Aligning capital market actions with climate reality
Carbon Tracker is an independent financial think tank that carries out in-depth analysis on the impact of the energy transition on capital markets and the potential investment in high-cost, carbon-intensive fossil fuels.
Carbon Tracker is an initiative under Tracker Group alongside Planet Tracker.
Our Latest Research
Autos
20 April 2026
Colombia: Leapfrog to electric
The economic benefits of pro-electric vehicle policy in Colombia Accelerated battery electric vehicle...
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Recalibrating Climate Risk
05 February 2026Aligning modelling of economic damages with climate science Recalibrating Climate...
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SASB Standards on Oil and Gas
As part of its engagement on the work of the ISSB and sustainable finance standard-setters, Carbon Tracker...
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Carbon Tracker’s response to the UK Government’s Consultation on Transition Plan Requirements
Carbon Tracker has responded to the Department for Energy Security and Net Zero’s consultation on the...
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Recalibrating Climate Risk
05 February 2026Aligning modelling of economic damages with climate science Recalibrating Climate...
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SASB Standards on Oil and Gas
As part of its engagement on the work of the ISSB and sustainable finance standard-setters, Carbon Tracker...
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Carbon Tracker’s response to the UK Government’s Consultation on Transition Plan Requirements
Carbon Tracker has responded to the Department for Energy Security and Net Zero’s consultation on the...
Read MoreCarbon Tracker has produced two separate related reports on RWE and Uniper, the German...
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RWE AG: The case for an accelerated coal exit
Carbon Tracker has produced two separate related reports on RWE and Uniper, the German publicly traded coal...
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National Thermal Power Corporation (NTPC): Investments in new coal compete with renewables
India may not be Paris aligned but that does not mean that key Indian corporates can ignore the technological...
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Decarbonising Gas Networks (Part 1): Snam
Snam Carbon Tracker has produced a set of three separate related reports on Snam, Italgas and Enagas, the...
Read MoreCarbon Tracker has produced two separate related reports on RWE and Uniper, the German...
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RWE AG: The case for an accelerated coal exit
Carbon Tracker has produced two separate related reports on RWE and Uniper, the German publicly traded coal...
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National Thermal Power Corporation (NTPC): Investments in new coal compete with renewables
India may not be Paris aligned but that does not mean that key Indian corporates can ignore the technological...
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Decarbonising Gas Networks (Part 1): Snam
Snam Carbon Tracker has produced a set of three separate related reports on Snam, Italgas and Enagas, the...
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NextEra – NEE and the Sunshine Band
13 April 2023Transition Plan Analysis In this note Will Grainger, our Senior North American Power...
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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. ...
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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. ...
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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...
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US Vertically Integrated Utilities
05 June 2023Duke Energy (N/R) – Sale process drawn out raises eyebrows on potential equity. In...
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The Transition Files: periodic thoughts and views on companies, industries and energy transition
25 October 2022The Transition Files In Volume 1, this journal comprises: an article on SHELL, another...
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Decarbonising Gas Networks (Part 1): Snam
08 February 2024Snam Carbon Tracker has produced a set of three separate related reports on Snam,...
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Decarbonising Gas Networks (Part 2): Italgas
Italgas Carbon Tracker has produced a set of three separate related reports on Snam, Italgas and Enagas, the...
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Decarbonising Gas Networks (Part 3): Enagas
Enagas Carbon Tracker has produced a set of three separate related reports on Snam, Italgas and Enagas, the...
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Chevron, ExxonMobil and Oxy: M&A and the Energy Transition
In this note, Neil Quach, Senior Corporate Research Analyst – North American Oil & Gas, drills down...
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Decarbonising Gas Networks (Part 1): Snam
08 February 2024Snam Carbon Tracker has produced a set of three separate related reports on Snam,...
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Decarbonising Gas Networks (Part 2): Italgas
Italgas Carbon Tracker has produced a set of three separate related reports on Snam, Italgas and Enagas, the...
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Decarbonising Gas Networks (Part 3): Enagas
Enagas Carbon Tracker has produced a set of three separate related reports on Snam, Italgas and Enagas, the...
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Enel SpA – All change?
Transition Plan Analysis Enel is the largest global renewable private player, biggest grid operator by end...
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Chevron, ExxonMobil and Oxy: M&A and the Energy Transition
01 December 2023In this note, Neil Quach, Senior Corporate Research Analyst – North American Oil &...
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Shell’s Energy Transition Progress Report: Still lacking absolute emissions Scope 3 interim targets
Shell recently published its first Energy Transition Progress Report. The document has been produced ahead...
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Shell and Third Point: Spinning (Off) the Sector
Third Point, the US activist hedge fund, has recently proposed a significant change to the corporate...
