Research
We carry out scenario analysis and research to examine and understand how potential changes to supply and demand will impact the future of fossil fuel-exposed companies and projects. This analysis helps the investment community better understand the financial implications of tackling climate change
Popular Reports
Feet to the Fire: An analysis of potential outcomes of...
Oil
07 September 2022
The Sky’s the Limit: Solar and wind energy...
Energy transition
23 April 2021
EU Coal: The Good, The Bad & The Ugly
Power
14 September 2022
Flying blind: The glaring absence of climate risks in...
Climate risk disclosure
16 September 2021
Corporate Research
Analyst Note
17 September 2022
Corporate Research: PGE – Urgency needed, especially for renewables
PGE PGE’s planned transition to net zero is not aligned with the goals of the Paris Agreement. PGE could retire 5.7GW of older...
Power
Analyst Note
17 September 2022
Corporate Research: Uniper SE – Restructuring due but let’s not forget decarbonisation
Uniper SE Uniper’s transition to net zero is not aligned with the goals of the Paris Agreement. Datteln4 is a major obstacle to...
Power
Analyst Note
17 September 2022
Corporate Research: RWE AG – Talking the talk, but will need to walk the walk
RWE AG RWE’s transition to net zero is not fully aligned with the goals of the Paris Agreement. Germany has yet to bring forward...
Power
Analyst Note
17 September 2022
Corporate Research: CEZ a.s – Restructuring due; urgent need for renewables
CEZ a.s CEZ’s transition to net zero by 2040 is not fully aligned with the goals of the Paris Agreement. CEZ is retiring coal...
Coal
Analyst Note
14 September 2022
EU Coal: The Good, The Bad & The Ugly
We are writing this report because retiring coal is the fastest route to decarbonisation and alignment with the goals of the Paris...
Oil
Analyst Note
07 September 2022
Feet to the Fire: An analysis of potential outcomes of the Colorado 700-Series Rulemaking
Colorado’s new financial assurance rules will help mitigate orphan well risk, but the benefits are blunted by substantial flaws. The...Popular Reads
Feet to the Fire: An analysis of potential outcomes of the Colorado 700-Series Rulemaking
We carry out scenario analysis and research to examine and understand how potential changes to supply and...
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The Sky’s the Limit: Solar and wind energy potential is 100 times as much as global energy demand
We carry out scenario analysis and research to examine and understand how potential changes to supply and...
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Letter 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...
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Event Horizon: A Case Study of Holdback and the Point of No Return for...
Analyst Notes Analyst Note July 2022When oil companies defer saving for asset retirement obligations (AROs), the liabilities accumulate. Meanwhile production, and...
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CLP 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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Tenaga Nasional Berhad (TNB) aims to achieve net zero emissions by 2050 underpinned by a commitment to reduce 35% of its...
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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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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...
Gas Analyst Note February 2022Poland is approaching a key point in determining the future direction of its power system and the technologies that it wishes to...
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Managing 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...
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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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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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Recently, we submitted a letter in response to the Securities and Exchange Commission’s (SEC) Public Input on Climate Change...
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Oil and gas companies are increasingly announcing new climate goals as they seek to maintain a social licence to...
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A cost-optimized analysis for a renewables investment schedule for South Korea shows that a more ambitious rollout of renewable...
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A 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,...
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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 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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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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Carbon Tracker's modelling shows no new oil sands are needed in a low carbon world. Prospective pipelines and projects represent...
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There is growing recognition that drastic changes to oil and gas consumption are required to meet the finite limits of a global...
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The 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...
Oil Analyst Note March 2020Company executives pay practice doesn’t yet live up to climate ambition, with the gap between stated ambition and demonstrable...
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The Flip Side: Stranded Assets and Stranded Liabilities
Climate risk disclosure Analyst Note February 2020Carbon Tracker’s fundamental insight is that the oil and gas industry’s growth plans do not fit in a low carbon world. As...
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Handbrake Turn: The cost of failing to anticipate an Inevitable Policy...
Oil Analyst Note January 2020In this report, we look at the Inevitable Policy Response (IPR), which models the potential impacts of delayed tough...
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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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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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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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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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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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