The Carbon Underground 200TM

The World’s Top Publicly-Listed Fossil Fuel Reserve Owners

The Carbon Underground 200 identifies the top global publicly-owned coal, oil, and gas reserves owners ranked by the carbon emissions embedded in their reserves.


Scroll down to read the terms and request a copy of the Carbon Underground 200TM 

Select individuals and organizations including institutional investors, not-for-profits, activist organizations and the media can request a lagged version of The Carbon Underground 200. This version is for reference and research purposes and can only be used for non-commercial purposes, as outlined in the Terms of Use below.

Asset managers and advisors can contact us for detailed information and subscription fees of The Carbon Underground 200. Email us at info@ffisolutions.com.

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The Carbon Underground 200TM

Genesis of a Fossil Free Standard

FFI Solutions began researching standards for developing fossil fuel free investment products when it was founded 2013.

As part of the “Unburnable Carbon” analysis published in 2011, the Carbon Tracker Initiative identified the original top 200 fossil fuel reserves owners. Adopting this top 200 list, 350.org kicked off a fossil fuel divestment campaign in November 2012.

FFI Solutions picked up where Carbon Tracker left off and launched The Carbon Underground 200 in 2014. The list transformed into an operational element of what is now a global campaign aimed at encouraging university endowments and foundations, pension funds, NGOs, and individual investors to divest from the top 200 public companies owning fossil fuel reserves.

The Carbon Underground 200 is the cornerstone of our activity at FFI Solutions. As the fossil fuel reserves ownership landscape continues to evolve, monitoring the top 200 companies is essential. FFI Solutions has created a systematic process for updating the ranking on an ongoing basis.

Today, The Carbon Underground 200 rankings are an essential screening tool for removing reserves-based CO2 emissions from investor portfolios and for offering carbon-responsible investment solutions. Our CU200 data services help automate processes for fulfilling exclusionary mandates and screening investment products.

Methodology Highlights

  • Updated quarterly and released 15-20 days after the calendar quarter end
  • Rankings based on calculated carbon emissions data using most recent reported reserves as of calendar quarter end
  • Rankings adjusted based on company mergers and acquisitions following the most recent reserve reports
  • Reserves data sourced from internationally recognized data providers, official company filings and publicly available information
  • Coal reserves type classification: anthracite, bituminous, sub-bituminous, and lignite
  • Coal reserves use classification: thermal, metallurgical, and PCI
  • Petroleum reserves classified into oil, natural gas liquids, oil sands, and gas
  • Coal reserves reported as the sum of proven and probable reserves
  • Coal reserves allocated to publicly listed companies based on reported percentage ownership of individual mines
  • Oil and gas reserves reported as proven (1P) reserves, net of royalty payments
  • CO2 emissions calculations based on latest IPCC guidelines
  • Follow the Meinshausen approach from the Potsdam Institute for Climate Impact Research
  • Calculations use IPCC carbon content factors assigned based on reserve type
  • Reserves figures converted into gigagrams using average factors specific to each type of fossil fuel

Why Us?

FFI is uniquely positioned to help clients efficiently navigate the complexities of Net Zero. Our team brings together the hands-on experience in investing, carbon, climate change and consulting necessary to view challenges through multiple lenses and propose solutions that are both ambitious and pragmatic.

Hands-on Investment Experience

Experience as institutional allocators, fund managers, and researchers gives us real-world understanding of CIO and PM responsibilities.

Core Carbon Expertise

Over the last 9 years, we have expanded our expertise in carbon and energy transition research.

Proven Consulting Process

A proven, results-driven processes customized to an investor’s unique needs.

Who We Serve

Our clients span a wide spectrum: investors seeking to manage climate change risks, asset managers planning to develop products, and investment service providers looking to offer climate related advice.

Asset Managers

Our clients include investors seeking to manage climate change risks, asset managers planning to develop products, and investment service providers looking to offer climate-related advice.

Asset Owners

We help asset owners seeking to implement climate-responsible investing strategies by providing screening and investment solutions that align with their objectives and constraints.

Investment Services Providers

Investment services providers help manage the relationship between asset owners and their asset managers. We help these organization create and deliver solutions that facilitate product management and reporting requirements. 

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