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
Accounting, Audit, & Disclosure
Analyst Note
24 July 2025
Carbon Tracker Response to the FASB’s Invitation to Comment
Carbon Tracker submitted a joint response with Ceres and the Climate Accounting and Audit Project to the FASB’s Invitation to Comment on...
Analyst Notes
Analyst Note
12 June 2025
Awaiting take-off
Why aviation’s net zero plan still doesn’t fly. Key industry players are failing to align stated decarbonisation ambitions with the...
Accounting, Audit, & Disclosure
Analyst Note
17 April 2025
Flying Blind: Disabling Autopilot for Audit Reports
Improving audit report transparency in the face of climate and transition-related risks Carbon Tracker’s Flying Blind series examines...
Oil & Gas
Analyst Note
08 April 2025
Paris Maligned III
A temperature check on the oil and gas sector’s climate alignment, 10 years on from the Paris Agreement. Carbon Tracker’s analysis...
Oil & Gas
Analyst Note
01 April 2025
Crude Intentions III: One step forward, one step back in executive remuneration policies in oil and gas
With demand for hydrocarbons expected to peak this decade, oil and gas companies seeking to manage energy transition risks should adopt...
Oil & Gas
Analyst Note
28 February 2025
Stranded Exports
Stranded Exports: How export credit agencies continue to finance risky overseas oil and gas projects While many governments have reduced...Popular Reads
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Petrochemical Imbalance: Why chemicals are unlikely to prop up oil demand
Oil & Gas Analyst Note December 2024Some of the largest oil and gas companies are pivoting towards petrochemicals as they reckon with the fact that a decline in...
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Carbon Tracker Response to the IASB Consultation
Accounting, Audit, & Disclosure Analyst Note November 2024Carbon Tracker provided comments on the International Accounting Standards Board’s Exposure Draft: Climate-related and Other...
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Absolute Impact 2024: Oil and gas companies’ emissions targets are not...
Oil & Gas Analyst Note November 2024Analysis of oil and gas corporate emissions targets reveals whether targets may be potentially aligned with the goals of 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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Little Big Horn: How a bonding proposal can fall short
Asset Retirement Obligation Analyst Note April 2024Nearly 70 years after the last update and more than 10 years after formal recognition of the inadequacy of federal onshore...
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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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PetroStates of Decline: oil and gas producers face growing fiscal risks as...
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Analyst Note December 2023
Transition risks for petrostates are higher than ever This report, an update of our 2021 Beyond Petrostates report, finds that...
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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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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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Poorly performing Auto Loan ABS has the potential to put the brakes on bond holder returns and automaker cashflow In developed...
Read MoreMany leading asset managers’ investment practices deviate from climate positioning. As awareness of the climate crisis...
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NextEra – NEE and the Sunshine Band
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Analyst Note April 2023
Transition Plan Analysis In this note Will Grainger, our Senior North American Power and Utilities Analyst, outlines the key...
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Balancing Act: Stranded Assets and Flexibility in China’s Power Sector
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Analyst Note March 2023
In September 2020, the People’s Republic of China announced targets of peaking economy-wide carbon emissions before 2030 and...
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Marginal Call
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Analyst Note February 2023
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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A New Theory of ARO Creditor Rights
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Analyst Note January 2023
With approximately 2.1 million abandoned wells across the U.S., there is growing concern about unfunded asset retirement...
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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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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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Put a price on it: The case for more effective carbon pricing in Japan
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Analyst Note October 2022
Amidst an energy crisis and a power supply crunch, the Japanese power sector is today experiencing unprecedented stress owing to...
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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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Corporate Research: RWE AG – Talking the talk, but will need to walk...
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Analyst Note September 2022
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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Corporate Research: CEZ a.s – Restructuring due; urgent need for...
Corporate Research (Power & Utilities) Analyst Note September 2022CEZ a.s CEZ’s transition to net zero by 2040 is not fully aligned with the goals of the Paris Agreement. CEZ is...
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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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Feet to the Fire: An analysis of potential outcomes of the Colorado...
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Analyst Note September 2022
Colorado’s new financial assurance rules will help mitigate orphan well risk, but the benefits are blunted by substantial...
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Letter to ISSB on Sustainability- and Climate-related Disclosures
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Analyst Note August 2022
The International Sustainability Standards Board’s Exposure Drafts “IFRS S1 General Requirements for Disclosure of...
