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Carbon Capture and Storage (CCS) has a role to play in deep, economywide decarbonization, with potential application in the mitigation of industry and power sector emissions and late century negative emissions. Its high cost and low deployment to date has, however, made it a critical uncertainty in climate and energy technology scenarios. Recent work by the Stranded Assets Programme of the University of Oxford's Smith School of Enterprise and the Environment (the 'Oxford Smith School') has identifi ed the limited role CCS might play in mitigating environment-related risk in the thermal coal value chain. We present the findings of this report and comment on the role CCS might play in the thermal coal value chain as a greenhouse gas (GHG) mitigation technology for coal-fired power stations and for emerging coal-processing technologies.

The principal aim of this report is to turn the latest research on environment-related risk factors facing thermal coal assets into actionableinvestment hypotheses for investors. By examining the fundamental drivers of environment-related risk, creating appropriate measures to differentiate the exposure of different assets to these risks, and linking this analysis to company ownership, debt issuance, and capital expenditure plans, our research can help to inform specific investor actions related to risk management, screening, voting, engagement, and disinvestment. To our knowledge, this report contains the most comprehensive and up-todate analysis of the environment-related risks facing thermal coal companies that is publicly available.