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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...
Climate Action 100+ Net Zero Company Benchmark: Climate Accounting and Audit Assessment This document sets out the framework and...
Read MoreOil and Gas company narratives about the future of fossil fuels remain positive, their bank accounts are full. But their...
Read MoreCarbon Tracker has long warned of the risk of investing in future stranded assets; i.e., assets that fail to generate the returns...
Read MoreTo 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...
Read MoreAbsolute 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...
Read MoreRecently, the US Supreme Court has not shied away from issuing precedent-setting decisions. Next year, that trend may continue...
Read MoreFind a round up of Carbon Tracker's research and outreach activity in 2022. In 2022 we saw global shocks catalysed by Russia’s...
Read MoreOur July research has been focussed on a major new report – Loading the DICE Against Pensions, written for Carbon Tracker by...
Read MoreThe GB power system is increasingly at risk of becoming stuck in transition on its necessary path to carbon neutrality. Over...
Read MoreCarbon Tracker and Planet Tracker’s comments on draft ESRS Delegated...
Climate risk disclosure Report July 2023Carbon Tracker and Planet Tracker welcome the opportunity to respond to the European Commission’s (“the Commission”)...
Read MoreThe 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...
Read MoreTransition Plan Analysis Enel is the largest global renewable private player, biggest grid operator by end users and retail...
Read MoreInvestments in the electricity grid are not keeping up with the rapid growth of wind resulting in record losses of green...
Read MoreDuke Energy (N/R) – Sale process drawn out raises eyebrows on potential equity. In our Transition Files vol 2 piece, we...
Read MorePoorly performing Auto Loan ABS has the potential to put the brakes on bond holder returns and automaker cashflow In developed...
Read MoreIn Marginal Call, we assessed options for the redesign of Great Britain’s wholesale power market. We highlighted that the...
Read MoreIt’s been remarked on already, but let’s repeat it: this autumn could define how the international community responds to...
Read MoreTalking 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...
Read MoreWill Shell’s Energy Transition Strategy Change Under Its New CEO?...
Corporate Research Report May 2023Given 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...
Read MoreNet Zero has become an energy transition delay tactic, driven by incumbents, but it is unlikely to work - as we detail in this...
Read MoreMidstream 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...
Read MoreThe recent Environmental Audit Committee’s (EAC) Finance and Net Zero Inquiry, gives us an opportunity to look how...
Read MoreTransition Plan Analysis (TPA1) – EDF SA: Nuclear funding gap for...
Corporate Research Report April 2023Transition Plan Analysis Despite nationalisation, EDF remains a major issuer in the fixed income space as well as a competitive...
Read MoreTransition Plan Analysis In this note Will Grainger, our Senior North American Power and Utilities Analyst, outlines the key...
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 MoreStanding at the crossroads: Colorado Commissioners facing difficult...
Climate risk disclosure Blog April 2023As the Colorado Oil and Gas Conservation Commission (COGCC) evaluates operator bonding proposals, and goes through hearings on...
Read MoreWith UK and European leaders continuing to ponder the long-term future of power market design, common themes continue to arise...
Read MoreDriving in the Dark: Why automotive companies need to shed light on...
Automotive Flash Note April 2023As automotive companies start to release their annual reports for FY2022 we take look at how they considered climate in...
Read MoreBalancing Act: Stranded Assets and Flexibility in China’s Power Sector
Power Analyst Note March 2023In September 2020, the People’s Republic of China announced targets of peaking economy-wide carbon emissions before 2030 and...
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 early 2022, Colorado overhauled its financial assurance rules for oil and gas companies in a rulemaking mandated by SB...
Read MoreIn response to state regulations, Colorado oil and gas well operators have submitted their financial assurance plans. On this...
Read 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 MoreAt more than 300 pages, there is much to absorb in Chris Skidmore MP’s Net-Zero Review for the British government – and to...
Read MoreLast month, President Biden marked his second year in office. As a candidate, he often discussed the need to take on climate...
Read MoreRecent extreme price spikes for the GB power market have triggered key discussions over whether the time has come for a shift in...
