Carbon Tracker is an independent financial think tank which produces fact-based, data- driven research, focusing on the economic and financial risks and opportunities tied to the global energy transition.

Our team of experienced financial market analysts, energy experts, and policy specialists conducts cutting-edge, AI-assisted research using industry-leading data and robust methodologies. This pioneering work has introduced concepts such as the “carbon bubble,” “unburnable carbon,” and “stranded assets,” reshaping financial market thinking on climate risk. Our research is widely cited by investors, regulators, and financial institutions worldwide.

Carbon Tracker operates as part of the Tracker Group alongside our sister brand Planet Tracker. This strategic alliance maintains each entity’s individual identity but strengthens our ability to provide stakeholders with a unique and market leading holistic view of the financial risks posed by the climate/nature nexus.

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Our mission

Our mission is to accelerate the transition to a low-carbon energy system – a system that is rapidly emerging, more affordable, equitable, and secure. We achieve this by providing capital markets with economically and financially robust research, highlighting the risks of investing in expensive, carbon-intensive fossil fuels. We promote greater transparency and disclosure, support active stewardship and responsible investment, and help markets assess and quantify these risks.

Our theory of change

The global financial system has immense influence over the global economy and its stakeholders. By providing capital markets with fact-based, data-driven research on the financial risks of investing in costly, carbon-intensive fossil fuels as well as the opportunities in the emerging, low-carbon energy system. Our goal is to accelerate the transition away from fossil fuels towards a more affordable, equitable and secure energy future.

Our vision

A fully decarbonised, equitable, and resilient global economy operating within planetary and societal boundaries.

Our research is widely cited by investors, regulators, and financial institutions worldwide.

Our team

Mark Campanale

Mark is the founder of the Carbon Tracker Initiative, a non-profit think tank with offices in the US and UK, having enjoyed a career in sustainable finance for 20 years. Carbon Tracker is best known for its work on ‘stranded assets’ and the ‘carbon bubble’ and providing transition analysis for the members of Climate Action 100+  These concepts are also used by the fossil fuel divestment movement; and for investors & regulators, in how to set decarbonisation pathways for the fossil fuel sector.

Prior to forming Carbon Tracker, Mark had twenty years experience in sustainable financial markets. Mark is a co-founder of some of the first responsible investment funds at Jupiter Asset Management, NPI, AMP Capital, and Henderson Global Investors. Mark has served on the World Business Council for Sustainable Development working group on capital markets leading up to the 1992 Earth Summit; was a Member of the Steering Committee of UNEP Financial Sector Initiative (1999-2003);  founder of the UK Sustainable and Responsible Investment Forum (UKSIF), 1990-2006; and is now on the Advisory Board of GFANZ, the Glasgow Finance Alliance for Net Zero.  A member of the advisory council of the Moore Foundation’s Conservation & Markets Initiative.  He is an Advisor to Faith Invest; a Visiting Lecturer at the University of Cambridge’s sustainable finance programme; and in 2021 and winner of the CEREs/Trillum Capital Lifetime Achievement Award on Sustainable Finance.

Mark Campanale

Founder & Director
Niall Considine

Niall joined the Tracker Group in May 2025 as Director of Research, overseeing the delivery of Carbon Tracker & Planet Tracker research programs.

Niall has 30 years of experience in global debt and equity markets, both as an investor and in research roles, at: Goldman Sachs (from 1990 to 1997), KBC Financial Products (2000-2010), Avoca Capital/KKR (2010-2016) and Man GLG (2017-2021). Niall has invested in & researched most corporate and financial sectors, and produced a variety of thematic research including an innovative model for assessing credit default risk, pricing subordinated bank & insurance capital, and integrating material ESG risk assessment into credit investing. Niall’s growing conviction of the materiality of sustainability saw him join NGO ShareAction in 2022, where he was Head of Investor Standards, lead author of their Responsible Investment Standards & Expectations papers (on net zero targets, escalation pathways and fossil fuel company stewardship) and developed a model for bondholder stewardship of sustainability issues.

Niall has a BA in Politics, Philosophy & Economics from Oxford University

Niall Considine

Director of Research
Graham Webb

Graham has more than 20 years of experience working across energy, climate change and sustainability. Graham has worked in various roles in energy efficiency, the UK electricity market, the strategy team at the Carbon Trust and, most recently, as an independent strategy consultant helping small, growing organisations across the sustainability sector.

Graham Webb

COO
Guy Prince

Guy joined Carbon Tracker in 2022 and now leads the Energy Supply team. He has since contributed to research highlighting transition risks at the company and country level, in reports Navigating Peak Demand and Petrostates of Decline. Guy has also written on the downstream refining sector and the UK North Sea.

Prior to Carbon Tracker, Guy worked in Commodity Insights at S&P Global (and previously IHS Markit) where he led a research team focused on the European upstream energy sector. Here he spent 8 years developing asset and company-level valuations alongside consulting on upstream oil and gas economic risk.

