The Carbon Underground 200TM2017 Edition

The World’s Top 200 Public Companies

Ranked by the Carbon Content of their Proven Fossil Fuel Reserves

  • The Carbon Underground 200 - 2017: Top 10 Counties by Listed Exchange Fossil Fuel Emissions
The Carbon Underground 200TM identifies the top global 200 publicly-owned coal, oil, and gas reserve owners ranked by the carbon emissions embedded in their reserves. Based on reported data as of July 31, 2017, the reserves of these companies total 492 gigatons (Gt) of potential CO2 emissions. This represents an increase of 3.6% from our last report (published in July 2016) and is now six times more than can be burned for the world to have an 80% chance of limiting global temperature rise to 2°C (3.6° F).

Total Reserves Potential Emissions

The Carbon Underground 200 – Potential CO2 Emissions from the Reserves

Reserves data as of July 31, 2017
 2014 (Gt)2015 (Gt)2016 (Gt)2017 (Gt)1 Yr (%)

2017 Carbon Budget

The 2017 report estimates an updated carbon budget based on the only IPCC climate scenario with a future less than 2° C above pre-industrial levels with >66% probability. These estimates broadly confirm growing research on the exposure of public fossil fuel companies, especially those in the coal sector, to potential constraints and revaluation based on stranded assets. Potential future reserves-based emissions from CU200 companies are now 608.8% of their allocated global carbon budget to the year 2050.

2017Potential Emissions (Gt CO2) 
Coal Reserves 341.2
Oil Reserves71.4
Gas Reserves79.3
Total CU200 2017 Reserves 491.9
Allocated CU200 2017 Carbon Budget80.8

2017 Top 10 Coal Rankings

The Carbon Underground 200 – Coal Potential CO2 Emissions from the Reserves

Reserves data as of July 31, 2017
2017 RankCompanyCoal (Gt CO2)2016 Rank
1Coal India32.01
2Shaanxi Coal Industry28.953
3Adani Enterprises25.32
4China Shenhua Energy22.33
5Inner Mongolia Yitai Coal14.94
6Yanzhou Coal Mining10.616
7China Coal Energy9.55
8Public Power9.38
9Exxaro Resources8.97
 Coal (Gt CO2)% Coal 100 2017% Coal 100 2016
Top 10170.249.9%49.9%
11 - 2577.922.8%22.3%
26 - 5059.017.3%16.8%
51 - 10034.110.0%11.0%
Coal 100 Total341.2
See below for information on receiving the full 2017 list of The Carbon Underground 200 companies.

2017 Top 10 Oil & Gas Rankings

The Carbon Underground 200 – Oil & Gas Potential CO2 Emissions from the Reserves

Reserves data as of July 31, 2017
2017 RankCompanyOil (Gt CO2)Gas (Gt CO2)Oil & Gas (Gt CO2)2016 Rank
7Royal Dutch Shell2.12.24.37
 Oil & Gas (Gt CO2)% Oil & Gas 100 2017% Oil & Gas 100 2017
Top 10105.670.1%70.4%
11 - 2524.616.3%16.2%
26 - 5012.28.1%8.2%
51 - 1008.25.4%5.2%
Oil & Gas 100 Total150.7
See below for information on receiving the full 2017 list of The Carbon Underground 200 companies.

Methodology Highlights

Listed Companies

Companies on the list are investable as of October 4, 2017. Subsidiaries with their own exchange listings that report reserves separately from their parent are eligible for inclusion. Companies that publicly trade only a portion of their overall shares are also eligible for inclusion.


The rankings are based on calculated carbon emissions data using reserves reported as of July 31, 2017. The ranking are adjusted for company mergers and acquisitions through September 22, 2017.


Rankings are constructed using a reserves-based methodology with the underlying core data based on “reported” reserves. Coal reserves are the sum of proven and probable reserves based on the last reported reserves amount by mine. Reserves are allocated to listed companies based on percentage ownership of individual mines. Oil and gas companies are ranked on proven reserves (1P) net of royalty payments.

Emissions Calculations

The Carbon Underground 200 relies on the IPCC Revised 1996 Guidelines for National Greenhouse Gas Inventories as a methodological framework. The calculation of CO2 emission potential requires several conversions to the raw reserves figures.

For detailed methodology, download The Carbon Underground 2017 full report.


The Carbon Underground 200 Reports and Data

We invite all registered users to download our latest annual report The Carbon Underground 2017 – Managing Energy Transition Risk in Investment Portfolios. You may also download past reports and other FFI research. Not registered? Click here.
The Carbon Underground 200 2017 list is available at no charge to asset owners, not-for-profit organizations and the media, and can only be used for non-commercial purposes, as outlined in our Terms of Use and FAQ. We invite qualified individuals and organizations to request the full list of companies. Once approved, the list will be emailed to you. The process may take up to 48 hours.

The Carbon Underground 200 is updated on a quarterly basis for subscribing customers. The quarterly updates are available by paid subscription and may include tickers, primary exchanges, CUSIPs, and SEDOLs with individual issues and history dating back to 2004. A subscription to the full list of companies represented in the 2017 report is also available. For information on subscribing to an enhanced list with tickers, exchanges and updates click here or email us at

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