About Carbon Tracker

Carbon Tracker is an independent financial think tank providing analysis of the financial risks and opportunities arising from the global energy transition.

Investment decisions rely on assumptions about future energy demand, technology costs and policy. When those assumptions fail to reflect the pace of the transition, risks may be mispriced, capital misallocated, and exposure to stranded assets underestimated. As markets, technologies and policies evolve at speed, reassessing those assumptions becomes critical.

Our research helps investors, policymakers and financial institutions test assumptions, assess transition risk and make more informed investment, stewardship and policy decisions in support of a Paris-aligned and nature-positive transition.

What we do

Assessing company and sector exposure

We analyse how changes in demand, costs, technology and policy affect high-carbon companies and sectors, and what this means for corporate strategy, resilience, risk and return.

Modelling the cost of delayed transition

We use scenario analysis to assess how delayed or insufficient transition can affect asset values and increase risks across the wider economy, helping investors and policymakers evaluate exposure under different pathways.

Improving market transparency

We examine whether transition-related risks are reflected in disclosure, reporting and audit, and provide evidence to strengthen market standards and regulatory oversight.

Our research spans core sectors on both the energy supply and energy demand – from oil & gas and power & utilities to automotive and industrials – as well as cross-cutting topics such as capital allocation, asset retirement obligations, accounting, audit & disclosure, policy and regulation.

Browse our research

Independent analysis, transparent methods

Carbon Tracker operates independently. We publish our sources, assumptions, methods and limitations so users can scrutinise our findings and draw their own conclusions. 

  • Open data and transparent modelling

  • Evidence-based financial analysis

  • Independent of industry or political interests

Explore our data and methods

Our history & impact

Founded in 2011 by Mark Campanale and Nick Robins, Carbon Tracker pioneered the concepts of “carbon bubble” and “stranded assets”, the idea that a large share of fossil fuel reserves exceeds the remaining carbon budget for a well below 2°C pathway and could become stranded as the world moves to limit climate change.

Our work has brought climate-related financial risk into mainstream investment and policy debate, influencing how investors, regulators and financial institutions assess exposure to the energy transition. 

Today, our research continues to shape thinking on corporate resilience, market transparency and the financial consequences of delayed transition See our latest impact report

Carbon Tracker operates as part of Tracker Group alongside Planet Tracker. The Group brings together climate and nature-focused research to deepen understanding of environmental risks across financial markets.

"Carbon Tracker is an important partner of GFANZ on our advisory board; it has done remarkable work. In fact, a lot of what we are talking about is gaps between targets and performance. In many respects, Carbon Tracker pioneered analysis around that, so it is hugely valuable."

Mark Carney, Co-Chair, GFANZ UN Special Envoy for Climate Action and Finance

"Carbon Tracker has changed the financial language of climate change."

The Guardian

"Carbon Tracker has triggered the Climate Swerve – a major historical change in consciousness that is neither predictable nor orderly."

New York Times

"Governments have agreed to limit global temperature rise to less than 2 degrees Celsius. Governments have also agreed to put in place the pathways to deliver this with a new and universal agreement in Paris towards the end of 2015. In order to reach this goal, large amounts of coal and oil will have to stay in the ground, unburnt. Carbon Tracker’s new [oil and coal cost] ‘Curves’ report indicates where in respect to the oil industry some of those stranded assets and some of those red lines will lie."

Christiana Figueres, convenor Mission 2020 and former UNFCCC Secretary General

"Carbon Tracker’s simple narrative neatly summed up climate risk exposure for investors that helped Axa to frame the issues and to begin to methodically quantify and mitigate that growing risk. The compelling “stranded assets” narrative resonated amongst our senior management teams – helping us to focus on and cut through a mountain of complex research on the subject – directly influencing our decision to divest from coal in Q2 2015."

Sylvain Vanston, Head of ESG Integration, AXA

"The Tracker Group provides relevant insights on issues such as climate change and nature loss, always bringing an investor lens to help Robeco’s investment teams understand the risks and opportunities arising from these sustainability challenges. We greatly appreciate their research and use it to enhance our active ownership influence as equity and bondholders."

Peter van der Werf, Head of Active Ownership, Robeco

Team

We are a diverse team bringing together expertise in financial analysis, energy markets, climate risk, policy, data, communications and engagement to support better decision-making across the energy transition.

Meet the team

Careers

Work with us to support better decision-making on climate, nature and capital markets.

View vacancies

Funders

The work of Carbon Tracker has been made possible by the vision and openness to innovation shown by organisations such as the following:

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