An analysis has revealed that just 36 firms are responsible for half of the world’s carbon emissions from fossil fuels, significantly contributing to climate change.
According to researchers, the 2023 data reinforces the argument for holding these companies accountable for global warming. Previous editions of this annual report have been used in legal proceedings against fossil fuel corporations and their investors.
The study found that major energy firms—including Saudi Aramco, Coal India, ExxonMobil, Shell, and several Chinese companies—produced coal, oil, and gas that led to over 20 billion tonnes of CO2 emissions in 2023. If Saudi Aramco were a country, it would rank as the fourth-largest polluter worldwide, following China, the U.S., and India. Similarly, ExxonMobil’s emissions are comparable to those of Germany, the world’s ninth-largest emitter.
To limit global warming to 1.5°C, emissions must be cut by 45% by 2030. However, emissions continue to rise, intensifying extreme weather events that threaten lives and economies. The International Energy Agency (IEA) has stated that any new fossil fuel projects initiated after 2021 are incompatible with the goal of achieving net-zero emissions by 2050. Despite this, most of the 169 companies in the Carbon Majors database increased their emissions in 2023, which was the hottest year on record.
“These companies are keeping the world dependent on fossil fuels with no intention of slowing production,” said Christiana Figueres, former UN climate chief during the 2015 Paris Agreement. “Science is clear—we cannot revert to more fossil fuel extraction. Instead, we must transition toward a decarbonized economy that benefits both people and the planet.”
Emmett Connaire from InfluenceMap, the think tank behind the Carbon Majors report, highlighted that despite global climate commitments, the largest fossil fuel companies are expanding production and emissions. The research underscores their outsized role in the climate crisis and supports calls for corporate accountability.
When approached for comments, companies including Saudi Aramco, Coal India, ExxonMobil, Chevron, Shell, TotalEnergies, and BP did not respond.
Data from the Carbon Majors report has been cited in legal cases, such as laws in New York and Vermont seeking compensation from fossil fuel companies for climate-related damages. It has also been referenced in regulatory actions, including a complaint by ClientEarth against BlackRock for misleading investors.
The report calculates emissions from coal, oil, and gas production by 169 companies in 2023, as well as emissions from cement production, which increased by 6.5% that year. The 36 highest-emitting companies include state-owned firms like China Energy, the National Iranian Oil Company, Russia’s Gazprom, and the UAE’s Adnoc, alongside shareholder-owned companies such as Brazil’s Petrobras and Italy’s Eni.
State-owned enterprises dominate this group, with 25 of the 36 companies falling into this category—10 of which are in China, the world’s largest polluter. In 2023, coal accounted for 41% of the emissions, oil 32%, gas 23%, and cement 4%.
The Carbon Majors database also tracks historical emissions from 1854 to 2023, showing that 180 companies have produced two-thirds of all fossil fuel-related emissions since the Industrial Revolution, though 11 of them no longer exist.
Kumi Naidoo, president of the Fossil Fuel Non-Proliferation Treaty Initiative, emphasized the urgency of the situation. “We are at a pivotal moment in history. Governments must step up and take decisive action to end the expansion of fossil fuels—the root cause of this crisis.”
