Anthony HobleyChief Executive Officer

Helsinki, 20th May 2014

Financial experts making carbon investment risk visible today in the capital market.

Anthony Hobley - Chief Executive OfficerMark Campanale - Founder and Executive DirectorJon Grayson - Chief Operating OfficerJames Leaton - Research DirectorLuke Sussams - Senior ResearcherReid Capalino - Senior ResearcherJohn Wunderlin - Staff Attorney USMargherita Gagliardi - Communications OfficerTracy Trainor - Office Manager

Jeremy Leggett - Chair, Board of DirectorsMark Campanale - Deputy ChairmanAnthony Hobley - Executive DirectorAlice Chapple - Non Executive DirectorCary Krosinsky - Non Executive Director

Who we are

Our funders

Our formula

...by translating climate science and policy into the language of finance.

Our work is aimed to align climate riskwith capital market risk...

What we do

Our research has created a new debate around climate change and investment.

Our stakeholders

Our research path

We are not about divestment

…an easy and powerful bit of arithmetical analysis first published by financial analysts in the U.K. has been making the rounds… (it) up-ends most of the conventional political thinking about climate change. And it allows us to understand our precarious position with…. simple numbers”.

Bill McKibben, Co-founder of 350.org

We are about responsible risk management

This report shows very clearlythe gross inconsistency between current valuations of fossil fuel assets and the path governments have committed to take in order to manage the huge risks of climate change.

Prof. Lord Stern of BrentfordChair, Grantham Research Institute on Climate Change and the Environment, LSE

Carbon budget deficit for listed companies

Current listed reserves (762 GtCO2)far exceed a quarter ofthe carbon budgetsbut could double (1541 GtCO2)

If we break the 2°C budget we very quickly hit 2.5°C and 3°C

Current reserves on stock exchanges (2013)

Potential reserves on stock exchanges (2013)

Rebalancing is needed between flows.

Carbon Supply Cost Curves. First Report on Oil (2014)

Carbon supply and oil production by global producer category (2014-2050)

Stress-testing the logic of rising upstream oil capital expenditure

Carbon Supply Cost Curves: Oil

Carbon and oil production by producer by BEOP: 2014-2050

Private conventional: Total carbon & oil production (MBPD average) by BEOP 2014-

2050

Private unconventional: Total carbon & oil production (MBPD average) by BEOP 2014-

2050

Conventional: CAPEX $ by BEOP (2014 to 2050)

Unconventional: CAPEX $ by BEOP (2014 to 2050)

Key locations by CAPEX (2014 to 2025) and carbon production (2014 to 2050)

Map of oil provinces with high cost potential production

Mark Fulton, ex DB Head of Research, presents the key findings

Recommendations for Investors

Anthony HobleyChief Executive Officer

ahobley@carbontracker.org