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
In May, we wrote about how 2024 is meant to be the year for international climate finance. We underlined the fact that the...
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Recently, former European Central Bank President Mario Draghi presented his report on the “The future of European...
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Asset disposals are commonplace in the oil and gas industry, and M&A has long been a feature of the industry. Yet, as the...
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Carbon Tracker Methodology In a series of reports since 2011, Carbon Tracker has explored the financial implications of the...
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Evaluating Automotive Transition Strategies Electrification of the passenger vehicle fleet is inevitable. To be relevant in a...
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Fossil fuel subsidy reform: A significant energy transition risk that...
Oil & Gas Blog September 2024By any measure, fossil fuel subsidies are immense. Combined estimates from the Organisation for Economic Cooperation and...
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Backfire: Why Colorado’s bonding reform is not working
Asset Retirement Obligation Report September 2024Carbon Tracker has been following the development of the Energy and Carbon Management Commission’s (ECMC) financial assurance...
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Investor Call to Action: FCA Consultation on New Disclosure Rules
Accounting, Audit, & Disclosure Report August 2024The FCA have just announced a Prospectus Review. Specifically, we draw your attention to a key section in the FCA’s...
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Carbon Tracker believes that we need a financial regulatory regime fit for purpose to address the climate crisis. This is why...
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Can Europe Overcome its Continental Drift? Tough Challenges Ahead for the...
Regulatory & Policy Blog July 2024Just two months ago, Europe felt like it was at a political crossroads. The European Parliamentary elections - where some...
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The new British Government must prioritise climate finance, driven by the upcoming COP29 and the need for economic growth through...
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At the close of its 2024 Spring Session the U.S. Supreme Court’s ruling in Loper Bright Enterprises v. Raimondo (Loper Bright),...
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Uniper SE: Government ownership key to decarbonisation
Corporate Research (Power & Utilities) Report July 2024Carbon Tracker has produced two separate related reports on RWE and Uniper, the German publicly traded coal utilities, to assess...
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RWE AG: The case for an accelerated coal exit
Corporate Research (Power & Utilities) Report July 2024Carbon Tracker has produced two separate related reports on RWE and Uniper, the German publicly traded coal utilities, to assess...
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The real climate impact of Blue Hydrogen and Gas-CCS Our report reveals that CO2 emissions from Blue Hydrogen and Gas-CCS...
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Via the Transition Finance Markets Review (TFMR), the UK Government is the latest political entity to commission a review into...
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A clear example of how the energy transition is changing quickly due to strides in cheap and scalable electrification is in the...
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Methane Emissions from Oil and Gas Majors: Reconciling Different Estimates
Oil & Gas Analyst Note May 2024There has been great interest in recent years in reducing methane emissions as part of efforts to limit climate change. Public...
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By Richard Folland of Carbon Tracker & John Willis of Planet Tracker | In Collaboration with The Global Ethical Finance...
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Assessing Truckmakers’ commitment and effective transition to electric vehicles Recently ratified Heavy Duty Vehicles (HDV)...
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Business as usual in oil and gas is a high risk strategy for us all
Energy Transition Blog April 2024Oil and gas industry resistance to transition is a major investment risk for the industry and its stakeholders - as new...
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CO2 matters: on emissions reporting, ESG ratings and stock market prices in the car sector Following on from the analysis...
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The fossil fuel industry is having a bad energy transition: It is misaligned with stakeholders, climate targets and is...
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After his recent primary wins Donald Trump is assured to be the Republican Party’s nominee for President. Polling shows he...
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India may not be Paris aligned but that does not mean that key Indian corporates can ignore the technological revolution the...
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Paris Maligned II: Climate alignment assessments reveal oil and gas company transition risk exposure The window of time to...
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The UK Government’s CCUS strategy risks locking consumers into a high-cost, fossil-based future, despite cleaner and cheaper...
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Crude Intentions II: How oil and gas execs are still incentivised to grow...
Oil & Gas Report February 2024Crude Intentions II As the energy transition continues to accelerate, demand for each of the fossil fuels is likely to peak...
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Energy is a very long game: yet fossil fuel companies are taking a lot of...
Energy Transition Blog February 2024Oil and gas incumbents are doubling down on investment and their financial backers are exiting governance bodies: this raises the...
