Meet The Team
Carbon Tracker is an independent financial think tank which provides in-depth analysis on the impact of climate change on capital markets and investment in fossil fuels, mapping risk, opportunity and the route to a low carbon future.
Jeremy LeggettNon-executive Chairman
Jeremy is non-executive Chairman of the Carbon Tracker Initiative, Founding Director of Solarcentury, an international solar solutions company, and Founder and Chairman of SolarAid, a solar lighting charity working in Africa.
An Entrepreneur of the Year at the New Energy Awards and a CNN Principal Voice, he is a climate-and-energy activist, historian, futurist, investor, and a visiting lecturer at the universities of Cambridge and St Gallen. He was a Founding Director of the world¹s 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 early research on shale was funded by both BP and Shell, he has authored several books on fossil-fuel dependency, including The Energy of Nations, and most recently The Winning of the Carbon War which documents the political battles being fought on the front lines of climate and clean energy policy. His numerous awards include a Gothenburg Prize and he was the first Hillary Laureate for international leadership in climate change.
Mark CampanaleFounder & Executive Director
Mark is the Founder of the Carbon Tracker Initiative and conceived the ‘unburnable carbon’ capital markets thesis. He commissioned and was editor of Unburnable Carbon – Are the World’s Financial Markets Carrying a Carbon Bubble? report that launched us in November 2011. More recently, Mark founded and is Chair of the Fish Tracker Initiative – www.fish-tracker.org. which focuses on limits to growth in the fisheries space. Mark is responsible for management strategy, board matters and developing their capital markets framework analysis. Their goal is to align capital markets with natural ecological limits to growth.
Prior to forming these groups, Mark had twenty five years experience in sustainable financial markets working for major institutional asset management companies. Mark is a co-founder of some of the first responsible investment funds firstly at Jupiter Asset Management in 1989 with the Ecology Funds, NPI with Global Care, the AMP Capital Sustainable Future Funds, and Henderson Global Investor’s Industries of the Future Funds.
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 financial institutions including Tribe Impact Capital and Consilium Capital. Mark is a Founder Director of the UK Sustainable and Responsible Investment Forum (UKSIF), 1990-2006, is a member of the Advisory Council of ImpactBase.org; a member of the Advisory Board of the Gordon and Betty Moore Foundation’s ‘Conservation and Markets Initiatives’; a member of UNCTAD’s Sustainable Stock Exchange’s Green Finance Advisory Group; and is the Hon Treasurer of The Rainforest Foundation UK. Mark is also Founder of the Social Stock Exchange, funded by Rockefeller Foundation and more recently Big Society Capital.
Mark has a BA in Politics & Economic History and an M.Sc in Agricultural Economics.
Anthony HobleyChief Executive Officer
Anthony has been Chief Executive Officer of the Carbon Tracker Initiative since February 2014. Previously he was a partner and Global Head of the Sustainability & Climate Finance Practice at global law firm Norton Rose Fulbright. Formerly he was 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. He 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 behind the creation of the business group Climate Markets & Investment Association. He also sits on the boards of the Verified Carbon Standards Association and on the Advisory Board to the Climate Bonds Initiative and the Global Footprint Network. 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 writes and speaks widely on climate risk and the financial sector.
Cary KrosinskyCo-founder and Director
Cary is a leading advisor, author and educator, teaching the Theory and Practice of Sustainable Investing at Brown University, supporting the Sustainable Investment Fund within the Brown Endowment, and is Lecturer at Yale College on various subjects. He also teaches MBA classes at Concordia and Maryland, having previously helped lead the RFK Sustainable Investing program at Columbia’s Earth Institute for Kerry Kennedy’s RFK Center for Justice and Human Rights.
His third book, Sustainable Investing: Revolutions in Theory and Practice (Routledge, 2017) looks at current investment practices and how these need to evolve for the sake of society and financial value.
He led a Working Group in 2015 for the PRI involving some of their largest signatories leading to the development of a Framework for Asset Owner Strategy on Climate Change released during COP 21 in Paris, and advised to and wrote numerous papers for the UNEP Inquiry into the Design of a Sustainable Financial System including the Value of Everything. He also recently co-authored A New Vision of Value for KPMG and advised to the University of Cambridge’s Investment Leaders Group and Wilshire Associates. He is also Editor of the Journal of Environmental Investing.