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 MoreResponse to the Financial Conduct Authority’s Consultation Paper “Sustainability Disclosure Requirements (SDR) and investment...
Read MoreDecarbonising CCGT, grids & Scope 3 Emissions Engie needs to consider retiring merchant CCGT capacity. Its plans to...
Read MoreTransition Plan Analysis: Engie’s plans to reduce carbon intensity for scope 1 and 3 emissions from generation are not...
Read MoreCentrica plc – Four steps from Company, Regulator and Government to...
Energy transition Report January 2023For Centrica to be aligned with the goals of the Paris Agreement, four things need to happen: The company needs to...
Read MoreOne in three UK car sales may be fully electric by end ‘23 as S-Curve...
Automotive Blog January 2023Blog 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...
Read MoreCarbon Tracker Research in an Energy Transition Context: October through November 2022 COP27 Special Report: African...
Read MoreJ-Power has a commitment to achieve net zero emissions by 2050 but we do not think the plan is currently Paris-aligned We...
Read MoreThe consensus about COP27 was one of disappointment. The sense of anti-climax has thrown into even sharper focus the huge...
Read MoreCommentators like to say that midterm elections are a referendum on the party in power. So, what do these results mean for...
Read MoreThe energy transition threatens companies involved in the downstream refining sector whose revenue is dependent on the continued...
Read MoreDespite heavy restrictions and security at the Egypt conference, a record number of Civil Society organisations and activists...
Read MoreThe war in Ukraine is a further example of the inherent fragility of the world fossil fuel system. It is accelerating the energy...
Read MoreSlipped Gear: Automaker emissions goals unaligned to meet climate targets
Automotive Analyst Note November 2022This report is an assessment of automotive company alignment to the Paris Agreement and their position relative to the automotive...
Read MoreOn Monday 24th October, Mark Carney (the UN Special Envoy for Climate Action and Finance at United Nations and Co-Chair of the...
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 MoreCompared with the somewhat more benign backdrop to COP26 and Glasgow 12 months ago, the political conditions underpinning COP27...
Read MoreStarting in a fortnight will be one of the most crucial climate conferences of the year, COP27. Hosted this year in Egypt, the...
Read MorePut a price on it: The case for more effective carbon pricing in Japan
Power Analyst Note October 2022Amidst an energy crisis and a power supply crunch, the Japanese power sector is today experiencing unprecedented stress owing to...
Read MoreRWE is bringing forward the closure of 3.1GW of lignite capacity at Niederaussem K, Neurath F & G from end 2038 to December...
Read MoreStill Flying Blind: The Absence of Climate Risk in Financial Reporting
Climate risk disclosure Report October 2022In 2021, Carbon Tracker published its first report about the degree to which companies had disclosed taking climate risks into...
Read MoreIntroducing a global registry of fossil fuels to drive corporate and government accountability. The Global Registry of Fossil...
Read MoreCorporate Research: Uniper SE – Restructuring due but let’s not...
Corporate Research 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...
Read MoreCorporate Research: RWE AG – Talking the talk, but will need to walk...
Power Analyst Note September 2022RWE AG RWE’s transition to net zero is not fully aligned with the goals of the Paris Agreement. Germany has yet to...
Read MoreWe are writing this report because retiring coal is the fastest route to decarbonisation and alignment with the goals of the...
Read MoreThis year has seen the fundamental dynamics of global energy markets turned completely on their head. A potent cocktail of...
Read MoreThe UK’s energy security strategy is back at the forefront of political debate. As the government looks to show leadership...
Read MoreSummer 2022 has been a rollercoaster for climate advocates in America. On June 30, the US Supreme Court ruled, in West...
Read MoreLetter to ISSB on Sustainability- and Climate-related Disclosures
Climate risk disclosure Analyst Note August 2022The International Sustainability Standards Board’s Exposure Drafts “IFRS S1 General Requirements for Disclosure of...
Read 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 MoreCLP Holdings Limited (CLP) has a commitment to achieve net zero emissions by 2050. However, we do not think CLP’s net zero plan...
Read MoreIn June, Saudi Aramco published its first ever Sustainability Report, containing details of its "net zero by 2050” target and...
