Half of global CO2 emissions traced to 36 fossil fuel companies

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Half of the world’s climate-heating carbon emissions come from fossil fuels produced by just 36 companies, according to new analysis reported by CNN. Researchers say the 2023 data strengthens the case for holding these corporations accountable for their role in global warming. Previous versions of the annual report have already been used in legal cases against companies and investors.

The biggest corporate polluters

The report found that these major fossil fuel companies, including Saudi Aramco, Coal India, ExxonMobil, Shell, and numerous Chinese firms, produced coal, oil, and gas responsible for over 20 billion tonnes of CO2 emissions in 2023. If Saudi Aramco were a country, it would rank as the fourth-largest polluter in the world, behind China, the US, and India. ExxonMobil’s emissions alone match those of Germany, the world’s ninth-largest emitter.

The worsening climate crisis

To meet the internationally agreed target of limiting global warming to 1.5°C, emissions must fall by 45% by 2030. However, emissions continue to rise, exacerbating extreme weather events that are causing devastation worldwide. The International Energy Agency has warned that any new fossil fuel projects started after 2021 are incompatible with achieving net-zero emissions by 2050. Despite this, most of the 169 companies in the Carbon Majors database increased their emissions in 2023, the hottest year on record at the time.

“These companies are keeping the world hooked on fossil fuels with no plans to slow production,” said Christiana Figueres, the UN’s climate chief during the 2015 Paris Agreement. “The science is clear: we cannot move backwards to more fossil fuels and more extraction. Instead, we must move forward to the many possibilities of a decarbonized economic system that works for people and the planet.”

The influence of fossil fuel corporations

Emmett Connaire from InfluenceMap, the think tank behind the Carbon Majors report, emphasised the outsized impact of these firms. “Despite global climate commitments, a small group of the world’s largest fossil fuel producers are significantly increasing production and emissions. The research highlights the disproportionate impact these companies have on the climate crisis and supports efforts to enforce corporate responsibility.”

A spokesperson for Shell stated that the company is committed to achieving net-zero emissions by 2050 and is investing in new technologies to reduce emissions for both Shell and its customers. Saudi Aramco declined to comment, while Coal India, ExxonMobil, Chevron, TotalEnergies, and BP did not respond to requests for comment.

Legal and regulatory consequences

The Carbon Majors data has been used to support climate-related laws passed in New York and Vermont, which seek compensation from fossil fuel companies for climate damages. The data has also been cited by legal groups advocating for potential criminal charges against fossil fuel executives and referenced in regulatory actions, such as ClientEarth’s complaint against BlackRock for misleading investors.

The data behind the findings

The report calculates emissions from the burning of coal, oil, and gas produced by 169 major companies in 2023. It also accounts for emissions from cement production, which rose by 6.5% that year. The 36 companies responsible for half of global emissions in 2023 include state-owned enterprises such as China Energy, the National Iranian Oil Company, Russia’s Gazprom, and the UAE’s Adnoc. Shareholder-owned firms in this group include Petrobras from Brazil and Eni from Italy.

Of these 36 companies, 25 are state-owned, with 10 located in China, the world’s largest carbon emitter. Coal was responsible for 41% of the emissions recorded in 2023, followed by oil at 32%, gas at 23%, and cement at 4%. The dataset also includes historical emissions dating back to 1854, revealing that two-thirds of all fossil fuel emissions since the Industrial Revolution have come from 180 companies, 11 of which no longer exist.

Calls for urgent government action

Kumi Naidoo, president of the Fossil Fuel Non-Proliferation Treaty Initiative, stressed the urgency of the situation: “We are living at a critical moment in human history. It is essential that governments step up and use their authority to end the root cause of the crisis we find ourselves in.”