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Event Horizon: A Case Study of Holdback and the Point of No Return for...
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Analyst Note July 2022
When oil companies defer saving for asset retirement obligations (AROs), the liabilities accumulate. Meanwhile production, 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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Corporate Profile – Tenaga Nasional Berhad
Corporate Research (Power & Utilities) Analyst Note July 2022Tenaga Nasional Berhad (TNB) aims to achieve net zero emissions by 2050 underpinned by a commitment to reduce 35% of its...
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Corporate Profile – Adani Power Limited
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Analyst Note July 2022
Adani Power Limited (APL) has no commitment to achieve net zero emissions and no meaningful plans to manage the energy transition...
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Absolute Impact: Why Oil and Gas Companies Need Credible Plans to Meet...
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Analyst Note May 2022
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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Poland’s Energy Dilemma: New gas power traps taxpayers in a costly...
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Analyst Note February 2022
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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Managing Peak Oil: Why rising oil prices could create a stranded asset...
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Analyst Note January 2022
Firms can avoid wasting $500bn with managed approach to transition in Inevitable Policy Response scenario even if oil demand...
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Taking Stock of Coal Risks
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Analyst Note November 2021
$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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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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They only fill when they drill
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Analyst Note July 2021
Financial assurance requirements are universally considered to be too low to pay for plugging and abandoning wells. An inventory...
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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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Absolute Impact 2021: Why oil and gas ‘net zero’ ambitions are not...
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Analyst Note May 2021
Oil and gas companies are increasingly announcing new climate goals as they seek to maintain a social licence to...
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End in Sight: How South Korea can force coal offline by 2028
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Analyst Note April 2021
A cost-optimized analysis for a renewables investment schedule for South Korea shows that a more ambitious rollout of renewable...
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A Tale of Two Share Issues: How fossil fuel equity offerings are losing...
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Analyst Note March 2021
The value of share offerings in fossil fuel producing and related companies dropped by $123 billion in the last decade,...
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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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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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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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How The Mighty Are Fallen – How Chasing Growth Destroyed Value In...
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Analyst Note October 2020
Between 2014 and the end of 2019, ExxonMobil 's return to shareholders was negative 10%. In September 2014, Carbon Tracker...
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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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Pipe Dreams: Why Canada’s proposed pipelines don’t fit in a...
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Analyst Note July 2020
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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Absolute Impact: Why oil majors’ climate ambitions fall short of...
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Analyst Note June 2020
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 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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Fanning the Flames: How executives continue to be rewarded to produce more...
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Analyst Note March 2020
Company executives pay practice doesn’t yet live up to climate ambition, with the gap between stated ambition and demonstrable...
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The Flip Side: Stranded Assets and Stranded Liabilities
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Analyst Note February 2020
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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Handbrake Turn: The cost of failing to anticipate an Inevitable Policy...
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Analyst Note January 2020
In this report, we look at the Inevitable Policy Response (IPR), which models the potential impacts of delayed tough...
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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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Falling renewable costs and intermittency solutions drive a tipping point for the Inevitable Policy Response The Inevitable...
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Making it mainstream – CA100+ power utility profiles
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Analyst Note July 2019
Climate Action 100+ power utility profiles for mainstream investors to align with Paris and manage energy transition...
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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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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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Scope for Improvement
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Analyst Note January 2019
Why carbon intensity ambitions are welcome, but strict limits on future project sanction remain the route to Paris...
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What can the global oil and gas sector learn from the decline of the European electricity sector after 2007? The story of the...
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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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Myths of the transition: The intermittency of renewables prevents an...
Energy Transition Analyst Note November 2018Myth 2. The intermittency of renewables will prevent the transition This is the second of the Energy Transition Myth Busters...
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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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Electric vehicles: The catalyst to further decarbonisation –...
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Analyst Note July 2018
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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Summary The operating costs of coal units are complex and depend on many variables. Coal units are complex, long-life...
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Our analysts Matt Gray and Laurence Watson respond to PPL's recent Climate Assessment Report. Summary Following a...
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Facts 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...
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Summary: Xcel Energy’s 2017 Colorado filing shows the median bid price for wind plus storage was $21/MWh and for solar...
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Electric Vehicle Tracker
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Analyst Note December 2017
Headlines Growth of electric vehicles (EVs) in scenarios developed by some oil majors is ten years behind the level expected...
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Perry’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...
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