These 36 fossil fuel firms are responsible for half of global emissions, report reveals

More than half of all fossil fuel carbon emissions came from just 36 companies in 2023, a new analysis has revealed.

These firms, including Saudi Aramco, Shell, ExxonMobil, Coal India, and several Chinese companies have been tied to more than 20 billion tonnes of CO2 emissions in 2023.

The latest Carbon Majors report calculates emissions released by the burning of coal, oil and gas produced by 169 major fossil fuel companies in 2023. Of these firms, it found that 93 increased their total emissions compared to the previous year.

The report also includes historic data from 1854 to 2023, showing that since the Industrial Revolution, two thirds of carbon emissions have come from 180 companies - 11 of which no longer exist. Just 26 companies were linked to a third of these historic emissions.

“The latest analysis of the Carbon Majors database reveals that, despite global climate commitments, a small group of the world’s largest fossil fuel producers are significantly increasing production and emissions,” says Emmett Connaire, senior analyst at InfluenceMap, the think tank behind the data.

Data on cement emissions is also included in the report, and four of the five companies with the highest relative increases in 2023 were in this industry. It says this highlights the critical importance of efforts to decarbonise industry around the world.

State-owned fossil fuel companies top list of worst emitters

Oil giant Saudi Aramco topped the list as the highest emitting company in 2023. If it were a country, it would be the fourth biggest polluter in the world after China, the US and India.

State-owned companies in general dominated global emissions in 2023, accounting for more than half of all fossil fuel emissions. In total, there are 25 state-owned firms and 16 of them took spots among the report’s top 20 emitters.

Paris Agreement architect Christiana Figueres said that the report's findings show how “carbon majors are keeping the world hooked on fossil fuels with no plans to slow production.”

“While states drag their heels on their Paris Agreement commitments, state-owned companies are dominating global emissions - ignoring the desperate needs of their citizens.”

Chinese companies contributed significantly more than companies from any other country, according to the report. They produced 23 per cent of global fossil fuel and cement CO2 emissions in 2023, maintaining the lead they had in 2022.

How is this emissions data helping hold fossil fuel firms accountable?

First produced in 2013, InfluenceMap’s reporting has been strategically used to hold companies accountable for their contributions to climate damages.

The independent think tank’s database has provided evidence in pivotal US climate cases, and has been utilised by scientists to quantify the role fossil fuel firms played in intensifying extreme heatwaves. It's information has also benefitted a few regulatory actions, such as Client Earth’s complaint against BlackRock for misleading investors.

“InfluenceMap's research highlights the disproportionate impact these companies have on the climate crisis, with some now facing legal action in the US under Climate Superfund laws, informed by findings from the database,” Connaire adds.

“This underscores the critical role of Carbon Majors in tracing emissions, driving systemic change, and supporting efforts to enforce corporate responsibility.”

‘A critical moment in human history’

To keep the Paris Agreement goal of limiting global warming to 1.5C in sight, global carbon emissions need to fall by 45 per cent by 2030. The International Energy Agency has already said that any fossil fuel projects started after 2021 are not compatible with reaching net-zero by 2050.

With many companies' emissions still increasing, Kumi Naidoo, president of the Fossil Fuel Non-Proliferation Treaty Initiative says it is now “essential” for governments to step up and use their authority to end the expansion of coal, oil and gas.

“We are living at a critical moment in human history. And the alarming reality is that the world’s largest fossil fuel companies are not only increasing their emissions, but they are doing so against a backdrop of climate events that are having devastating impacts on people’s daily lives.”

Savio Carvalho, head of regions at international environmental organisation 350.org, says the report’s findings are “unacceptable” and should be “another alarm bell” for governments, policymakers, and civil society.

“Super-rich corporations and individuals continue to chase short-term profit for themselves and shareholders, and cannot be trusted with fixing the climate crisis or leading the transition to renewable energy we so badly need,” he explains.

“The climate crisis isn’t going away, and neither is public demand for urgent action to fund the switch to safe, affordable renewable energy”.