4 December 2013 — Anthony Hobley, the global head of sustainability at legal practice Norton Rose Fulbright, has resigned to take on the position of Carbon Tracker’s first chief executive, effective February 1 2014.

The Carbon Tracker is a not-for-profit organisation aiming to improve the transparency of carbon embedded in equity markets. This is done through identifying the scale of unburnable carbon listed on stock exchanges around the world.

In April, the organisation released Unburnable Carbon: Australia’s Carbon Bubble in collaboration with The Climate Institute, and found that Australia’s proven coal resources would contribute 75 per cent of the global carbon budget, and that most would have to stay in the ground.

“The Carbon Tracker Initiative is not about destroying value or closing down companies,” Hobley told Bloomberg. “It’s about avoiding financial instability. We don’t want to see the ‘fall of Saigon’ scenario where investors are scrambling to get into the last helicopter.”

Hobley will leave Norton Rose at the end of January, though will remain an adviser through climate negotiations in Paris in 2015, he told Bloomberg.