Read MoreOn 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...
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 More*This blog is written by Dwayne Purvis for Carbon Tracker* The dynamics of unfunded plugging liabilities have changed so...
Read MoreOil and gas companies are still failing to commit to the absolute emissions reductions necessary to link their businesses to the...
Read MoreShell’s Energy Transition Progress Report: Still lacking absolute...
Corporate Research Flash Note May 2022Shell recently published its first Energy Transition Progress Report. The document has been produced ahead of the AGM on 24...
Read MoreThe risks associated with gas infrastructure investment have never been higher This report continues our series exploring the...
Read MoreNone of the CA100+ focus companies within upstream oil & gas production or coal & gas-powered electricity generation have...
Read MoreRussia’s unprovoked invasion of Ukraine has created terrible consequences for those living inside Ukraine, but at the same time...
Read MoreOut 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...
Read MoreToday the Supreme Court hears oral arguments in the case of West Virginia v. EPA. The case centers on the EPA’s ability to...
Read MoreWith respect to asset retirement obligations in the oil patch, every regulator has to answer three questions: How do you...
Read MoreWhy 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...
Read MorePoland’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...
Read MoreLate last month ExxonMobil launched its Advancing Climate Solutions – 2022 Progress Report,[1] which describes how it is...
Read MoreOpinion: 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...
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 MoreAs a candidate President Biden spoke of the need to act on climate change and said, “it requires action, not denial…...
Read MoreTo keep 1.5°C alive, immediate action on methane emissions is required from the oil and gas industry, with significant impact...
Read More2021 Wrapped Up Here is an infographic of the key events that took place at Carbon Tracker and in the climate space in...
Read MoreWe welcome the recent announcement that South Africa has struck a deal to access concessional financing of $8.5bn over the next...
Read MoreRecently I wrote about how the Biden Administration’s efforts to fight climate change could be sailing into rough waters after...
Read MoreThird Point, the US activist hedge fund, has recently proposed a significant change to the corporate structure of Shell,...
Read MoreIn January, the Colorado Oil and Gas Conservation Commission (COGCC) will vote on the new financial assurance rules for Colorado,...
Read MoreRight now, global energy commodity prices remain close to long-term highs despite recent declines. But short-term strength in...
Read MoreAfter months of legislative negotiations, the $1.2 trillion Infrastructure bill made it through Congress and was signed by...
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 MoreThe Chinese government has been sending mixed messages on its long-term climate ambitions once again On the one hand, an...
Read More$110 billion of coal plants owned by listed Asian utilities could become uneconomic as the world takes action to meet climate...
Read MoreRepsol has seemingly upped its emissions cutting game In early October, responding to shareholder pressure, Repsol announced a...
Read MoreUnabated gas plants’ future role in the power system should be predominantly limited to backup reserve to allow for flexible...
Read MoreThere is a paradox at the heart of expertise: those who have accumulated the most authority in an industry are often those least...
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 MoreFlying blind: The glaring absence of climate risks in financial reporting
Climate risk disclosure Report September 2021Investors are Flying Blind as over 70% of reviewed companies and 80% of auditors fail to disclose climate-related risks in the...
Read MoreCommitting to net zero is not enough – the emissions reduction pathway is critical Carbon Tracker’s fifth annual...
Read MoreThe world has changed a lot since Paris; so too should the logic of climate mitigation. Mitigating climate change is no longer...
Read MoreOn Monday 9th August, the Intergovernmental Panel on Climate Change (IPCC) delivered a climate report warning of ‘code red for...
Read MoreIn less than 100 days COP26 will start. Many agree that this year’s conference is being held at a critical moment. To...
Read MoreSpiralling 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...
Read MoreFinancial assurance requirements are universally considered to be too low to pay for plugging and abandoning wells. An inventory...
Read MoreFossil fuel electricity generation has peaked worldwide as emerging market countries seize the opportunities of low-cost...
Read MoreRenewables continue to increase their cost competitiveness versus coal, with 27% of the global coal fleet unprofitable today. Do...
