Our research-driven screening solutions allow asset managers and institutional investors to efficiently implement fossil-free mandates and climate-aligned investment strategies.

Fossil Fuel and ESG Exclusions

We provide robust screening and engagement tools for institutional investors looking to understand their exposures to fossil fuel reserves and other ESG components. Our internationally-recognized Carbon Underground 200TM (CU200) and carbon research tools are built on extensive research of more than 600 global publicly-traded companies to capture both reserves and financial data, producing deep views of each reserve owner’s exposure to the energy transition. In addition, our proprietary research, integrated with leading data and analytics, offers expanded ESG screening, as well as impact investing metrics to meet today’s investment trends.

With the CU200 now used for screening more than $6 billion in AUM, our tools are increasingly being used by asset owners, asset managers, and advisors to evaluate portfolios, create index benchmarks, and design investable products. Together, our research and screening tools enable the efficient implementation of exclusionary and other sustainable investing mandates.


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 (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.