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The Transition Files: periodic thoughts and views on companies, industries and energy transition – Volume 2
13 April 2023In this edition of our Transition Files Journal, we celebrate our coverage of US Power...
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The Transition Files: periodic thoughts and views on companies, industries and energy transition
The Transition Files In Volume 1, this journal comprises: an article on SHELL, another on Discounted Cash...
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Colombia: el salto a la electricidad
20 April 2026Los beneficios económicos de una política de promoción de los vehículos eléctricos...
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Colombia: Leapfrog to electric
The economic benefits of pro-electric vehicle policy in Colombia Accelerated battery electric vehicle...
Read More
Brasil: Salto estrutural para a energia elétrica
Os benefícios econômicos de uma política favorável a veículos elétricos A adoção acelerada de...
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Brazil: Leapfrog to Electric
The economic benefits of pro-electric vehicle policy in Brazil Accelerated electric vehicle (EV) adoption...
Read More
Colombia: el salto a la electricidad
20 April 2026Los beneficios económicos de una política de promoción de los vehículos eléctricos...
Read More
Colombia: Leapfrog to electric
The economic benefits of pro-electric vehicle policy in Colombia Accelerated battery electric vehicle...
Read More
Brasil: Salto estrutural para a energia elétrica
Os benefícios econômicos de uma política favorável a veículos elétricos A adoção acelerada de...
Read More
Brazil: Leapfrog to Electric
The economic benefits of pro-electric vehicle policy in Brazil Accelerated electric vehicle (EV) adoption...
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Poorly performing Auto Loan ABS has the potential to put the brakes on bond holder...
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Slipped Gear: Automaker emissions goals unaligned to meet climate targets
This report is an assessment of automotive company alignment to the Paris Agreement and their position...
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Driving in the Dark: Why automotive companies need to shed light on climate impacts in FY2022 financial reporting
03 April 2023As automotive companies start to release their annual reports for FY2022 we take look...
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The Transition Files: periodic thoughts and views on companies, industries and energy transition
25 October 2022The Transition Files In Volume 1, this journal comprises: an article on SHELL, another...
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BMW & Toyota: A Tale of Two Tailpipes
11 September 2024Evaluating Automotive Transition Strategies Electrification of the passenger vehicle...
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Heavy Duty Vehicles Decarbonisation: Hard-to-Abate?
A clear example of how the energy transition is changing quickly due to strides in cheap and scalable...
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Are We Ready for Trump Mark II?
After his recent primary wins Donald Trump is assured to be the Republican Party’s nominee for President. ...
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UK Electric Vehicle Industry – Battery half full, half empty or running out of charge?
The UK will phase-out new ICE vehicle sales by 2035, but an incoherent battery strategy puts the relevance of...
Read MoreCarbon Tracker Methodologies for Climate Action 100+
04 June 2025These documents set out the frameworks and methodologies for how Carbon Tracker...
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Climate Accounting and Audit: 2023 Assessments for Climate Action 100+
Climate Accounting and Auditing assesses the financial statements and related audit reports of all 170 focus...
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Oil & Gas: 2023 Assessments for Climate Action 100+
As a research provider, we conduct financial analysis and have developed a set of alignment assessments to...
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Electric Utilities: 2023 Assessments for Climate Action 100+
For utilities, we must look both forward and backward. Firms must avoid building new coal and gas generation...
Read MoreCarbon Tracker Methodologies for Climate Action 100+
04 June 2025These documents set out the frameworks and methodologies for how Carbon Tracker...
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Climate Accounting and Audit: 2023 Assessments for Climate Action 100+
Climate Accounting and Auditing assesses the financial statements and related audit reports of all 170 focus...
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Oil & Gas: 2023 Assessments for Climate Action 100+
As a research provider, we conduct financial analysis and have developed a set of alignment assessments to...
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Electric Utilities: 2023 Assessments for Climate Action 100+
For utilities, we must look both forward and backward. Firms must avoid building new coal and gas generation...
Read MoreCrude Intentions 2026
22 April 2026Assessment of remuneration plans disclosed in 2026 In our latest update on executive...
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Absolute Impact 2026 – oil and gas company emissions targets remain incompatible with the Paris Agreement, despite some progress on methane.
Assessment of oil and gas company emissions targets evaluates their potential alignment with the goals...
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Venezuela– A Misguided Scramble for Stranded Oil
Geopolitical theatre forces an oil sector harvesting cash to confront a political desire for high risk...
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Petro-Provinces at Risk
How oil- and gas-dependent Canadian provinces face fiscal strain as the energy transition progresses A...
Read MorePetro-Provinces at Risk
20 November 2025How oil- and gas-dependent Canadian provinces face fiscal strain as the energy transition...
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