Research
We carry out scenario analysis 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
Decline and Fall: The Size & Vulnerability of the...
Energy transition
04 June 2020
How to Retire Early: Making accelerated coal phaseout...
Coal
30 June 2020
Absolute Impact: Why oil majors’ climate...
Oil
24 June 2020
It’s Closing Time: The Huge Bill to Abandon...
Oil
18 June 2020
Our Latest Research
Coal
Report
30 June 2020
How to Retire Early: Making accelerated coal...
Although coal has long been viewed as the cheapest way to power the global economy, this is no longer the case. New renewable energy is...
Oil
Report
18 June 2020
It’s Closing Time: The Huge Bill to Abandon Oilfields Comes Early
Carbon Tracker pioneered work on the oil and gas industry’s “stranded assets”; as investors increasingly ask whether oil demand is or...
Energy transition
Report
04 June 2020
Decline and Fall: The Size & Vulnerability of the Fossil Fuel System
The energy transition is disrupting the entire fossil fuel system, with profound consequences for financial markets and geopolitics. In...
Energy transition
Report
24 April 2020
The A-Z of the Energy Transition: Knowns and Unknowns
The 2019 report on the Speed of the Energy Transition by the World Economic Forum Global Future Council on Energy described two diverging...
Power
Report
21 April 2020
Whack-A-Mole: Will South Korea’s coal power transition be undermined by overcompensated gas?
Korea needs to phase-out unabated gas by 2050 in a Paris-aligned scenario or potentially risk $60 billion in stranded assets As much as...
Coal
Report
08 April 2020
Political decisions, economic realities: The underlying operating cashflows of coal power during COVID-19
Building and operating coal is becoming a political decision that increasingly conflicts with underlying economic realities. In...Popular Reads
Decline and Fall: The Size & Vulnerability of the Fossil Fuel System
We carry out scenario analysis to examine and understand how potential changes to supply and demand will...
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How to Retire Early: Making accelerated coal phaseout feasible and just
We carry out scenario analysis to examine and understand how potential changes to supply and demand will...
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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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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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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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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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Vietnam’s low-cost renewables revolution and its implications for coal power investments Key findings: ...
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Reporting 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...
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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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Our New Energy Strategist co-authored this report for the International Renewable Energy Agency (IRENA) Fundamental changes...
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This interactive portal and accompanying report track the economic and financial risks of coal power at the asset-level...
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Economic and financial risks of coal power in Indonesia, Vietnam and the...
Coal Report October 2018Examining the stranded asset risk of coal plants in Indonesia, Vietnam and The Philippines These three country briefings...
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Nowhere 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...
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The peak in fossil fuel demand will have a dramatic impact on financial markets in the 2020s. The global energy system is...
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The asset economics and financial implications of Energa’s and Enea’s proposed new Ostrołęka coal power plant C In this...
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Mobilising 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...
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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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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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Under 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...
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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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Falling 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...
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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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Submission 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...
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Comments 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...
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Comments 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...
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In 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...
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What does a 2°C scenario mean for future refining capacity? In this paper, we look at how a scenario for oil demand that is...
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Coal’s market share in the US power mix is being diminished at an unprecedented rate due to fierce competition from cheap gas...
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Explore the report webpage: 2degreeseparation.com This report, produced by Carbon Tracker, Principles for Responsible...
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Carbon 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...
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Expect 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...
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Alpha Natural Resources, Peabody Energy Corp., and Arch Coal, Inc.—three of the four largest U.S. coal companies by annual...
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China is currently building more coal plants than it needs and in doing so is misallocating capital at an unprecedented...
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Carbon Tracker’s work on the energy transition has already demonstrated the value in challenging traditional energy model...
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Submission 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...
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Carbon 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...
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Why a 2°C business model is less risky than 'business-as-usual' for oil companies. The business model for many companies in the...
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In January 2016 the US Secretary of the Interior announced a moratorium on new coal leasing on public lands pending completion of...
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No 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...
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U.S. and European oil and gas companies are under increasing pressure from shareholders to stress test their businesses against a...
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In April 2016, the Financial Stability Board’s Task Force on Climate-Related Financial Disclosures published a report on Phase...
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Oil majors could be worth up to $140 billion more by aligning production with climate targets
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Carbon 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...
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The flaws in the business models of some of the largest US shale producers are becoming clear. Growing levels of debt are...
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Carbon Tracker’s submission to the Parliament of Australia’s Senate...
Climate risk disclosure Report March 2016In February 2016, we were invited to contribute to the Australian Senate Economics References Committee’s inquiry into carbon...
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Full Disclosure: Why Chevron Needs to Stress-Test the Business at...
Climate risk disclosure Report March 2016This paper examines Chevron’s current disclosures in the context of Carbon Tracker’s April 2015 Blueprint, where we...