Read MoreRecently, we submitted a letter in response to the Securities and Exchange Commission’s (SEC) Public Input on Climate Change...
Read MoreThe election of President Joe Biden brought a seismic shift in U.S. government policy toward climate change. In addition to...
Read MoreOil and gas companies are increasingly announcing new climate goals as they seek to maintain a social licence to...
Read MoreEnding the use of coal for power generation in South Korea by 2028 is not only possible but also the most economical option in...
Read MoreIn the run up to COP 26 many oil and gas companies have announced ‘net-zero by 2050’ targets. However, very few companies...
Read MoreA cost-optimized analysis for a renewables investment schedule for South Korea shows that a more ambitious rollout of renewable...
Read MoreShell and Eni’s recent strategy updates have highlighted a key emerging point in the debate on oil and gas companies’...
Read MoreAs the Colorado Oil and Gas Conservation Commission (COGCC) weighs competing demands of protecting the state finances and...
Read MoreA Tale of Two Share Issues: How fossil fuel equity offerings are losing...
Climate risk disclosure Analyst Note March 2021The value of share offerings in fossil fuel producing and related companies dropped by $123 billion in the last decade,...
Read MoreThere’s a quip about lawyers that goes 99% of attorneys give the rest a bad name. The same can be said about oil producers...
Read MoreA Clean Energy Portfolio (CEP) is already more competitive than new combined-cycle gas plants (CCGTs) in Italy. Foot Off the Gas...
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 MoreWhen it comes to oilfield plugging obligations, industry voices contend that industry has the problem in hand.[1] And where it...
Read MoreEmissions trajectories continue to bend lower Last month, both Shell and Eni revised their scope 3 emissions plans, updating...
Read MoreBetting on new gas today means shouldering consumers with higher prices tomorrow as well as missing the net zero pathway the UK...
Read MoreCan 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...
Read MoreAs Colorado considers improvements to its oil and gas regulations, some will undoubtedly point to its idle well program as a...
Read MoreThis weekend marks the end of the first month of the Biden Presidency. In the weeks since the inauguration we have seen a wave...
Read 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 MoreColorado drillers pay pennies on the dollar to plug oil wells
Climate risk disclosure Blog February 2021The Colorado Oil & Gas Compact Commission (COGCC) is considering improvements to its oil and gas bonding regime. These...
Read MoreTo ensure companies meet their obligations to plug oil and gas wells and reclaim drilling sites, Colorado regulations require oil...
Read MoreKingsmill 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...
Read More2021 is a year of opportunity; one of resetting, reshaping and a chance to remove distortions that hinder an orderly energy...
Read MoreAmid rising tension the final votes of the 2020 US election were cast last week. By electing Democrats Raphael Warnock and John...
Read MoreCarbon Tracker's Christmas Cracker had a makeover in 2020. This infographic originally went out in our December newsletter,...
Read 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 MoreFor the past two years, the Green New Deal (GND) has driven the conversation about how to address climate change. It has been the...
Read 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 MoreNothing 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...
Read MoreGuest post by Carbon Tracker advisory board member Nick Robins - reposted with permission from the author If there is one...
Read MoreThe exit of Trump removes the greatest impediment to the energy transition, and will unleash a great era of creativity and...
Read MoreExplorers use maps intensively, but they take the information recorded in the charts they use with a few grains of salt, knowing...
Read MoreA key tipping point was reached in 2019. Global demand for fossil fuels peaked and is unlikely ever to recover to its pre-crisis...
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 MoreProposals to enhance climate-related disclosures by listed issuers and...
Climate risk disclosure Report October 2020Carbon Tracker and Assurance Mark were given the opportunity to comment on the FCA’s above-referenced proposals (the...
Read MoreThe Texas-based company Vistra recently announced that they will close six coal power plants and cut their coal generating...
Read MoreDuring her presidential campaign announcement, Senator Amy Klobuchar declared that on her first day in office she would take the...
Read MoreThere are 2.6 million unplugged onshore wells in the U.S., with another estimated 1.2 million that are undocumented. In It’s...
Read More"Nobody move! I have a hostage. If anyone follows us, I'll kill myself and then her." Roy Miller, Knight and Day A classic...