Alice ChappleBoard 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 GraysonChief 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; Most recently Jon was heading up operations at the Social Stock Exchange.
Jon’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 in late 90’s. Following a refocus towards environmental markets and sustainable business models in 2002 he was a 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 from Imperial College where he was awarded the ERM prize for his research on win-win business models for sustainability.
James LeatonResearch Director
James has been leading Carbon Tracker’s Research since 2010. He has extensive sustainability strategy experience across responsible investment, energy policy and private sector consultancy. James is lead author of the Unburnable Carbon series of reports which introduced the concepts of carbon bubble, unburnable carbon and stranded assets. This has evolved in the carbon supply cost curve series analyzing the future supply and demand of energy. This identifies high cost, high carbon expenditure to inform investor engagement and asset allocation. James leads our thinking around key trends in the energy sector, in order to challenge the assumptions of existing energy models.
James works with the investment chain around the globe to share thinking and gather input on how to help the financial community deal with the energy transition. James brings experience of the financial sector and international development from his time as a consultant at PricewaterhouseCoopers. James was a senior policy advisor at WWF-UK focusing on the oil and gas sector and related finance. He has spent time on the ground reviewing frontier oil and gas activities in Russia, Africa and the Canadian oil sands.
Sam CatalanoCo-Head of Institutional Investor Engagement
Sam joined Carbon Tracker in November 2016 as the Co-Head of Institutional Investor Engagement, with a mandate to deliver Carbon Tracker’s research and message to the Investment Banking and Institutional Investment community.
Sam brings over 10 years of analytical experience in financial markets, he has held roles on both the sell-side and the buy-side. On the sell-side, Sam has worked as an Equity Research Analyst, and has led teams specialising in the mining sector for various global investment banks, including Morgan Stanley, Nomura and Macquarie Bank. Sam has also worked in Asset Management, most notably as Global Natural Resources Portfolio Manager for Schroder Investment Managers. Prior to entering the finance industry, Sam worked as Mining Engineer within the Australian mining industry, gaining both consulting and ‘coal face’ experience in the sector. Sam holds a First Class degree in Engineering from the University of Queensland, and a Graduate Certificate in Finance from the University of Sydney.
Luke SussamsSenior Researcher
Luke is an expert on climate change, energy and finance who has been working on Carbon Tracker’s research for almost 5 years. Since working on the seminal Wasted Capital and Stranded Assets report in 2013, Luke has focused on the demand side of the energy transition with reports on the US and Chinese coal sectors. Of late, Luke has challenged assumptions around future energy demand in Lost in Transition and led the global scenario analysis Expect the Unexpected completed with Imperial College London. Luke holds a Masters degree in energy and climate change from Imperial College London and the CFA’s Investment Management Certificate qualification.
Andrew GrantSenior Analyst
Andrew joined Carbon Tracker in 2014 as a Senior 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.
Margherita GagliardiCommunications and Design Manager
Margherita is Communications and Design Manager at Carbon Tracker. She has responsibility for event organisation, partnership building and media relationships. She brings graphic and visual skills, which she applies to Carbon Tracker’s brand identity, infographic design, website and social media presence.
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 in Amsterdam.
In 2009 she co-founded a creative services consultancy, where she has worked for three years as project and communications manager.
Prior to this, she graduated with a Ms in Cultural Management and Innovation at the University of Bologna, and worked in a communications agency in Barcelona and in a cultural NGO in Brussels.
Stefano AmbrogiHead of News & Communications
Stefano is Head of News and Communications. He came from the European Climate Foundation where he was International Communications Manager, co-founding a global communications network that supports organisations like CTI. Previous to that he worked as a Senior Correspondent with Reuters news agency for 14 years, where he reported on energy, commodities, financial markets and British political and general news. For Reuters he broke a string of world exclusives in the build up to the Iraq War on the U.S. Navy secretly moving tanks and heavy armour using merchant shipping to the Gulf months ahead of the 2003 invasion. Over the years he has also worked for the Evening Standard, the Daily Telegraph, Euromoney and newspapers in Latin America. Stefano has a BA in Politics and Economics and a postgraduate in Journalism.
Mark FultonFounding 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 SpeddingAdvisor 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.