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Carbon Tracker & Sandbag written evidence on EAC Inquiry on...
Climate risk disclosure Report February 2016UK Environmental Audit Committee inquiry: Sustainability and HM Treasury The cross-departmental Environmental Audit Committee...
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Considerations for reporting and disclosure in a carbon-constrained world
Climate risk disclosure Report January 2016Hot on the heels of a historic climate deal in Paris the Carbon Tracker Initiative and the Climate Disclosure Standards Board,...
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Recommended Strategic Risk Engagement Principles for Fossil Fuel Companies
Climate risk disclosure Report December 2015In 2011, Carbon Tracker asked whether the world’s capital markets were carrying a “carbon bubble”. Further analysis...
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The data is clear – the energy transition is underway, and the direction of travel is away from fossil fuels. But not everyone...
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Carbon Tracker’s submission to HM Treasury consultation on energy...
Climate risk disclosure Report November 2015In late 2015, the U.K.’s economic and finance ministry sought public responses to a consultation concentrated on simplifying...
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Lost in Transition: How the energy sector is missing potential demand...
Energy transition Report October 2015This report is designed to challenge the conventional thinking and linear models which dominate the current scenarios for energy...
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This paper, first presented at the 1st Global Stranded Assets Conference, hosted by the Smith School in Oxford September 2015,...
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There has been much discussion of fossil fuel subsidies as both an inefficient use of public tax dollars and a barrier to the...
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Low carbon scenarios do include the potential for gas demand to grow over the next decade. But if we are to stay within a carbon...
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Fossil Fuel companies failing legal duty to report climate risk
Climate risk disclosure Report June 2015Some fossil fuel companies are failing in their legal duty to address climate risk in their reporting, a group of non-profit...
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In this report we analyse the EU’s largest 5 power generators: Électricité de France (EDF), GDF Suez, Enel, E.ON and RWE, who...
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The Carbon Tracker Initiative’s Submission to the Capital Markets Union...
Climate risk disclosure Report May 2015Carbon Tracker recently submitted comments to the European Commission's ongoing capital markets union (CMU)...
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US shale production has prompted increased volatility in the oil markets, as exemplified by the 50% drop in prices during the...
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Carbon Tracker is developing a transition road map for the fossil fuel industry. This will outline the steps we believe that the...
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The market for thermal coal is in structural decline in the United States. Squeezed out by an abundance of cheap shale gas and...
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The 2015 Oil Spending Review is in Full Swing With oil prices collapsing to between $50/$60 a barrel (at the...
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In a letter to the U.S. Securities and Exchange Commission as part of its ongoing review of disclosure, the Carbon Tracker...
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During 2014, following in the footsteps of Shell and ExxonMobil, oil and gas industry association IPIECA published a “fact...
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This Carbon Tracker report shows how rural communities in Africa and India suffering most from a lack of modern energy can...
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Recognising Risk, Perpetuating Uncertainty. A baseline survey of climate...
Climate risk disclosure Report October 2014In partnership with Ceres, CDP and CDSB, Carbon Tracker has assessed the responses from over 80 fossil fuel companies to a...
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Our research on coal consists of a package of detailed analyses of coal supply, demand and financial trends. The accompanying...
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Shell underestimates risk for up to $77 bln of high cost oil projects The Carbon Tracker Initiative (CTI) and Energy...
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This latest piece of research from Standard & Poors’ coal analysts in collaboration with CTI explores for the first time...
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Since the turn of the century, China has almost single-handedly been driving global thermal coal consumption growth. Changes in...
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This report is a risk analysis which provides a tool for the majority of investors who cannot simply divest, so they can...
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Exxon: Is business as normal the right strategy? Earlier this month, ExxonMobil published a document entitled, “Energy and...
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Carbon Tracker respond to the US Department of State's Final Supplemental Environmental Impact Statement (FSEIS) with our new...
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Carbon content is a key financial element of fossil fuel reserves. In December 2013, Carbon Tracker submitted a letter to the...
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Following on from Carbon Tracker’s Unburnable Carbon 2013 global analysis, we release this report in collaboration with The...
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Carbon Avoidance: Accounting for emissions hidden in reserves
Climate risk disclosure Report October 2013This new research from Carbon Tracker and the Association of Chartered Certified Accountants reveals that current financial...
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The fourth in the series of Carbon Tracker's Unburnable Carbon reports, focuses on Brazil - a country with the fascinating...
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This new research from Carbon Tracker and the Grantham Research Institute on Climate Change and the Environment at LSE calls...
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Carbon Tracker and Standard & Poors have been working together on the implications of carbon constraints for credit ratings...
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This new analysis from the Carbon Tracker Initiative finds that the current coal reserves earmarked for the South African market,...
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This is the original report which pioneered the concept of the 'Carbon Bubble'. This award-winning analysis by Carbon...
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