Half of world's CO2 emissions come from just 32 fossil fuel firms, study shows

"Just 32 fossil fuel companies were responsible for half the global carbon dioxide emissions driving the climate crisis in 2024, down from 36 a year earlier, a report has revealed. Saudi Aramco was the biggest state-controlled polluter and ExxonMobil was the largest investor-owned polluter. Critics accused the leading fossil fuel companies of sabotaging climate action and being on the wrong side of history but said the emissions data was increasingly being used to hold the companies accountable."

"All 17 are controlled by countries that opposed a proposed fossil fuel phaseout at the Cop30 UN climate summit in December, including Saudi Arabia, Russia, China, Iran, the United Arab Emirates and India. More than 80 other nations had backed the phaseout plan. Saudi Aramco was responsible for 1.7bn tonnes of CO2, much of it from exported oil. If it were a country, Aramco would be the world's fifth biggest carbon polluter, just behind Russia."

"Emissions would have to fall by 45% by 2030 to meet the Paris agreement's goal of 1.5C, a target now seen as impossible. But limiting the overshoot is vital, say experts, as every fraction of a degree of heating worsens the climate impacts on communities. Emmett Connaire, of the thinktank InfluenceMap, who led the report, said: Each year, global emissions become increasingly concentrated among a shrinking group of high-emitting producers, while overall production continues to grow."

Thirty-two fossil fuel companies were responsible for half of global carbon dioxide emissions in 2024, down from 36 the previous year. State-owned producers accounted for 17 of the top 20 emitters, and those 17 are controlled by countries that opposed a proposed fossil fuel phaseout at Cop30, including Saudi Arabia, Russia, China, Iran, the UAE and India. Saudi Aramco produced about 1.7bn tonnes of CO2, largely from exported oil, and ExxonMobil produced about 610m tonnes. Global emissions resumed annual rises after the Covid blip. Emissions must fall about 45% by 2030 to meet 1.5C, making rapid cuts and limiting overshoot critical.

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