Guy holds a BSc in geology and MSc in petroleum geoscience. In 2014 he obtained a PhD in numerical stratigraphic forward modelling from Royal Holloway, University of London.

Guy Prince

Head of Energy Supply
Rich Collett-White

Rich joined Carbon Tracker in October 2023 as an analyst in the Oil, Gas & Mining team.

Prior to this, he worked as an editor and reporter at the climate non-profit organisation DeSmog, investigating misinformation, greenwashing and the influence of vested interests on climate and energy policy. He published stories alongside outlets including The Times, The Guardian and The Independent.

Rich holds an MSc in environmental and energy economics from University College London and a BA in French and Russian from Oxford University.

Rich Collett-White

Analyst
Saidrasul Ashrafkhanov

Saidrasul is an analyst in the Energy Supply team.

He focuses on executive remuneration and the downstream segments of the oil and gas value chain, including aviation fuels and petrochemicals. He authored the latest two editions of Crude Intentions and is the lead author of Absolute Impact 2023, Petrochemical Imbalance, and Awaiting Take-Off.

Prior to joining Carbon Tracker, he worked as the managing editor of the Uzbekistan Energy Monitor, covering oil and gas, conventional power, and renewables. He also worked as a correspondent and news presenter.

Saidrasul holds a BA in Commercial Law from Westminster International University in Tashkent and an MPhil in Sociology from the University of Cambridge.

Saidrasul Ashrafkhanov

Analyst
Olivia Bisel

Olivia joined Carbon Tracker’s Energy Supply team as an Associate Analyst in 2023. Previously, Olivia managed a project on climate-related financial risk for the University of Oxford. She has also advised private equity, growth equity, and private credit investors as an ESG management consultant at Malk Partners, where she completed over 200 ESG due diligence reviews and co-developed the firm’s climate change due diligence framework and private credit service line. 

Olivia holds an MSc in Sustainability, Enterprise, and the Environment from the University of Oxford and a BS in International Affairs (majoring in International Economics) from Georgetown University. 

Olivia Bisel

Analyst
Hannah Besly

Hannah joined Carbon Tracker in 2024 as Communications Officer. Before joining Carbon Tracker, she held various internship positions with sustainability NGOs in Washington, D.C. She also worked as an undergraduate research assistant, contributing to projects focusing on sustainability in the Arctic.

Hannah holds a Bachelor of Arts with a double major in Environmental Studies and International Affairs from The George Washington University.

Hannah Besly

Communications Officer
Tino Gonese

Tino joined Carbon Tracker’s Capital Markets Transparency team as an Associate Analyst working on accounting and auditing climate disclosures. Prior to this, Tino spent years working in the accounting industry. There he gained experience and working knowledge of financial reporting for companies in a wide variety of sectors.

Tino graduated from Lancaster University with a BSc in Economics with a particular interest in environmental and development economics.

Tino Gonese

Analyst
Barbara Davidson

Barbara Davidson joined Carbon Tracker in 2020, where she heads the Capital Markets Transparency team and is the lead author of the Flying Blind report series.  Her team focuses on increasing stakeholder awareness of the need to improve climate-related disclosures in financial reporting and performing Climate Accounting and Audit Assessments for the Climate Action 100+ Net Zero Company Benchmark, Transition Arc’s governance metric and Climate Engagement Canada. Prior to this, Barbara worked as an independent consultant on a climate accounting initiative sponsored by the PRI.

Barbara has over 25 years of advisory, accounting, relationship and stakeholder management experience from working in the US, France, Hong Kong and the UK. She formerly headed the investor engagement team at the International Accounting Standards Board, where she founded and implemented their Investors in Financial Reporting programme and secured significant relationships in the global investment community. Barbara’s experience in accounting policy, transaction advisory and audit comes from working at international organisations including Morgan Stanley, Nomura, PricewaterhouseCoopers and Deloitte. Her background has provided her with significant insight into the financial reporting requirements of the investment community, including, but not limited to, environmental policy and climate-related risks.

Barbara Davidson

Head of Capital Markets Transparency
Richard Folland

Richard Folland has been Carbon Tracker’s policy and government affairs adviser since 2014 and in 2023 joined as the Head of Capital Markets Policy. Richard has over 30 years’ experience as a diplomat and advocate, operating at the highest level, based in Europe and elsewhere. He has worked on the climate and energy agenda, as a policymaker and as a private sector advisor, for 15 years. A former head of international energy policy at the UK Foreign Office, Richard has also been JPMorgan’s European Advisor on Energy and Climate Change, the Executive Director of the Climate Markets and Investment Association (CMIA), and the Head of Energy and Environment at Inline Policy. He was Co-Founder of the strategic advisory firm, Sustineri, working with institutional investors on climate and sustainability issues.

