Just 32 fossil-fuel firms cause 50% of global CO2 emissions
What's the story
A recent study has revealed that just 32 fossil fuel firms were responsible for half of the world's carbon dioxide emissions in 2024. The number is down from 36 in the previous year. Saudi Aramco and ExxonMobil were the biggest state-controlled and investor-owned polluters, respectively. The report highlights how these companies have been "sabotaging climate action" while also being held accountable by their emissions data.
Leaders
State-owned fossil fuel producers dominate top emitters
The Carbon Majors report shows that state-owned fossil fuel producers account for 17 of the top 20 emitters. These firms are controlled by countries that opposed a proposed fossil fuel phaseout at the COP30 UN climate summit in December. Saudi Arabia, Russia, China, Iran, the United Arab Emirates and India were among those opposing countries. Over 80 other nations had supported this phaseout plan.
Major polluters
Saudi Aramco and ExxonMobil's significant carbon footprints
Saudi Aramco was responsible for a whopping 1.7 billion tons of CO2 emissions, mainly from exported oil. If it were a country, Aramco would be the fifth biggest carbon polluter in the world, just behind Russia. ExxonMobil's fossil fuel production resulted in 610 million tons of CO2 emissions, making it the ninth biggest polluter globally, ahead of South Korea.
Emission trends
Global emissions continue to rise
After a brief dip during the COVID-19 pandemic, global carbon emissions have been rising again due to continued fossil fuel burning. The annual increase has reached record levels each year. Experts say that emissions need to fall by 45% by 2030 to meet the Paris agreement's target of limiting global warming to 1.5°C, a goal now considered impossible. However, limiting overshoot is crucial as every fraction of a degree worsens climate impact on communities.
Emission concentration
Concentration of emissions among high-emitting producers
Emmett Connaire from InfluenceMap, who led the report, said that "each year, global emissions become increasingly concentrated among a shrinking group of high-emitting producers." He also noted that overall production continues to grow. This trend is evident in recent oil sector mergers such as ExxonMobil's acquisition of Pioneer Natural Resources and Chevron's acquisition of Hess.
Corporate accountability
Fossil fuel corporations accused of sabotaging climate action
Tzeporah Berman from the Fossil Fuel Non-Proliferation Treaty Initiative, said that the latest analysis highlights a powerful group of fossil fuel corporations dominating global emissions. She added these companies are not only undermining climate action but also weakening government ambition. The initiative aims to foster international cooperation to halt fossil fuel expansion and transition away from coal, oil, and gas.