The key elements making up the entity that is the Carbon Tracker Initiative are as follows:

Jeremy LeggettJeremy Leggett, Chairman

Jeremy is Chairman of the Carbon Tracker Initiative, and Founder and non-executive Chairman of Solarcentury, an international solar solutions company, and SolarAid, a solar lighting charity working in Africa. An Entrepreneur of the Year at the New Energy Awards and a CNN Principal Voice, Jeremy convened the UK Industry Taskforce on Peak Oil and Energy Security and was a Founding Director of the world’s first private equity fund for renewable energy, Bank Sarasin’s New Energies Invest, where he served as a non-executive board member for twelve years. As a former geologist, whose research on shale were funded by both BP and Shell, he has authored several books on fossil-fuel dependency, including Half Gone, the Carbon War and most recently The Energy of Nations. At the Business Green Leaders Awards 2014, he has been recognised as Champion of the Year.


Mark CampanaleMark Campanale, Founder and Executive Director

Mark is the Founder of the Carbon Tracker Initiative and conceived the ‘unburnable carbon’ thesis. He commissioned and was editor of ‘Unburnable Carbon, are markets carrying a carbon bubble’ report. Mark is responsible for management strategy, board matters and developing our capital markets framework analysis. Prior to forming Carbon Tracker, Mark had twenty five years experience in sustainable financial markets. Mark is a co-founder of some of the first responsible investment fund at Jupiter Asset Management in 1989, NPI, AMP Capital, and Henderson Global Investors. Mark served on the World Business Council for Sustainable Development working group on capital markets leading up to the 1992 Earth Summit; was a Member of the Steering Committee of UNEP Financial Sector Initiative (1999-2003), and continues to advise a number of investment funds including Armstrong Energy. Mark was a Founder Director of the UK Sustainable and Responsible Investment Forum (UKSIF), 1990-2006, is a member of the Advisory Council of SASB (Sustainable Accounting Standards Board) and and the UNEP-WRI working group on greenhouse gas emissions and the financial sector. He is the Treasurer of The Rainforest Foundation UK. Mark has a BA in Politics & Economic History and an M.Sc in Agricultural Economics.


Hobley_Anthony_300dpi_Aug09Anthony Hobley, Chief Executive Officer

Anthony has been Chief Executive Officer of the Carbon Tracker Initiative since February 2014. Previously he was a partner at and Global Head of the Sustainability & Climate Finance Practice at global law firm Norton Rose Fulbright. He was previously General Counsel to the Climate Change Capital Carbon Fund and Director of Legal Policy for Climate Change Capital which he joined in September 2005. Anthony specialised in climate change and clean energy law as well as UK, EU and international environmental law. Anthony has played a key role in helping to design the UKs pilot emissions trading scheme and in developing key aspects of the EU ETS. Anthony was seconded to Norton Rose Fulbright’s Sydney office between 2010 and 2012 where he was heavily involved in the development of the emerging carbon and clean energy markets in Australia and Asia. He was a key figure behind the creation of the business advocacy group Businesses for a Clean Economy.  A coalition of business arguing for a price on carbon. Anthony was also behind the creation of the business group Climate Markets & Investment Association where he is the current President. He also sits on the boards of the Verified Carbon Standards Association and on the Advisory Board to the Climate Bonds Initiative. Anthony holds a First Class Honours Degree in Chemistry & Physics and a LLM in Environmental Law. He qualified as a solicitor of England and Wales in 1994.  He has writes and speaks widely on the environment and climate change. Particularly climate risk and investment in the financial sector.


caryCary Krosinsky, Co-Founder

Cary Krosinsky is a writer, educator & advisor on sustainability issues. He teaches Sustainable Investing at Columbia University’s Earth Institute, in conjunction with Kerry Kennedy’s RFK Center for Human Rights & Justice, and also offers MBA classes at the University of Maryland’s Robert H. Smith School of Business and Bard College.  Other academic affiliations include advising on investor reporting for the University of Cambridge and a new Seminar is being given on Business and Sustainability at Yale University in Fall 2014.  His books on sustainable investing with Nick Robins are considered industry standards, and he continues to write frequently for the Guardian, and other publications. He recently consulted for the UN Global Compact on their new Value Driver Model and for KPMG on an upcoming report on the future of value, is Executive Director of the Network for Sustainable Financial Markets, and is former Senior Vice President for Trucost in North America.


