The Carbon Underground 200 ®

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

Get in touch today

Request access to the list and receive subscription information

The operational standard for being fossil fuel free.

Our in-depth research, rankings and analytics on over 600 global publicly-traded fossil fuel companies provide critical inputs into purpose-driven portfolios, sustainable investment products, and broader ESG integration approaches.

Broad Market Applications

Our decarbonization solutions and bespoke research services are used by a cross-section of market participants: responsible investors, endowments, foundations, RIAs, wealth managers, investment consultants and asset managers, as well as nonprofits that support climate-aligned investing.

Engage & Advocate

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

Screen & Divest

Selectively or categorically exclude companies based on embedded emissions and/or stranded asset risk.

Measure & Track

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

Score & Rate

Enhance ESG integration and ratings processes. Focus decarbonization and net zero scoring frameworks on fossil fuels.

Comply & Report

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

Customize & Grow AUM

Attract clients through fossil fuel free investment products, predefined wealth platform screens, and custom mandates for managed accounts.

Turnkey Data & Screening Operations

Whether you are tracking your fossil fuel exposure, engaging with boards or divesting your holdings, our data and screening solutions eliminate the operational headaches. Delivered directly to investors, or their asset managers and custodians for automated processing, our standardized reference 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

Screening more than:

Assets Under Management
$ 0 Billion

Tracking more than:

Fossil Fuel Reserves Owners

Ranking more than:

Producible Reserves Owners​

Updating in Q1 2023:

New CU200 Companies​

The Carbon Underground Product Family

FFI Solutions - The Carbon Underground 200

The Carbon Underground 200®,

  globally recognized as the screening standard for being fossil free, identifies the top 200 global 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.

Based on Q4 2022 update of The Carbon Underground 200

FFI Solutions - The Carbon Underground Heavy Carbons

The Carbon Underground Heavy Carbons

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 Carbons as a bridge to full divestment.

Based on Q4 2022 update of The Carbon Underground 200

FFI Solutions - The Carbon Underground 500

The Carbon Underground 500

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 global fossil fuel reserves owners, The Carbon Underground 500 represents exchange-listed companies holding proven and probable reserves.

Based on Q4 2022 update of The Carbon Underground 200

FFI Solutions Carbon Underground 200 Custom Screening

Carbon Underground Custom Screening

services provide 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

Towards Net Zero: The Carbon Underground Transition Intelligence

REQUEST The Carbon Underground 200® Rankings


The dynamics of the energy transition necessitate constant tracking of fossil fuel owners. FFI updates The Carbon Underground 200 quarterly to reflect ongoing mergers, acquisitions and shifting ownership of fossil reserves globally. Our subscription services deliver updated rankings and emissions, corporate actions, and active equity reference data on all CU200 companies.

Select organizations including asset owners, not-for-profits, and the media may request a lagged and limited 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 our Terms of Use.

We invite asset managers, investment advisors, institutional investors and consultants to contact us for detailed information and subscription fees of The Carbon Underground 200.