Robert SchuwerkSenior Counsel
Robert Schuwerk is an Attorney admitted to the New York and Texas State Bars. He works on Carbon Tracker’s US regulatory and legal strategy and activities. Prior to joining Carbon Tracker, Robert worked as a securities litigator for a large New York law firm and as an Assistant Attorney General for the State of New York’s Environmental Protection Bureau.
Robert received his J.D. from the Yale Law School in 2005. In 2006, he completed a clerkship for the Honorable I. Leo Glasser, Federal District Court Judge, Eastern District of New York.
Tom DrewResearch and Policy Associate
Tom joined Carbon Tracker in early 2015 as an intern, supporting the research, communications, and administration teams. He has since joined permanently as a Research and Policy Associate, taking on responsibility for report research and drafting, and helping to support and develop Carbon Tracker’s public policy and advocacy work.
Tom has a Bachelor of Arts degree in English Literature and American Studies and a Master of Arts degree in International Relations, from the University of Nottingham. He is an accomplished musician and has a love for sports.
Laurence WatsonData Scientist
Laurence is a data scientist at Carbon Tracker with broad experience in energy and climate change. Laurence was previously head of technology at Sandbag, an NGO focused on carbon markets. More recently he was a climate and energy policy researcher for Barry Gardiner MP and senior parliamentary assistant for Gill Furniss MP supporting their work across a range of policy briefs in Westminster. He has also worked at the Alvin Weinberg Foundation, a charity advocating the development of next-generation nuclear technology and interned with Lord Alf Dubs and the British Embassy, Prague. He has a Bachelor’s degree in Natural Sciences (Physics) from the University of Cambridge.
Henrik JeppesenHead of Investor Outreach, North America
Henrik joined Carbon Tracker in June of 2017 as Head of Investor Outreach for North America. His mandate is to develop the organization’s capabilities in North America, building awareness and understanding of carbon and stranded asset risk amongst institutional investors and broadening the distribution and usage of Carbon Tracker’s proprietary research.
Henrik brings more than 20 years of experience in the energy and financial services sectors most recently as the founder of VikingInsight, an independent consultancy providing thematic fundamental research and corporate access services to US institutional investors. Henrik was previously a European equity research sales person and a sell-side equity research analyst covering the traditional and renewable energy, consumer goods, transportation and materials and healthcare sectors for SEB Enskilda in their New York, Copenhagen and London offices. Henrik began his career as a buy-side equity portfolio manager for Nykredit Asset Management in Copenhagen.
Henrik holds a M.Sc. in Finance and Accounting and a B.Sc. in Economics and Business Administration from Copenhagen Business School, where he also served as an external lecturer on capital markets and the IPO process. Henrik holds the Chartered Financial Analyst (CFA), Certificate of Investment Performance Measurement (CIPM) and Chartered Alternative Investment Analyst (CAIA) designations as well as SASB’s Fundamentals of Sustainability Accounting (FSA) Credential. He is a member of the CFA Society of New York.
Clare BrennanOperations Manager
Before joining Carbon Tracker, Clare worked as Director of Operations at the Global Ocean Commission. Clare joined the Commission from the Mayor of London’s office, where her role as Senior International Relations Officer entailed providing advice and support to the Mayor as a means of delivering and shaping his international policy agenda. Clare also spent a year seconded to the C40 Cities Climate Leadership Group Secretariat as Senior Coordinator, building relationships with cities to help facilitate the exchange of climate change best practice policies. Clare has over 20 years’ experience in international affairs, working in city governments, and on environmental and educational projects.
Mirjana ŠkrbaFinancial Controller
Mirjana is the Financial Controller. She is a Chartered Accountant with an audit background and many years’ experience in the non-profit sector. She provides key financial oversight to Carbon Tracker’s operations. She is ACA qualified and has an audit background. She trained with Deloitte LLP in Cambridge, after which she worked for Moore Stephens LLP and Crowe Clark Whitehill LLP. She has over six years’ experience in dealing with many aspects of donor funding.
Mirjana holds a first class BA in European Studies from Trinity College Dublin and she also holds a degree from the Institute d’Etudes Politiques in Strasbourg. She completed a short course on Peace Research at the International Summer School is Oslo in 2004. She also did internships at the European Parliament in Strasbourg and the UNDP in Belgrade in 2002-2003.