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The continued absence of climate and transition risks in financial reporting Climate and energy transition risks, and company...
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Snam Carbon Tracker has produced a set of three separate related reports on Snam, Italgas and Enagas, the European gas network...
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Italgas Carbon Tracker has produced a set of three separate related reports on Snam, Italgas and Enagas, the European gas...
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Enagas Carbon Tracker has produced a set of three separate related reports on Snam, Italgas and Enagas, the European gas network...
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Carbon Tracker Submission to the IFRS Interpretations Committee
Analyst Notes Analyst Note February 2024Carbon Tracker Initiative (Carbon Tracker) provided comments on the Tentative Agenda Decision: Climate-related Commitments (IAS...
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2024: Misreading and mistiming the energy transition – Carbon moves from...
Energy Transition Blog January 20242024 is the Chinese year of the Dragon, the only mythical beast in the Chinese zodiac: and a year typically associated with fresh...
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Carbon Tracker Initiative is one of four data providers to the Climate Action 100+ Net Zero Company Benchmark. The Benchmark...
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Climate Accounting and Audit: 2023 Assessments for Climate Action 100+
CA100+ & Stewardship Report January 2024Climate Accounting and Auditing assesses the financial statements and related audit reports of all 170 focus companies across...
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As a research provider, we conduct financial analysis and have developed a set of alignment assessments to help investors...
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For utilities, we must look both forward and backward. Firms must avoid building new coal and gas generation assets and...
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It is increasingly clear that the energy transition is well underway, with renewables substituting for oil and...
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As each year goes by, and the climate crisis becomes more urgent, the choices made by policymakers, businesses and other...
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The UK will phase-out new ICE vehicle sales by 2035, but an incoherent battery strategy puts the relevance of the UK automotive...
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Navigating Peak Demand: the oil and gas industry enters its post-imperial age Most things may never happen: this one...
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It’s the end of Week 1 of the COP. This is often the point when the negotiations seem stuck in a morass of complexities and...
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Tohoku Electric Power is one of the largest power generation and transmission companies in Japan. It has 17 GW of own generation...
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From Net Zero to New Zero – Reserves Estimates in a Decarbonizing...
Accounting, Audit, & Disclosure Report December 2023Oil and gas reserve classification systems today are focused on the value oil and gas has when burnt. Devised in the first part...
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How many new emissions did oil and gas exploration add last year? Nobody...
Energy Transition Blog December 2023If you are reading this, you know that at a time when the world is burning, and Net Zero seems like a distant dream, oil and gas...
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In this note, Neil Quach, Senior Corporate Research Analyst – North American Oil & Gas, drills down into the financial and...
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PetroStates of Decline: oil and gas producers face growing fiscal risks as...
Analyst Note December 2023Transition risks for petrostates are higher than ever This report, an update of our 2021 Beyond Petrostates report, finds that...
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Carbon Tracker Power & Utilities Country Profiles updated and expanded
Power & Utilities Blog November 2023Today we are launching an update to our Country Profiles for the global coal power sector. This is a platform designed to assist...
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Unlocking the economic potential from vehicle electrification The global deployment of Battery Electric Vehicles (BEVs) is...
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Prime Minister Rishi Sunak has promised to “max out” North Sea reserves – but the plan fails on economic, energy security,...
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Recently, Climate Action 100+ launched its updated Net Zero Company Benchmark and related Alignment Assessments for the 170+...
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Energy transition update: now cheaper to save the world than destroy it
Energy Transition Blog October 2023“It's now cheaper to save the world than destroy it.” Akshat Rathi, Climate Capitalism “It ought to be remembered...
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How UK net zero policy is veering off course – for investors and the wider world. At the last count, the UK’s contribution...
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In today's world, there's an expectation that all organisations, regardless of their size, sector, or capacity, should actively...
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Albert Einstein once observed: “We cannot solve our problems with the same level of thinking that created them” – and so it...
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Iberdrola is Europe’s largest and the world’s second largest utility by market cap. It has more than 50GW of generation...
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Supreme Court Justice Louis Brandeis once called U.S. states laboratories of democracy. His point was that states can be a place...