Read MoreAs part of a UK government-funded project to support the Philippines power sector stakeholders navigate the shifts, risks and...
Read MorePassing transformative climate change legislation through the U.S. Congress will be one of the major legislative battles of this...
Read MoreOne of the world’s leading energy forecasters released a report this morning arguing that 2019 was the peak of the fossil fuel...
Read MoreThe 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...
Read More"Oil and gas companies are hurtling toward bankruptcy, raising fears that wells will be left leaking planet-warming pollutants,...
Read MoreBP has elaborated on its strategy to deliver net zero – cutting oil and gas production by “at least” 40% by...
Read MoreLast Call – States’ final chance to avoid the clean-up tab for big...
Climate risk disclosure Blog July 2020The coronavirus pandemic has caused a sharp decline in oil demand, putting intense pressure on oil companies with large...
Read MoreClick here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to accelerate the energy transition by...
Read MoreCarbon Tracker's modelling shows no new oil sands are needed in a low carbon world. Prospective pipelines and projects represent...
Read MoreAlthough coal has long been viewed as the cheapest way to power the global economy, this is no longer the case. New renewable...
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 MoreDecline 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...
Read MoreThis blog was originally posted here on 26 May 2020. It is reprinted with permission. The world of Environmental, Social and...
Read MoreThe sudden economic downturn brought on by the Coronavirus threatens to cripple the finances of U.S state governments. The...
Read MoreThe COVID-19 pandemic shut economies, disrupted established global production chains and pressed an indefinite pause on the...
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 MoreThe IEA on Thursday[1] released some eye-watering projections for energy demand declines in 2020 in the light of the Covid19...
Read MoreThe 2019 report on the Speed of the Energy Transition by the World Economic Forum Global Future Council on Energy described two...
Read MoreOne of last year’s key developments relating to climate change risks was a handful of fossil fuel producers agreeing to show...
Read MoreSouth Korea needs to phase-out unabated gas by 2050 in a Paris-aligned scenario or potentially risk $60 billion in stranded...
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 MoreBuilding and operating coal power is becoming a political decision that increasingly conflicts with underlying economic...
Read MoreAt this time of crisis, the immediate issue is to solve the health and economic emergencies, and we salute the heroes of the...
Read MoreI 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...
Read MoreCOVID-19 is crippling economies and creating turmoil in financial markets. This note gives our outlook for coal generation in...
Read MoreCOVID-19 continues to shake the global economy, and energy markets are no exception. Oil in particular finds itself caught...
Read MoreThe piece originally was posted to the World Economic Forum website on March 18, 2020. The impact of China's previous...
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 MoreCoal developers risk wasting more than $600 billion because it is already cheaper to generate electricity from new renewables...
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 MoreAccording to Carbon Tracker analysis, Indonesia has 15 coal-fired plants (6.4 GW) aged 20 years and older. The decision to...
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 MoreThe purpose of this note is to: Address RWE’s response to our recent report Apocoalypse Now, by acknowledging that, per...
Read MoreCoal power is losing its economic footing. As detailed in Figure 1, according to Carbon Tracker analysis, which is based on...
Read MoreSSE 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...
Read MoreIberdrola 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...
Read MoreRepsol has just announced a shift in strategic direction – to become a net zero emissions company by 2050. This move extends...
Read MoreEconomist Ann Pettifor is one of several leading thinkers publishing books on the Green New Deal (GND) this year. However unlike...
Read MoreTo deflate the carbon bubble and protect investors, oil & gas companies must shrink The world’s listed oil and gas majors...
Read MoreThe energy complex has EU coal generators in a chokehold. Are policymakers and investors prepared for what comes next? In this...
Read MoreCarbon Tracker's mission is to align investors strategies to climate change action. We recognise that there is...
Read MoreThe economic viability of new and existing coal in Japan could be severely undermined by cheap renewables and, without policy...
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 MoreSubmission to Treasury Committee on Green Finance & Decarbonisation...
Climate risk disclosure Blog September 2019Carbon Tracker's Mike Knight submitted evidence to the Treasury Select Committee inquiry into the decarbonisation of the UK...
