50% of global CO2 emissions come from 36 companies
What's the story
A recent study has found that a whopping 50% of the world's carbon emissions can be traced back to fossil fuels produced by just 36 companies. The research identifies major fossil fuel producers such as Saudi Aramco, Coal India, ExxonMobil, Shell, and a number of Chinese firms as major contributors. Together these corporations account for over 20 billion tons of CO2 emissions in a year.
Emission comparison
Fossil fuel firms' emissions compared to countries
The study makes a stark comparison between the emissions of these companies and those of entire countries. If Saudi Aramco were a country, it would be the fourth largest polluter in the world, behind China, the US, and India. ExxonMobil's emissions are comparable to that of Germany, the world's ninth-largest polluter. This data highlights how much these fossil fuel companies contribute to global carbon emissions.
Climate crisis
Rising emissions contradict global climate targets
The study stresses that global carbon emissions need to fall by 45% by 2030 to stand a chance of limiting temperature rise to 1.5°C. However, current data indicates that emissions are still on a rise, fueling extreme weather events across the globe. The International Energy Agency cautions that new fossil fuel projects started after 2021 are incompatible with reaching net-zero emissions by 2050.
Production increase
Fossil fuel companies' production and emissions on the rise
Despite global climate commitments, many of the world's largest fossil fuel producers are significantly ramping up production and emissions. The Carbon Majors database shows that most of its 169 companies increased their emissions in 2023, which was then the hottest year on record. Emmett Connaire from InfluenceMap, the think tank behind this report said that these firms are "significantly increasing production and emissions."
Data utilization
Carbon Majors data used in legal and regulatory actions
The Carbon Majors data has been key in backing laws passed in New York and Vermont, suing fossil fuel companies for climate damages. It has also been referenced by legal groups as proof for possible criminal charges against fossil fuel executives. The dataset accounts for emissions from coal, oil and gas burning, and cement production, giving a holistic picture of carbon emissions from giants.