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Climate Action 100+ Net Zero Company Benchmark: Climate Accounting and Audit Assessment This document sets out the framework and...
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Oil and Gas company narratives about the future of fossil fuels remain positive, their bank accounts are full. But their...
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Carbon Tracker has long warned of the risk of investing in future stranded assets; i.e., assets that fail to generate the returns...
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To paraphrase the Charles Dickens classic, A Tale of Two Cities: in 2023 in terms of energy, we are in the best of times, and in...
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Absolute Impact 2023: Progress on oil and gas emissions targets has stalled
Analyst Notes Analyst Note September 2023Carbon Tracker is pleased to launch the 4th edition of our Absolute Impact series, in which we assess and rank the climate goals...
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Recently, the US Supreme Court has not shied away from issuing precedent-setting decisions. Next year, that trend may continue...
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Find a round up of Carbon Tracker's research and outreach activity in 2022. In 2022 we saw global shocks catalysed by Russia’s...
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Our July research has been focussed on a major new report – Loading the DICE Against Pensions, written for Carbon Tracker by...
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The GB power system is increasingly at risk of becoming stuck in transition on its necessary path to carbon neutrality. Over...
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Carbon Tracker and Planet Tracker welcome the opportunity to respond to the European Commission’s (“the Commission”)...
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The energy transition is already here – and becoming widely distributed
Energy Transition Blog June 2023William Gibson is often quoted with the line “The future is already here — it's just not very evenly distributed.” It...
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Transition Plan Analysis Enel is the largest global renewable private player, biggest grid operator by end users and retail...
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Investments in the electricity grid are not keeping up with the rapid growth of wind resulting in record losses of green...
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Duke Energy (N/R) – Sale process drawn out raises eyebrows on potential equity. In our Transition Files vol 2 piece, we...
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Poorly performing Auto Loan ABS has the potential to put the brakes on bond holder returns and automaker cashflow In developed...
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In Marginal Call, we assessed options for the redesign of Great Britain’s wholesale power market. We highlighted that the...
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It’s been remarked on already, but let’s repeat it: this autumn could define how the international community responds to...
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Talking the talk but not walking the walk – The absence of net zero...
Flash Notes Flash Note May 2023Companies around the world are setting net zero by 2050 targets. Despite that, our analysis shows that of 134 carbon-intensive...
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Given the very large size of Shell’s hydrocarbon assets on the balance sheet, to convert Shell into a business able to cope...
Read MoreMany 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 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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In 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...
Regulatory & Policy Blog April 2023As the Colorado Oil and Gas Conservation Commission (COGCC) evaluates operator bonding proposals, and goes through hearings on...
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Pricing signals for low-carbon flexibility vital for future power market...
Power & Utilities Blog April 2023With UK and European leaders continuing to ponder the long-term future of power market design, common themes continue to arise...
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As automotive companies start to release their annual reports for FY2022 we take look at how they considered climate in...
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In 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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SHELL – Will Shell’s Energy Transition Strategy Change Under Its...
Corporate Research (Oil & Gas) 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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Energy Transition’s clean technologies are empowering an industrial...
Energy Transition Blog February 2023There 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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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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Investors Need to Look Carefully at Stranded Asset Risks
Regulatory & Policy Guest Blog January 2023This 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: Engie’s plans to reduce carbon intensity for scope 1 and 3 emissions from generation are not...
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For Centrica to be aligned with the goals of the Paris Agreement, four things need to happen: The company needs to...
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Blog 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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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
Autos 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...
Oil & 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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Amidst an energy crisis and a power supply crunch, the Japanese power sector is today experiencing unprecedented stress owing to...
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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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In 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: Uniper SE – Restructuring due but let’s not...
Corporate Research (Power & Utilities) 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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RWE 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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EU Coal: The Good, The Bad & The Ugly
Corporate Research (Power & Utilities) Analyst Note September 2022We are writing this report because retiring coal is the fastest route to decarbonisation and alignment with the goals of the...
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Europe’s dash for LNG makes case against Asian gas investment stronger
Oil & Gas Blog September 2022This year has seen the fundamental dynamics of global energy markets turned completely on their head. A potent cocktail of...
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Why drilling for more fossil fuels won’t bring UK energy security or cut...
