Data, Research and Analytics

Our in-depth energy sector-focused research, rankings and analytics provide critical inputs and insights into sustainable investment products, purpose-driven strategies, and broader ESG integration approaches.

Robust Fossil Fuel Data and Research

Our proprietary Carbon Underground research provides comprehensive coverage, on more than 450 global publicly-traded coal, oil and gas companies. We capture reserves, production and financial data to calculate emissions and determine rankings.

For institutional investors, the Carbon Underground is a critical tool for measuring and screening investment exposures to fossil fuels. For asset managers, it serves as a benchmark for creating and designing sustainable investment products. In addition, the Carbon Underground produces deep views of each reserve owner’s readiness to participate in the energy transition.


Target coal, oil and gas companies for exclusion based on emissions and/or the risk of stranded assets.


Engage corporate boards and issuers on climate and stranded assets risks in their operations and financials.


Measure and monitor fossil fuel exposure and financed emissions in investment portfolios, benchmarks, and products.


Enhance ESG integration and ratings processes.


Track and report compliance mandates as stipulated by institutional investors. Fulfill stakeholder requirements.


Create custom indexes and financial products aligned with investors’ climate change objectives and mandates.

The Carbon Underground 200

The Carbon Underground 200 (CU200) is the internationally recognized standard for screening reserve-owning fossil fuel companies and mitigating investment climate risk. The CU200 list ranks the top global 200 publicly-owned coal, oil, and gas reported reserve owners by the carbon emissions embedded in their reserves.

  • Separate rankings for the top 100 public coal companies globally and the top 100 public oil and gas companies globally that have reported reserves
  • Rankings and emissions are provided by reserve-types including coal, oil, natural gas liquids, oil sands, and gas. Further custom breakdowns by coal type and coal use are also available.

The Tar Sands 20

The Tar Sands 20 enables investors to focus on the most environmentally harmful reserves. The rankings delineate companies with proven unconventional oil sands reserves. These reserves generate three times the CO2 emissions of conventionally produced oil. Many investors combine The Tar Sands 20 with The Carbon Underground Coal 100 as a bridge to full divestment.

Screening Subscription Services

We offer subscriptions to the Carbon Underground family of rankings of over 600 global publicly-traded companies including:

  • The Carbon Underground 200
  • The Tar Sands 20
  • The Carbon Underground Coal 100
  • The Carbon Underground Oil and Gas 100
  • The Carbon Underground Extended Universe

Our market data service provides quarterly updates of rankings, emissions, corporate actions, global cross-exchange equity issues and international security identifiers. Data is delivered via FTP in Excel, flat file text and csv formats.