FFI Perspectives

Presenting “The Carbon Underground,” A List of the Top 200 Fossil Fuel Companies

We are pleased to announce the release of “The Carbon Underground: The World’s Top 200 Companies, Ranked by the Carbon Content of their Fossil Fuel Reserves.” The report provides an update to the top 200 list first published in 2011 by the Carbon Tracker Initiative in their “Unburnable Carbon” report, a groundbreaking paper that linked climate risk and investor risk. We have calculated the carbon emissions embedded in the reported fossil fuel reserves of the listed companies of the world, and we have updated the carbon budget to 2050 in light of the latest scenarios and modeling of the IPCC. In so doing, we found that the carbon content of the reserves reported by the top 200 companies exceeds their portion of the carbon budget by 400%. Our estimate provides further evidence of a carbon bubble and the potential for stranded assets.

At the heart of the research report is the list of companies itself, which we have dubbed The Carbon Underground 200TM. The rankings for the list have been determined using reserves data available as of November 28, 2013, and have been updated with any corporate actions as of March 31, 2014. We will update the list quarterly and publish the updated list annually.

The creation of The Carbon Underground 200 is the first step on the path toward a family of broad market indexes ex-fossil fuels, designed to bring investment options to index investors who want to divest, as well as to all investors looking to protect themselves from the risk of a carbon bubble.

To download “The Carbon Underground” report, click here.

For More Information

  • For questions on any aspect of “The Carbon Underground,” email us at info@fossilfreeindexes.com.
  • For information on how to subscribe to updates and electronic copies of the Carbon Underground 200 with tickers and primary exchanges, for investment strategies, or for portfolio research, email us at CU200@fossilfreeindexes.com.
  • For information on portfolio-specific research that drills deeper into the risks associated with these owners of fossil fuel reserves, email Fossil Free Indexes at CU200@fossilfreeindexes.com.


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