aliceAlice Chapple, Board Member

Alice Chapple is an economist and a specialist in impact investment and impact assessment. She established Impact Value, a business and investor advice organisation, in October 2012. Alice used to head up the financial services sector work at Forum for the Future, a not-for-profit adviser on sustainable development. Alice has worked on projects exploring the scope for innovative financial instruments, more effective valuation techniques, better risk assessment, and longer-term investment strategies. Before her time at Forum For the Future, Alice worked at development finance institution CDC in various roles, including financial analyst, fund manager, and social and environmental advisor. She also worked for Actis, the emerging markets private equity firm. Alice has an MA in economics from Cambridge University and is a chartered accountant.


jon_grayson1Jon Grayson, Chief Operating Officer

Jon Grayson is Chief Operating Officer at the Carbon Tracker Initiative and his background is as a sustainable finance specialist, having run Enviromarket since 2006.  There he was responsible for Risk Assessment and Research Programmes; Jon subsequently joined the Social Stock Exchange where had an operational role. John’s background is as a management consultant with Mars & Co in London advising Blue Chip firms on business strategy before embracing a career in finance as a cash equities research analyst with Donaldson Lufkin & Jenrette International. Following a refocus towards environmental markets and sustainable business models in 2002 he was project manager advising executives in the UK health service on turnkey strategies before co-founding EnviroMarket. Jon holds a first class BSc in Manufacturing Engineering from Durham University, a postgraduate from Cambridge University and an MSc in Environmental Technology (Imperial College) where he was awarded the ERM prize for his research on win-win business models for sustainability.


 jamesJames Leaton, Research Director

James has been leading Carbon Tracker’s Research since 2010. He has fifteen years sustainability experience across responsible investment, NGO policy and private sector consultancy. James was a senior policy advisor at WWF-UK focusing on the oil and gas sector and related finance. He co-ordinated the successful Sakhalin II campaign which prevented the oil and gas project receiving project finance. His strategic thinking initiated WWF’s work on the tarsands in Canada which was subsequently adopted as a campaign by the Co-operative Bank and other NGOs. James brings experience of the financial sector and international development from his time as a consultant at PricewaterhouseCoopers. James is lead author of the Unburnable Carbon series of reports which have introduced the concepts of carbon bubble, unburnable carbon and stranded assets.


luke_photoLuke Sussams, Senior Researcher

Luke has responsibility for report research, analytics and drafting, applying these skills as author of Carbon Tracker’s regional reports on Australia, Brazil and China, whilst contributing to the global analysis Wasted Capital and Stranded Assets. He brings advocacy skills including presenting to the UK Foreign and Commonwealth Office and as part of Oxford University’s summer Climate Change Adaptation Academy, as well as across the US and Brazil. He has experience from across the environmental and NGO sector having spent time at Forum For the Future and 38 Degrees. Luke brings climate change and environmental policy expertise from the Environmental Technology MSc at Imperial College London and a BSc in Geography.


reidReid Capalino, Senior Energy Analyst

Reid Capalino is an energy investment analyst with experience in the private, public, and not-for-profit sectors. Reid contributes to Carbon Tracker’s work evaluating the impacts on fossil fuel assets at the company and project-level as a result of the transition to a low-carbon economy. This work draws in part on Reid’s experience consulting to the Generation Foundation (part of Generation Investment Management), where, among other projects, he helped to develop the Bloomberg Carbon Risk Valuation Tool. As an Analyst at Deutsche Bank Climate Advisors (DBCCA), Reid published investment research on energy markets and assisting fund managers with $3 billion AUM to evaluate investments in renewable energy, energy efficiency, and agriculture. At DBCCA Reid also managed complex research engagements with external partners such as the US National Renewable Energy Laboratory, the Rocky Mountain Institute, the US Partnership for Renewable Energy Finance, and Columbia University’s Climate Center.  Reid has a Master in Public Policy from the Harvard Kennedy School and a Bachelor of Arts in Economics from Reed College.


andrewAndrew Grant, Financial Analyst

Andrew joined Carbon Tracker in 2014 as a Financial Analyst, having formerly worked at Barclays Natural Resources Investments, a private equity department of Barclays that invests in the natural resources sector. Andrew has previous experience in HR at Barclays Capital and as a consultant specialising in executive remuneration and corporate governance​ at New Bridge Street. Andrew has a degree in Chemistry & Law from Bristol University.



