Climate change

Report: 36 Firms Responsible for 50% of Global CO2 Emissions

MAR 6 2025·Updated MAR 7 2025

Story

Image credit: Unsplash

The Facts

An analysis from Carbon Majors has revealed that 36 major fossil fuel companies were responsible for more than 20B tons of CO2 emissions in 2023, accounting for over half of global carbon emissions. Saudi Aramco was the largest single emitter, at 4.38%.
Carbon Majors Carbon Majors
350
State-owned enterprises dominated the list of top emitters, with 16 of the 20 highest-emitting companies being state-owned, including eight Chinese companies that produce more than 17% of all global emissions.
EuroNews
Daily Mail
The five largest state-owned emitters — Saudi Aramco, Coal India, CHN Energy, National Iranian Oil Co., and Jinneng Group — were responsible for 17.4% of all CO2 emissions in 2023, while the top five investor-owned companies — ExxonMobil, Chevron, Shell, TotalEnergies, and BP — accounted for 4.9% of global emissions.
Carbon Majors Carbon Majors
DeSmog
EcoWatch
Coal remained the largest source of emissions in 2023, contributing 41.1% of total emissions, while cement-related emissions showed the highest growth rate, with a 6.5% increase from 2022.
EcoWatch
Businessgreen
guardian
The Carbon Majors database, covering emissions from 1854 to 2023, shows that 67.5% of human-caused industrial CO2 emissions since the Industrial Revolution can be traced to 180 corporate and state-owned entities.
EnviroNews
Axios
Daily Mail
Of the 169 companies tracked in 2023, 93 increased their emissions compared to 2022, despite global climate commitments and scientific evidence reportedly linking greenhouse gas emissions to catastrophic global warming.
EuroNews
350
Daily Mail

Sources Split

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The Spin

Narrative A

The fossil fuel industry continues to prioritize profits over planetary health, with companies expanding production despite clear scientific evidence of climate damage. These corporations can't be trusted to self-regulate or lead the transition to renewable energy — making government intervention essential for addressing the climate crisis.

EuroNews

350

Narrative B

State-owned companies, not private corporations, are the primary drivers of global emissions, accounting for more than half of fossil fuel and cement-linked emissions. While facing criticism, these entities must balance environmental concerns with their citizens' economic development and energy security needs.