Oil & Gas Blog September 2022The 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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The International Sustainability Standards Board’s Exposure Drafts “IFRS S1 General Requirements for Disclosure of...
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When 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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Corporate Profile – CLP Holdings Limited
Corporate Research (Power & Utilities) Analyst Note July 2022CLP 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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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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Double or Nothing: How regulators are gambling on the future self-interest...
Oil & Gas Report June 2022The 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 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 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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ExxonMobil is planning on climate failure despite ‘Advancing Climate...
Oil & Gas Blog February 2022Late 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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Firms 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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Tackling the Methane problem: why investors should drive change at...
Energy Transition Blog January 2022To 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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South Africa Needs Significantly More Money to Help Phase Out Coal
Power & Utilities Blog December 2021We 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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Mistaking Price Volatility for Market Strength may Store Up Long Term...
Oil & Gas Blog November 2021Right 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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Australian oil and gas mergers: Exposing the weakness of company...
Oil & Gas Flash Note November 2021Mergers 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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Chinese coal industry patch-up should not encourage new investment
Power & Utilities Blog November 2021The 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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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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Compared 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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Investors 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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Letter to the SEC on Climate Change Disclosures
Accounting, Audit, & Disclosure Analyst Note June 2021Recently, 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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South Korea must take opportunity to end coal power and accelerate...
Power & Utilities Blog May 2021Ending 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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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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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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The 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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“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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Fossil 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
Accounting, Audit, & 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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COP26: A chance to reset and eliminate obstacles – coal in sights
Power & Utilities Blog January 20212021 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 & Gas 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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Shopping the Black Friday shale – North America’s oil and gas industry...
Oil & Gas Blog November 20202020 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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In a series of reports since 2011, Carbon Tracker has shown the financial and stranded asset risks to fossil fuel producers...
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Carbon Tracker and Assurance Mark were given the opportunity to comment on the FCA’s above-referenced proposals (the...
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Vistra takes an important step in the clean energy transition, but still...
Power & Utilities Blog October 2020The 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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Billion Dollar Orphans: Why millions of oil and gas wells could become...
Oil & Gas Report October 2020There 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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Measuring and managing energy transition risk in the Philippines
Power & Utilities Blog September 2020As 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...
Regulatory & Policy 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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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 Impair State: The Paris Agreement starts to impact oil & gas...
Oil & Gas Analyst Note June 2020The 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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Here’s why China’s post-COVID-19 stimulus must reject costly coal...
Power & Utilities Blog March 2020The 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...
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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Carbon 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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In 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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Powering down coal: The economic case for a global coal phase-out is...
Power & Utilities Blog December 2019Coal 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...
Regulatory & Policy 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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Carbon Tracker, IEEFA and ICSC to help the Philippines with energy...
Power & Utilities Blog August 2019Last 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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UK Net Zero 2050 – good intentions, but aren’t we missing something?
Power & Utilities Blog May 2019The UK Climate Change Committee (CCC) has reported on its recommended targets for the UK to reduce its greenhouse gas emissions...
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There 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
Regulatory & Policy 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...
Accounting, Audit, & 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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Why carbon intensity ambitions are welcome, but strict limits on future project sanction remain the route to Paris...
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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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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: 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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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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In 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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Explain to comply – how can oil and gas companies show alignment with...
Oil & Gas Blog September 2018One 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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This 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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Climate Change and the First Rule of Italian Driving
Accounting, Audit, & Disclosure Guest Blog July 2018Guest 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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This paper provides in-depth analysis of the company disclosure of the largest oil and gas companies: BP, Chevron, Conoco...
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From stressed to unviable: India’s renewables revolution is pushing coal...
Power & Utilities Blog May 2018One 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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Earth to investors: Paris Agreement requires one coal unit to close every...
Power & Utilities Blog May 2018Several 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
Accounting, Audit, & 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...
Accounting, Audit, & 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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Trial and Error: Occidental’s first stab at climate-related risks
Accounting, Audit, & Disclosure Blog March 2018Summary 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 takes tentative steps on asset-level climate risk
Accounting, Audit, & Disclosure Blog March 2018Chevron’s recent climate change disclosures become the first to reach down to the asset level, but remain light on useful...
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