Read MoreThis report provides an update to our 2017 and 2018 "2 Degrees of Separation" reports, along with an updated methodology. The...
Read MoreGradual or Rapid Energy Transition: What path are we on? The energy industry is complex, and understanding the major trends...
Read MoreThe Amazon is burning, Greenland is melting, the US is rolling back environmental protections, and the energy sector consensus is...
Read MoreFalling renewable costs and intermittency solutions drive a tipping point for the Inevitable Policy Response The Inevitable...
Read MoreAt Carbon Tracker - our research focus is the impact of climate change on financial markets. Our global coal report, Powering...
Read MoreLast week Carbon Tracker’s power & utilities team was in Manila to attend the launch of a UK government-funded project to...
Read MoreDuring the inaugural London Climate Action Week - Carbon Tracker co-hosted the Climate Risk and the Capital Domino Effect event...
Read MoreClimate Action 100+ power utility profiles for mainstream investors to align with Paris and manage energy transition...
Read MoreRecently Carbon Tracker’s power and utilities team travelled to Vietnam to market our latest analyst note, Here Comes the Sun...
Read More14 June | The Vatican Mary Robinson served as president of Ireland from 1990 to 1997, and as UN High Commissioner for Human...
Read MoreThe following piece originally was posted to Oilprice.com on March 3, 2019. It is reprinted with permission. Investors are...
Read MoreVietnam’s low-cost renewables revolution and its implications for coal power investments Key findings: ...
Read MoreThe UK Climate Change Committee (CCC) has reported on its recommended targets for the UK to reduce its greenhouse gas emissions...
Read MoreReporting for a Secure Climate: A model disclosure for upstream oil and gas
Climate risk disclosure Report May 2019There is growing attention on the potential impacts of climate-related risks on the upstream oil and gas sector A 2019 report by...
Read MoreThe argument is often made that oil reserves have high natural decline rates which necessitate the continuous investment in and...
Read MoreConocoPhillips: Concerned on Capex, Cagey on the Dwindling Carbon Budget
Climate risk disclosure Blog March 2019ConocoPhillips’ February 2019 climate report lays out a thoughtful approach to governing climate risk. It addresses...
Read MoreWhy shareholders should rethink executive reward For much of the early part of this century, the oil and gas industry was in...
Read MoreThe missing link – bridging the gap between emission targets and fossil...
Climate risk disclosure Blog February 2019To manage against the goals of the Paris Agreement, oil companies like Chevron must factor scope 3 emissions into their capital...
Read MoreBP and Glencore announce plans to link fossil fuel investments to Paris Agreement goals 2019 is shaping up to be the year in...
Read MoreIn this study we review the remuneration practice used in the oil and gas industry and look at alignment with either growth or...
Read MoreBy Anthony Hobley Attending Davos for the World Economic Forum (WEF) Annual Meeting is like being thrown into the centre of...
Read MoreThe 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...
Read MoreWhy carbon intensity ambitions are welcome, but strict limits on future project sanction remain the route to Paris...
Read MoreArriving into Katowice Poland, host city for COP24, you were immediately struck by the obvious conflict at the heart of the UN...
Read MoreMyths 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...
Read MoreMyths 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,...
Read MoreAdding 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...
Read MoreThis blog originally appeared on the IEEFA website By Tom Sanzillo, Kathy Hipple and Clark Williams-Derry Invest in the...
Read MoreMyths 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...
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 MoreNowhere to hide: Using satellite imagery to estimate the utilisation of...
Power Report October 2018In this report, we present the results from a revolutionary method pioneered by Carbon Tracker to use satellite imagery 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 MoreMobilising IOSCO to take action on the TCFD recommendations
Climate risk disclosure Report August 2018This report was produced by Client Earth, WWF and Carbon Tracker The International Organization of Securities Commissions...
Read MoreMarket counts down to the MSR The EU carbon market has been the hottest commodity market in the world over the last 16...
Read MoreIn the nexus of climate change and financial markets, disclosure is the flavour of the day. Carbon Tracker recently analysed...