Richard Folland

Head of Capital Markets Policy
Dominika Cooper

Dominika joined Carbon Tracker in January 2021 as a Team Assistant supporting the Senior Team. Dominika has previously spent over 2 years working at RBB Economics as an Assistant to The Founder and COO, also as an Office Manager. Her diverse experience from previous roles where she was also looking after recruitment, marketing, events as well as working closely with HR is a helping hand for Carbon Tracker. Before directly supporting senior teams, she has been working in corporate customer service sector managing multiple teams in London. Dominika is passionate about making the world environmentally a better place for future generations, which is why she chose to work at CTI.

Dominika holds a Masters in International Tourism from Katowice School of Economics in Poland, where she also gained BA Hons in Hospitality Management.

Dominika Cooper

Executive Assistant
Jack Evanson

Jack joined Carbon Tracker in March 2020 as the Financial Controller.  Jack’s responsible for the maintenance of all finance, accounting and reporting activities within Carbon Tracker which includes grants requests and cost management.

Jack is a chartered accountant with over three years’ experience in the not for profit sector. Jack trained as an auditor at Buzzacott where he gained knowledge of preparing statutory accounts and implementing a strong control environment.

Jack Evanson

Financial Controller
Ayomide Alegbeleye

Ayo is the Assistant Accountant at Carbon Tracker, where she supports the day-to-day finance operations with a focus on accuracy, compliance, and teamwork. With a background in the not-for-profit sector, she is passionate about using her skills to support mission-driven work.

Ayo is AAT-qualified and a member of the Chartered Institute of Administration (Nigeria).

Ayomide Alegbeleye

Assistant Accountant
Chris Coggin

Chris brings experience from working in the responsible investment industry. Prior to joining Carbon Tracker, he was an Outreach Analyst at the FAIRR Initiative, responsible for deepening investor engagement with the investor network, and raising awareness about the material ESG risks and opportunities present in the global protein supply chain. Chris holds an MSc in Global Challenges from the University of Edinburgh and a BSc in Economics, Finance and International Business from Oxford Brookes University.

Chris Coggin

Engagement Officer
Amy Owens

Amy works as a Capital Markets Policy Analyst. Before joining Carbon Tracker, she worked as a Senior Public Affairs Executive in a membership organisation representing the publishing industry, leading on public affairs and sustainability work. She won PRWeek’s CCPA Public Affairs Newcomer of the Year Award in 2020.

She holds a master’s degree in International Security from Bristol University, where she also studied a bachelor’s degree in Politics and International Relations.

Amy Owens

Capital Markets Policy Analyst
Alex Stacey

Alex joined Carbon Tracker as Project & Change Officer, having studied at the Victoria University of Wellington in New Zealand where he gained a Bachelor of Commerce majoring in Human Resource Management & Industrial Relations and Criminology.

Alex previously worked the Co-Operative Bank in NZ where he was a consultant and gained HR experience.

In July, Alex moved to London to work and travel Europe, and is currently playing rugby for Hammersmith and Fulham RFC.

Alex Stacey

Project & Change Officer
Alessandra Moscadelli

Alessandra brings over two decades of communications experience across international development, clean energy access and human rights, having held senior roles and led multi-country teams and agency partners across Africa, Latin America and Europe. Before joining Carbon Tracker, she directed communications at Energy 4 Impact (now part of Mercy Corps), delivering a full rebrand and merger communications, and managing multilingual internal and external channels. Her expertise spans strategic communications and brand positioning, media relations, digital strategy and analytics, report editorial and launches, website/CMS delivery, stakeholder and donor engagement, and team leadership.

Alessandra Moscadelli

Communications Manager
Beatrice Stewart

Beatrice holds a BA in History, an MSc in International Development from the University of Bristol, and an MA in Environmental Law and Sustainable Development from SOAS, University of London. She has previously reported for The Conduit and contributed feature articles to advaya. Currently, she works as an editor at the Atlas Institute for International Affairs.

Beatrice Stewart

Communications Assistant
Marina Piligkou

Marina is a sustainability professional with strong expertise in sustainable finance and ESG regulation. Before joining Tracker Group, Marina worked in Deloitte’s Sustainability & Climate Risk Advisory team in Athens, where she led EU Taxonomy, SFDR, and CSRD compliance projects, supported sustainability-related disclosures for financial institutions, worked on public green finance initiatives, and helped integrate sustainability into both strategy and reporting. She holds a BSc in Accounting and Finance and an MSc in Sustainable Management and Finance from Bayes Business School in London.

Marina Piligkou

Engagement Officer
Chris Baldock

Chris joined Carbon Tracker from Trucost, an environmental data and analytics company owned by S&P Global, where he was leading their positive impact work. He was responsible for building, managing, and developing data sets and models for Trucost as well as for corporate, investor, and public sector clients.

Chris Baldock

Head of Data & Modelling
Oscar Leonard

Oscar is an Associate Financial Policy Analyst at Carbon Tracker. Previously, he worked on the IMO Net Zero Framework, an international agreement on transport decarbonization, as a researcher and policy consultant. He holds a master's degree in climate policy from Dublin City University, and a bachelor's degree from Trinity College Dublin

Oscar Leonard

Associate Analyst
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