on the IEEFA website By Tom Sanzillo, Kathy Hipple and Clark Williams-Derry Invest in the...
Read MoreBy Paul Spedding BP chief executive Bob Dudley is at risk of being branded an altruist if his “Oil and Money” speech to...
Read MoreCarbon capture and storage, or CCS, refers to technologies that allow us to capture CO2 at the source of its production and...
Read MoreOne of the questions we are most frequently asked by investors is – how can we tell if a company is “Paris compliant”? This...
Read MoreThis report updates our 2 Degrees of Separation report, published in June 2017 2 Degrees of Separation laid out a framework...
Read MoreEV Oil Demand Displacement Interactive Tool This report and accompanying interactive tool look exclusively at...
Read MoreSummary Occidental neglects demand fundamentals in its 2°C analysis and opts for the foregone conclusion of a test against...
Read MoreThis study updates our report 2 Degrees of Separation, and for the first time quantifies risk of overinvestment under a 1.75ᵒC...
Read MoreExxonMobil's Energy and Carbon Summary is a step in the right direction, but lacks clarity across a number of...
Read MoreA PDF version of this paper is available here. An updated version of this note is available now in Carbon Budgets: Where are...
Read MoreIf you read just one thing this year…… first, it’s December! What took you so long?......second, make it this. Much...
Read MoreHeadlines Growth of electric vehicles (EVs) in scenarios developed by some oil majors is ten years behind the level expected...
Read MoreWhat does a 2°C scenario mean for future refining capacity? In this paper, we look at how a scenario for oil demand that is...
Read MoreExplore the report webpage: 2degreeseparation.com This report, produced by Carbon Tracker, Principles for Responsible...
Read MoreUnexpectedly, the oil and gas love-in that is CERAWeek saw the latest round of climate risk disclosure emerging from the oil...
Read MoreThe 12 Days of Carbon Tracker Well…that was different. 2016 has been quite the year of change. A year of political events that...
Read MoreEven if oil prices rise in the aftermath of the OPEC agreement on cutting production, the oil industry should be wary of...
Read MoreWhy a 2°C business model is less risky than 'business-as-usual' for oil companies. The business model for many companies in the...
Read MoreCarbon Tracker’s reports and blogs are available in seven different languages: Arabic...
Read MoreU.S. and European oil and gas companies are under increasing pressure from shareholders to stress test their businesses against a...
Read MoreOil majors could be worth up to $140 billion more by aligning production with climate targets
Read MoreA series of recent Forbes articles intend to cast doubt on the relevance of stranded asset risks to investors. Mark Fulton,...
Read MoreIn 2016, the Kingdom of Saudi Arabia has a major opportunity to develop a new industry, an opportunity that became something of...
Read MoreBy Paul Spedding, Former Global Co-Head of Oil And Gas Research at HSBC and Advisor to Carbon Tracker. First appeared on...
Read MoreJust because one of Britain's best loved vehicles rolled off the production line for the last time last week doesn't...
Read MoreStranded Assets a Response: Myth or Reality? Late last year respected British economist Dieter Helm dismissed the concept of...
Read MoreThe data is clear – the energy transition is underway, and the direction of travel is away from fossil fuels. But not everyone...
Read MoreIs Royal Dutch Shell, one of the world’s biggest oil and gas companies, really turning its back on fossil fuels? Not only has...
Read MorePetrobras’ recent launch of a notional $2.5 billion worth of 100-year bonds has been viewed as evidence that investors,...
Read MoreFirst appeared in BusinessGreen As the world’s top financiers gather in Paris ahead of International Climate Finance Day on...
Read MoreThe steep fall in the price of oil since the middle of last year has brought volatility back to the market with a vengeance,...
Read MoreThe 2015 Oil Spending Review is in Full Swing With oil prices collapsing to between $50/$60 a barrel (at the...
Read MoreOver the past 18 months the Carbon Tracker Initiative has written a number of studies on the economics of the controversial...
Read MoreDuring 2014, following in the footsteps of Shell and ExxonMobil, oil and gas industry association IPIECA published a “fact...
Read MoreCarbon Tracker Initiative's Anthony Hobley argues that far from being a disaster for clean tech, low oil prices could aid...
Read MoreCarbon Tracker comment on US-China climate change agreement “For Carbon Tracker, today’s announcement of the “joint...
Read MoreShell underestimates risk for up to $77 bln of high cost oil projects The Carbon Tracker Initiative (CTI) and Energy...
Read MoreThis report is a risk analysis which provides a tool for the majority of investors who cannot simply divest, so they can...
Read MoreExxon: Is business as normal the right strategy? Earlier this month, ExxonMobil published a document entitled, “Energy and...
Read MoreCarbon Tracker respond to the US Department of State's Final Supplemental Environmental Impact Statement (FSEIS) with our new...
Read MoreThe fourth in the series of Carbon Tracker's Unburnable Carbon reports, focuses on Brazil - a country with the fascinating...
Read MoreThis new research from Carbon Tracker and the Grantham Research Institute on Climate Change and the Environment at LSE calls...
Read MoreCarbon Tracker and Standard & Poors have been working together on the implications of carbon constraints for credit ratings...
Read MoreThis is the original report which pioneered the concept of the 'Carbon Bubble'. This award-winning analysis by Carbon...
Read More