36 fossil fuel companies behind half of global CO2 emissions in 2023, report finds

By Fatma Zehra Solmaz

ISTANBUL (AA) - Just 36 fossil fuel companies were responsible for half of the world’s climate-heating carbon emissions in 2023, according to research released by London-based think tank InfluenceMap on Wednesday.

The fossil fuel companies, including Saudi Aramco, ExxonMobil, Shell, Coal India and several Chinese firms were responsible for more than 20 billion tons of CO2 emissions in 2023.

If treated as a country, Saudi Aramco would rank as the world’s fourth-largest polluter, while ExxonMobil’s emissions match those of Germany, the organization’s Carbon Majors database reveals.

The findings strengthen calls to hold these companies accountable, with the think tank’s past reports being used in legal cases.

To keep global temperature increase within the 1.5 degrees Celsius (2.7 degrees Fahrenheit) target, emissions must drop by 45% by 2030, according to research. In 2024, the average global temperature exceeded the threshold for the first time.

Despite warnings, most of the 169 companies in the Carbon Majors database increased their emissions in 2023, the hottest year on record.

Christiana Figueres, former UN climate chief who led the 2015 Paris Agreement, said in a statement that these companies “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,” she said, urging a shift toward a decarbonized economic system.

Emmett Connaire of InfluenceMap said the research highlights “the disproportionate impact these companies have on the climate crisis” and supports efforts to enforce corporate responsibility, according to The Guardian.

The Carbon Majors data has been used to support climate-related laws in New York and Vermont, which seek compensation from fossil fuel companies for climate damages.

The report tracks emissions from 169 major companies, including state-owned giants like China Energy and Gazprom.

The Carbon Majors report calculates emissions from coal, oil, gas, and cement produced by 169 major companies in 2023, with cement emissions rising by 6.5%.

It found that of the 36 companies responsible for half of global emissions, 25 were state-owned firms, 10 of which were Chinese.

In 2023, 41% of emissions came from coal, 32% from oil, 23% from gas and 4% from cement.

Covering 1854 to 2023, the Carbon Majors dataset shows two-thirds of fossil fuel emissions since the Industrial Revolution came from 180 companies, 11 of which are now defunct.

“We are living at a critical moment in human history,” Kumi Naidoo, president of the Fossil Fuel Non-Proliferation Treaty Initiative said in the report, calling for governments to use their authority to stop the expansion of fossil fuels.

“We urgently need to transition to more sustainable, fair and affordable economic and energy models for all, or what will be left for future generations will be a broken planet,” he said.