Emma PlattFunding Development Officer
Emma is the Funding Development Officer at the Carbon Tracker Initiative, acting as a first point of contact for funders who support our operations. Emma has worked in the voluntary, not-for-profit, private and public sectors with over 6 years’ experience in the field of sustainability including in education and transport, specialising in implementation of processes to support project delivery, coordination and fund raising.
Emma holds a Bachelor of Science degree in Zoology from the University of Sheffield and a Master of Science degree in Environmental Management from Sheffield Hallam University. She has spent a lot of her time volunteering including as a core member for Scotland’s 2050 Climate Group, a collection of young professionals across Scotland who share a commitment to actively engage in climate change adaptation and mitigation to help UK transition to a low carbon economy and significantly cut carbon emissions by the target years of 2020 and 2050.
Matthew GraySenior Analyst
Matt is a carbon and energy expert with experience in Europe and Australasia, and leads Carbon Tracker’s work on power and utilities. He authored Carbon Tracker’s Chasing the Dragon and Carbon Supply Cost Curves reports. Matt was previously an analyst at Jefferies, an American investment bank, where he was the head of European carbon and power research. More recently, Matt was a consultant analyst at the International Energy Agency and has also worked on emissions trading at Credit Suisse and energy efficiency at the UK’s Department of Energy and Climate Change. He has a Bachelor of Applied Science from the University of Otago and a Master of Science from the University of Manchester where he was awarded a Rotary Foundation Ambassadorial Scholarship. He is an avid surfer and supporter of the New Zealand rugby team.
Caroline HermansHead of Development & Communications for North America
Most recently, Caroline was a consultant specialising in social and environmental impact, working with non-profits and mission driven organisations in building their strategic direction, operations, and programs. Previously, Caroline was the Head of Environmental Stewardship at the Clinton Global Initiative where she spearheaded the development of over 100 projects addressing significant environmental socioeconomic challenges. She specialised advancing cross-sector partnerships in relevant issue areas to scale impact. Prior to joining CGI, Caroline worked with the US Geological Survey on quantifying and communicating natural hazard and environmental risk to community stakeholders and policy makers. Her research focused on the human dimensions of environmental change including development of collaborative processes in natural resource decision-making, behavior change, valuation of ecosystem goods and services, and modeling of human-ecosystem interactions. Early on, Caroline was a equity options market maker and institutional broker.
Caroline focuses on bringing together diverse stakeholders around critical local to global environmental challenges to realize meaningful and sustainable impact. Caroline received her PhD in Environment and Natural Resources from the Rubenstein School at the University of Vermont.
Rachel CarrCommunications and Events Assistant
Rachel is the Communications and Events Assistant at Carbon Tracker. Rachel studied Environmental Science at the University of Manchester, during which she focused on scientific communication. Rachel developed her communications skills further whilst volunteering in the Green Party press office during the 2015 general election. She went on to work for Free Tibet where she oversaw events and assisted with both internal and external communications. Rachel draws a lot of her experience from her involvement in local community groups which take action on social and environmental issues.
Kate WoolertonSenior Accountant
Kate joined Carbon Tracker in 2017 as a Senior Accountant within the regulatory team. Kate is ACA qualified and has several years’ experience of auditing banks and working within the finance department of a technology commercialisation organisation. Kate is responsible for looking at how current accounting and auditing standards can be made fit-for-purpose by providing transparency at the accounting level on the implications of climate change on the extractives sector.
Kate holds a BA in Biological Sciences from the University of Oxford. She recently completed an MSc in Climate Change, Management and Finance at Imperial College Business School, and as part of this she undertook an internship at the European Bank for Reconstruction and Development.
Sebastian LjungwaldhEnergy Analyst
Sebastian joined Carbon Tracker in 2017 as an Energy Analyst and has over six years’ experience across energy, climate and finance. He was most recently an Energy Investment Analyst at the International Energy Agency in Paris, where he researched energy investment trends across geographies, fuels and business models. Previously, Sebastian led the research function on carbon, power and commodity markets at a Tricor plc, a low carbon project developer active in emerging markets. He then worked as an Energy and Sustainability Consultant at JLL Upstream Sustainability Services and advised a range of investors in the built environment sector.
Sebastian holds a MSc in Environmental Technology from Imperial College London and a BSc in Economics from Jönköping University in Sweden.