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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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Foot off the Gas: Why the UK should invest in clean...

Beyond Petrostates: The burning need to cut oil...

It’s Closing Time: The Huge Bill to Abandon...

Billion Dollar Orphans: Why millions of oil and gas...
Our Latest Research

Foot off the Gas: Why the UK should invest in...
Betting on new gas today means shouldering consumers with higher prices tomorrow as well as missing the net zero pathway the UK government...
Beyond Petrostates: The burning need to cut oil dependence in the energy transition
Fossil fuel-reliant countries could see a drop of 51% in government oil and gas revenues in a shift to a low-carbon world over the next two...
Fault Lines: How diverging oil and gas company strategies link to stranded asset risk
In a series of reports since 2011, Carbon Tracker has shown the financial and stranded asset risks to fossil fuel producers related to the...
Proposals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligations (CP20/3)
Carbon Tracker and Assurance Mark were given the opportunity to comment on the FCA’s above-referenced proposals (the “Consultation”)...
Billion Dollar Orphans: Why millions of oil and gas wells could become wards of the state
There are 2.6 million unplugged onshore wells in the U.S., with another estimated 1.2 million that are undocumented. In It’s Closing...
Annual Review 2019
Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to accelerate the energy transition by focussing on the...Popular Reads
Foot off the Gas: Why the UK should invest in clean energy
We carry out scenario analysis and research to examine and understand how potential changes to supply and...
Read MoreBeyond Petrostates: The burning need to cut oil dependence in the energy transition
We carry out scenario analysis and research to examine and understand how potential changes to supply and...
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 MoreCarbon Tracker pioneered work on the oil and gas industry’s “stranded assets”; as investors increasingly ask whether oil...
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 MoreThe 2019 report on the Speed of the Energy Transition by the World Economic Forum Global Future Council on Energy described two...
Read MoreSouth Korea needs to phase-out unabated gas by 2050 in a Paris-aligned scenario or potentially risk $60 billion in stranded...
Read MoreBuilding and operating coal power is becoming a political decision that increasingly conflicts with underlying economic...
Read MoreCoal developers risk wasting more than $600 billion because it is already cheaper to generate electricity from new renewables...
Read MoreTo deflate the carbon bubble and protect investors, oil & gas companies must shrink The world’s listed oil and gas majors...
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 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 MoreVietnam’s low-cost renewables revolution and its implications for coal power investments Key findings: ...
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 MoreIn this study we review the remuneration practice used in the oil and gas industry and look at alignment with either growth or...
Read MoreOur New Energy Strategist co-authored this report for the International Renewable Energy Agency (IRENA) Fundamental changes...
Read MoreThis interactive portal and accompanying report track the economic and financial risks of coal power at the asset-level...
Read MoreEconomic 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...
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 MoreThe peak in fossil fuel demand will have a dramatic impact on financial markets in the 2020s. The global energy system is...
Read MoreThe asset economics and financial implications of Energa’s and Enea’s proposed new Ostrołęka coal power plant C In 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 MoreThis report updates our 2 Degrees of Separation report, published in June 2017 2 Degrees of Separation laid out a framework...
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 MoreClosing the Gap to a Paris-compliant EU-ETS Carbon pricing, whether via cap-and-trade schemes or taxes, is not sufficient on...
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 MoreThis study updates our report 2 Degrees of Separation, and for the first time quantifies risk of overinvestment under a 1.75ᵒC...
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 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 MoreWhat does a 2°C scenario mean for future refining capacity? In this paper, we look at how a scenario for oil demand that is...
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 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 MoreAlpha Natural Resources, Peabody Energy Corp., and Arch Coal, Inc.—three of the four largest U.S. coal companies by annual...
Read MoreChina is currently building more coal plants than it needs and in doing so is misallocating capital at an unprecedented...
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 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 MoreOil majors could be worth up to $140 billion more by aligning production with climate targets
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 MoreThe flaws in the business models of some of the largest US shale producers are becoming clear. Growing levels of debt are...
Read MoreCarbon 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...
Read MoreFull 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...
Read MoreCarbon 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...
Read MoreConsiderations 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,...
Read MoreRecommended 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...
Read MoreThe data is clear – the energy transition is underway, and the direction of travel is away from fossil fuels. But not everyone...
Read MoreCarbon 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...
Read MoreLost 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...
Read MoreThis paper, first presented at the 1st Global Stranded Assets Conference, hosted by the Smith School in Oxford September 2015,...
Read MoreThere has been much discussion of fossil fuel subsidies as both an inefficient use of public tax dollars and a barrier to the...
Read MoreLow carbon scenarios do include the potential for gas demand to grow over the next decade. But if we are to stay within a carbon...
Read MoreFossil 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...
Read MoreIn this report we analyse the EU’s largest 5 power generators: Électricité de France (EDF), GDF Suez, Enel, E.ON and RWE, who...
Read MoreThe 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)...
Read MoreUS shale production has prompted increased volatility in the oil markets, as exemplified by the 50% drop in prices during the...
Read MoreCarbon Tracker is developing a transition road map for the fossil fuel industry. This will outline the steps we believe that the...
Read MoreThe market for thermal coal is in structural decline in the United States. Squeezed out by an abundance of cheap shale gas and...
Read MoreThe 2015 Oil Spending Review is in Full Swing With oil prices collapsing to between $50/$60 a barrel (at the...
Read MoreIn a letter to the U.S. Securities and Exchange Commission as part of its ongoing review of disclosure, the Carbon Tracker...
Read MoreDuring 2014, following in the footsteps of Shell and ExxonMobil, oil and gas industry association IPIECA published a “fact...
Read MoreThis Carbon Tracker report shows how rural communities in Africa and India suffering most from a lack of modern energy can...
Read MoreRecognising 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...
Read MoreOur research on coal consists of a package of detailed analyses of coal supply, demand and financial trends. The accompanying...
Read MoreShell underestimates risk for up to $77 bln of high cost oil projects The Carbon Tracker Initiative (CTI) and Energy...
Read MoreThis latest piece of research from Standard & Poors’ coal analysts in collaboration with CTI explores for the first time...
Read MoreSince the turn of the century, China has almost single-handedly been driving global thermal coal consumption growth. Changes in...
Read MoreThis report is a risk analysis which provides a tool for the majority of investors who cannot simply divest, so they can...
Read MoreExxon: Is business as normal the right strategy? Earlier this month, ExxonMobil published a document entitled, “Energy and...
Read MoreCarbon Tracker respond to the US Department of State's Final Supplemental Environmental Impact Statement (FSEIS) with our new...
Read MoreCarbon content is a key financial element of fossil fuel reserves. In December 2013, Carbon Tracker submitted a letter to the...
Read MoreFollowing on from Carbon Tracker’s Unburnable Carbon 2013 global analysis, we release this report in collaboration with The...
Read MoreCarbon 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...
Read MoreThe fourth in the series of Carbon Tracker's Unburnable Carbon reports, focuses on Brazil - a country with the fascinating...
Read MoreThis new research from Carbon Tracker and the Grantham Research Institute on Climate Change and the Environment at LSE calls...
Read MoreCarbon Tracker and Standard & Poors have been working together on the implications of carbon constraints for credit ratings...
Read MoreThis new analysis from the Carbon Tracker Initiative finds that the current coal reserves earmarked for the South African market,...
Read MoreThis is the original report which pioneered the concept of the 'Carbon Bubble'. This award-winning analysis by Carbon...
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