HQ Times
March 7, 2025: A report by Carbon Majors has Coal India listed second among 36 fossil fuel companies responsible for half of the world’s CO2 emissions, with Saudi Aramco leading the list and Gazprom occupying third place.
The Carbon Majors report analyzed emissions from 169 major fossil fuel companies and shared that a significant portion of global emissions stems from a small group of companies, particularly those involved in coal, oil, and gas production.
Other companies in the top 36 include Shell, ExxonMobil, and several Chinese companies. These companies collectively contributed over 20 billion tonnes of CO₂ emissions in 2023, exacerbating the global climate crisis.
The top five 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 (7.4 GtCO₂e). Notably, Coal India, CHN Energy, National Iranian Oil Co, and Jinneng Group all increased their emissions in 2023 compared to 2022.
The top five investor-owned emitters – ExxonMobil, Chevron, Shell, TotalEnergies, and BP – accounted for 4.9% of global CO₂ emissions in 2023 (2.2 GtCO₂e).
Historical data
The analysis includes a historical dataset of emissions from 1854 to 2023, revealing that since the Industrial Revolution, two-thirds of carbon emissions have come from 180 companies, with 26 companies linked to a third of those historic emissions.
This latest update also includes newly disaggregated coal emissions from China, Russia, the Czech Republic, Poland, Ukraine, and Kazakhstan, which were previously reported only at the national level.
Christiana Figueres, former UNFCCC Executive Secretary, said: “The 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. The science is clear: we cannot move backwards to more fossil fuels and more extraction. Instead, we must move forward to the many possibilities of a decarbonised economic system that works for people and the planet.”
Emmett Connaire, senior analyst at InfluenceMap, the think tank behind the data said: “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. 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. This underscores the critical role of Carbon Majors in tracing emissions, driving systemic change, and supporting efforts to enforce corporate responsibility.”
Accountability of fossil fuel companies
According to 350.org, the report strengthens the argument for holding fossil fuel companies accountable for their significant contributions to global warming. Notably, the International Energy Agency has stated that new fossil fuel projects initiated after 2021 are incompatible with achieving net-zero emissions by 2050.
It adds that, despite global climate commitments, many of these companies have continued to expand production, with emissions reaching record highs. The world’s top sixty private banks have financed 4,200 fossil fuel companies through lending and underwriting to the tune of $6.9 trillion during the last eight years, a report found.
About half, $3.3 trillion, went toward fossil fuel expansion. In 2023, banks gave $705 billion in fossil fuel financing with $347 billion going to fossil fuel expansion alone.
Last week BP announced its intent to dramatically cut renewable energy investment and ramp up its oil and gas production.
The report further indicates that 93 of the 169 companies analyzed increased their total emissions compared to the previous year. The International Energy Agency has urged countries to halt new gas and oil field projects, arguing that this is the only way to keep the 1.5-degree centigrade-compatible net-zero emissions Paris Agreement alive.