Read MoreGuest Blog from Greg Rogers, Co-founder, Eratosthenes LLC In a classic scene from the 1976 American comedy, The Gumball Rally,...
Read 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 MoreDispatch 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...
Read MoreVers un SEQE-UE conforme à l'accord de Paris Notre modélisation de cette compression de l'offre suggère que le prix de l'EUA...
Read MoreUnder The Microscope: Are companies’ scenario analyses meeting...
Climate risk disclosure Report May 2018This paper provides in-depth analysis of the company disclosure of the largest oil and gas companies: BP, Chevron, Conoco...
Read MoreOne 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...
Read MoreSeveral financial institutions have recently announced they will stop funding new coal power projects, with HSBC being the...
Read MoreClosing the Gap to a Paris-compliant EU-ETS Carbon pricing, whether via cap-and-trade schemes or taxes, is not sufficient on...
Read MoreWell Cooked? EOG Resources drops resolution on GHG emissions
Climate risk disclosure Blog April 2018An SEC decision allowed EOG Resources to exclude a shareholder resolution on GHG emissions A recent SEC decision allowing EOG...
Read MoreFalling Short – An assessment of ExxonMobil’s disclosure of...
Climate risk disclosure Report March 2018This is the first in a series of reports on company scenario analyses, focusing on ExxonMobil This paper seeks to assist...
Read MoreSummary Occidental neglects demand fundamentals in its 2°C analysis and opts for the foregone conclusion of a test against...
Read MoreThis study updates our report 2 Degrees of Separation, and for the first time quantifies risk of overinvestment under a 1.75ᵒC...
Read MoreChevron’s recent climate change disclosures become the first to reach down to the asset level, but remain light on useful...
Read MoreSummary The operating costs of coal units are complex and depend on many variables. Coal units are complex, long-life...
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 MoreOur analysts Matt Gray and Laurence Watson respond to PPL's recent Climate Assessment Report. Summary Following a...
Read MoreFacts still matter: FERC saves US energy consumer $1.4b pa by rejecting...
Coal Analyst Note January 2018Summary The Federal Energy Regulatory Commission (FERC) announced on 8 January that it would reject the Notice of Proposed...
Read MoreSummary: Xcel Energy’s 2017 Colorado filing shows the median bid price for wind plus storage was $21/MWh and for solar...
Read MoreSubmission to BEIS on Streamlined Energy and Carbon Reporting proposal
Climate risk disclosure Report January 2018Carbon Tracker's submission to the consultation phase of the Department of Business, Energy & Industrial Strategy's...
Read MoreComments on the Environmental Audit Committee’s Green Finance inquiry
Climate risk disclosure Report December 2017Carbon Tracker Initiative comments on the Environmental Audit Committee’s Green Finance inquiry We welcome the opportunity...
Read MoreComments on SASB’s Proposed Changes to Provisional Standards
Climate risk disclosure Report December 2017Carbon Tracker's comments on the Sustainability Accounting Standards Board proposed changes to provisional standards. We...
Read MoreIf you read just one thing this year…… first, it’s December! What took you so long?......second, make it this. Much...
Read MoreHeadlines Growth of electric vehicles (EVs) in scenarios developed by some oil majors is ten years behind the level expected...
Read MoreIn this report, we look at how a scenario for the EU28 that is compliant with limiting the rise in global warming to below 2°C...
Read MoreA Time Machine for Climate Risk: bringing the future forward with 2˚C...
Climate risk disclosure Blog November 2017See here for a downloadable version of this blog. “Breaking the Tragedy of the Horizon” It has been two years since the...
Read MorePerry’s proposal to reregulate US power markets – $1.4b pa subsidy...
Coal Analyst Note October 2017The Notice of Proposed Rulemaking (NOPR) announced on September 29 will grant coal and nuclear units operating in organised...
Read MoreState of the transition: The roulette wheels of Las Vegas land on green
Energy transition Blog September 2017What have Las Vegas casinos got in common with tackling climate change and transitioning to a low carbon economy? More than you...
Read MoreCoal’s market share in the US power mix is being diminished at an unprecedented rate due to fierce competition from cheap gas...
