Anthony HobleyChief Executive OfficerCarbon Tracker Initiative

Exposing the reality of Unburnable carbon

565 GtCO2 Remaining budget for 2 degrees (2010 -50)

745 GtCO2Proven coal, oil & gas

reserves owned by listed companies

2795 GtCO2Total proven coal, oil and gas reserves

Only 20% of proven reserves can be burnt to keep global warming below 2 degrees celsius

What our analysis shows:

• We cannot burn all the fossil fuel resources creating so called "Unburnable Carbon", neither can we switch off fossil fuel energy overnight, but:• Capital costs of fossil fuel projects is rising while the cost of clean energy is

falling;• Many high-cost/high-carbon projects are destroying value today, putting over

$1 trillion at risk over the next decade (the “Dirty Trillion?”)• Financial risks rise dramatically, to over $20 trillion by 2050, in a world

responding to climate change.• This is potentially wasted capital deployed because the fossil fuel risk premium is

not transparent;• This tilts the investment playing field against clean energy;

• Therefore, Governments, regulators and the private sector need a much clearer understanding of the financial and climate risks at stake here;

• Including the costs to their economies and businesses of increasingly expensive fossil fuels under a business as usual approach.

Talking points & research are to be found at www.carbontraker.com

Anthony HobleyChief Executive Officer

ahobley@carbontracker.org