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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

All

Senior Leadership

Energy Supply

Energy Demand

Capital Markets Transparency

Capital Markets Policy

Data & Modelling

Engagement

Communications

HR & Operations

Finance

Development

Senior Advisors

Dr Christine Chow PhD

Christine has 25+ years’ experience in investment management, research & consulting, with a focus on technology, governance and sustainability.

Her PhD thesis on responsible investment was short-listed for a United Nations award in Sweden for industry relevance and academic excellence.  She is a board member of the International Corporate Governance Network (ICGN), an organization led by investors responsible for assets under management of around $US 77 trillion from over 39 countries and territories. She was appointed an honorary adviser to the Accounting and Financial Reporting Council (AFRC) Hong Kong in April 2021, and the Convenor (Chair) of the AFRC Sustainability and Climate Action Task Force (SCATF) in February 2022.

She is an Emeritus Governor of the London School of Economics (LSE), following the completion of her six-year term as a Member of Court and Investment Committee (2015-2021). She was a member in the Data Governance Task Force of the UK All Party Parliamentary Group (APPG) on Artificial Intelligence (2018 – 2021); and an Adjunct Professor in Finance at the Hong Kong University of Science and Technology (2014 – 2016), where she established the first tri-modal graduate course on social entrepreneurship and impact investing, supported by funds from family foundation and the Hong Kong government/

Dr Christine Chow PhD

CEO
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
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