Read MoreExplore the report webpage: 2degreeseparation.com This report, produced by Carbon Tracker, Principles for Responsible...
Read MoreDoes the oil major’s 2017 Energy Perspectives mark new thinking for the company? On June 8th, Statoil published the 2017...
Read MoreIndustry opposes enhanced climate risk disclosure, concerned it will move...
Climate risk disclosure Blog May 2017Robert Shuwerk responds to industry opposition to the TCFD recommendations. The Financial Stability Board’s task force on...
Read MoreGlencore released a report last week ahead of its Annual General Meeting aimed at assessing the long-term implications of climate...
Read MoreCost reductions of India’s solar revolution should serve as a warning to coal investors This week solar PV prices in India...
Read MoreFormer UN climate change chief Christiana Figueres brings new urgency to the global climate conversation with a campaign to...
Read MoreUnexpectedly, the oil and gas love-in that is CERAWeek saw the latest round of climate risk disclosure emerging from the oil...
Read MoreCarbon Tracker’s submission to the FSB Task Force on Climate-related...
Climate risk disclosure Report February 2017In response to an enquiry from the G20, the Financial Stability Board produced a seminal report investigating the implications of...
Read MoreExpect the Unexpected: The Disruptive Power of Low-carbon Technology
Energy transition Report February 2017This report was produced in partnership between Carbon Tracker and the Grantham Institute at Imperial College London. The...
Read MoreFinancial Stability Board talks of climate change in a language investors...
Climate risk disclosure Blog January 2017Carbon Tracker's Rob Schuwerk explains why the FSB's climate risk recommendations are an important step towards helping financial...
Read 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 MoreState of The Transition, November 2016: Steps forward continue to...
Energy transition Guest Blog December 2016Guest post by Jeremy Leggett, Non-executive chairman of Carbon Tracker The global energy transition remains in...
Read MoreChasing the Dragon? China’s coal overcapacity crisis and what it means...
Power Report November 2016China is currently building more coal plants than it needs and in doing so is misallocating capital at an unprecedented...
Read MoreLatest IEA Outlook outlines an accelerated low-carbon transition
Energy transition Blog November 2016WEO 2016 also warns of disjointed scenario if energy transition is delayed. Scenarios are not forecasts The scenarios produced...
Read MoreGuest post by Kingsmill Bond, new energy analyst at Trusted Sources (research & consultancy) The orthodox view is 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 MoreUnabhängige Stresstests belegen: Große Erdölkonzerne könnten durch Übernahme des 2°C-Pfades Wertsteigerungen...
Read More独立压力测试表明,石油巨头若采取 2˚C 路径,其资产价值将显著提高 伦敦/纽约,2016 年 5...
Read MoreLes actifs en amont des sept plus grandes compagnies pétrolières et gazières privées et cotées pourraient valoir ensemble...
Read MoreCarbon Tracker’s work on the energy transition has already demonstrated the value in challenging traditional energy model...
Read MoreSubmission to SEC on Property Disclosures for Mining Registrants
Climate risk disclosure Report September 2016In response to the US Securities and Exchange Commission (SEC) Release No. 33-10098, "Modernization of Property Disclosures for...
Read MoreCarbon Tracker’s submission to the US Securities and Exchange...
Climate risk disclosure Report July 2016In response to the SEC's Concept Release on Business and Financial Disclosure, Carbon Tracker submitted comments, identifying...
Read 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 MoreIn January 2016 the US Secretary of the Interior announced a moratorium on new coal leasing on public lands pending completion of...
Read MoreNo Rhyme or Reason – Unreasonable projections in a world confronting...
Climate risk disclosure Report July 2016In the US, carbon-intensive sectors have made risk factor disclosures related to climate change for years but very little of it...
Read 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 MoreIn April 2016, the Financial Stability Board’s Task Force on Climate-Related Financial Disclosures published a report on Phase...
Read MoreCarbon Tracker’s submission to UK Department of BIS consultation:...
Climate risk disclosure Report April 2016In 2013, the European Commission adopted proposals for a Directive amending the Accounting Directive in relation to the reporting...
Read 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...
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