The Carbon Underground 200®
The World’s Top Publicly-Listed Fossil Fuel Reserves Owners
Request access to the list and receive subscription informationThe benchmark for fossil fuel free investing
Our in-depth Carbon Underground research, rankings and analytics on publicly-listed fossil fuel reserves-owning companies globally provide critical inputs into low-carbon investment products.
The Carbon Underground: By the Numbers
Screening more than:
Tracking more than:
Ranking more than:
Updating in Q1 2025:
Carbon Underground Product Family
The Carbon Underground 200®
Globally recognized as the screening standard for being fossil-free, the CU200 identifies the world’s top 200 publicly-listed coal, oil, and gas reserves owners ranked by the carbon emissions embedded in their reserves. The Carbon Underground Coal 100 covers 98% of reported proven and probable coal reserves owned by publicly-listed companies. The Carbon Underground Oil and Gas 100 covers 98% of reported proven gas reserves and 97% of proven oil reserves held by publicly-listed companies.
The Carbon Underground Heavy CarbonsTM
Enables investors to focus on the most environmentally harmful reserves. Thermal coal is by far the highest carbon-emitting source of energy in the global fuel mix. Oil sands are among the most carbon-intensive means of crude oil production, generating three times the CO2 emissions of conventionally produced oil. The rankings represent the top 100 thermal coal reserves owners and the top 20 oil sands reserves owners. Many investors use The Carbon Underground Heavy CarbonsTM as a bridge to full divestment.
The Carbon Underground 500TM
The CU500 Identifies the world’s publicly-listed owners of producible coal, oil and gas reserves ranked by the carbon emissions embedded in their reserves. Ranked from our database of over 625 fossil fuel reserves owners globally, The Carbon Underground 500TM represents the top exchange-listed companies holding proven and probable reserves.
Carbon Underground Custom Screening
Our bespoke services provide asset owners, investors, wealth managers, asset managers and investment consultants bespoke research and mandate-specific exclusionary screens based on data and metrics such as:
- Region
- Unconventional exploration activities
- Production
- Revenue or market capitalization thresholds
- Fuel type and use
- Emissions intensity
- Midstream and downstream activities
- Alignment with climate science
- Socially irresponsible activities
- Transition commitments and actions
Broad Market Applications
Our Carbon Underground solutions are used by a cross-section of market participants: endowments, foundations, RIAs, wealth managers, investment consultants and asset managers, as well as nonprofits that support climate-aligned investing.
Measure & Track
Measure and monitor financed embedded emissions in investment portfolios, benchmarks, and products.
Select & Screen
Selectively or categorically exclude companies based on embedded emissions types.
Score & Rate
Enhance stranded asset and transition risk evaluation processes. Focus decarbonization and net zero scoring frameworks on fossil fuels.
Engage & Advocate
Engage corporate boards and issuers on climate and stranded assets risks in their operations and financials.
Comply & Report
Report compliance mandates as stipulated by institutional investors. Fulfill stakeholder requirements.
Grow AUM
Attract clients through fossil fuel free investment products, predefined wealth platform screens, and custom mandates for managed accounts.
More About The Carbon Underground 200
Turnkey Solution
Whether you are tracking your exposure to stranded asset risk, engaging with boards or divesting your holdings, our Carbon Underground screening solutions eliminate operational headaches. Delivered directly to investors, or their asset managers and custodians for automated processing, the standardized data files include detailed emissions and rankings, corporate action indicators, global cross-exchange equity issues and security identifiers
Customize
Flexible subscriptions on universe of companies and use – account screening, product deployment or research.
Operationalize
Normalized and verified data, quarterly updates, structured trade and compliance files.
Maintain
Tracking of M&A and corporate actions, ongoing quality assurance / cross checking.
Support
Data and service notifications, file format and data delivery changes, methodology enhancement
More Climate Products & Services
Macroclimate 50®
Together with partner GEO, we track and rank the top 50 publicly-traded owners of coal-fired power plants in developed markets, China, and India.*
Transition Intelligence
Our transition intelligence platform offers interactive, cloud-based data, metrics, and analytics on 100 of the largest publicly traded oil and gas reserve owners globally.
Transition Trackers
Follow the performance of companies taking proactive steps to realign their businesses for the low-carbon future versus those that are slow to adapt.