John WunderlinJohn Wunderlin, North America Project Manager, Staff Attorney

John Wunderlin is an Attorney admitted to the New York State bar.  He coordinates Carbon Tracker’s US regulatory and legal activities, and advises on global legal and regulatory strategy.  He has worked at the intersection of climate change policy and finance since 2008, including roles with the NYU Climate Finance Project, EcoSecurities’ Legal Department, and the Climate Markets & Investment Association.  Prior to law school he worked for the Department of Justice’s Antitrust Division and Institutional Investor’s Alpha Magazine.  He has authored several articles and coalition submissions to state, federal, and international regulators.  He received his J.D. from NYU Law in 2011.


mia fotoMargherita Gagliardi, Communications Officer

Margherita is Communications Officer at the Carbon Tracker. She has responsibility for media relationships, partnership building and event organization. She brings graphic and visual skills, which she is applying to Carbon Tracker rebranding process, infographic design, website and social media management. Upon graduating with a Ms in Cultural Management and Innovation at the University of Bologna, she worked in a communications agency in Barcelona and in the NGO sector in Brussels. In 2009 she co-funded a creative industries consultancy, with which she has been collaborating for three years as project and communications manager. In 2013, she completed a Master specialisation in Green Management, Energy and Corporate Social Responsibility at Bocconi University in Milan and an internship in the Investment Advisory Service and ESG Research teams at Sustainalytics, Amsterdam.


tracyTracy Trainor, Office Manager

Tracy is responsable for coordinating the team’s agendas, organising meetings, business travels and logisitc activities. She has over 18 years of invaluable experience as an EA/PA/OM within some of London’s top ten investment houses, Hedge Funds, Institutions and start-ups from team to board level.

Mark Fulton, Founding Partner at Energy Transition Advisors (ETA) and Advisor to Carbon Tracker Initiative

Mark Fulton has had 35 years experience in financial markets spanning three continents in London, New York and Sydney. As a recognized economist and market strategist at leading financial institutions including Citigroup, Salomon Bros and County NatWest, he has researched international economies, currencies, fixed income and equity markets. Mark has also held corporate strategy, finance and management roles. Having a strong interest in the environment and sustainability, starting with a report on climate change and markets in 1991, Mark was head of research at DB Climate Change Advisors at Deutsche Bank from 2007 to 2012, where he produced thought leadership papers for investors on climate, cleaner energy and sustainability topics and advised investment teams in asset management. From 2010 to 2012 he was Co-chair of the UNEP FI Climate Change Working Group and in 2011 and 2012 was part of the technical committee of the UN Secretary General’s Sustainable Energy for All. Currently, Mark is an advisor to the Carbon Tracker Initiative; a Senior Fellow at CERES; and Special Advisor to IGCC. He is also a member of the Capital Markets Climate Initiative; UK Department of Energy and Climate Change; Advisor to the Carbon Disclosure Project; and the Climate Bond Initiative. Mark has a BA in Philosophy & Economics from Oxford University.

Paul Spedding, Advisor to Carbon Tracker Initiative

Paul graduated from Oxford University with an MA in Chemistry in 1980. Later that year, he joined Dresdner Bank (then Grieveson Grant) analysing the financial performance of UK oil companies quoted on the London Stock Exchange. In 2005, he moved to HSBC, where he was ­Global Co-­Head of Oil And Gas Research. He was one of the first “conventional” oil analysts to publish research in to the potential cost of carbon for oil companies with two reports in 2008 and 2013, both called “Oil & Carbon.  He retired from HSBC in 2013, after 33 years as a financial analyst. He is now Advisor to Carbon Tracker and Energy Transition Advisors.

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