Fossil fuel carbon dioxide emissions are rising to new heights, with a significant portion attributed to a decreasing number of large companies. In 2024, just 32 companies were responsible for over half of global fossil carbon emissions, as per a report by the U.K.-based think tank InfluenceMap. This is a decrease from 36 companies in 2023 and 38 companies five years prior.
The analysis updates the Carbon Majors database, which assesses the largest oil, gas, coal, and cement producers globally, using data to calculate emissions from production. This database, initiated by researcher Richard Heede and hosted by InfluenceMap, tracks nearly 180 companies’ emissions, offering insights for holding polluters accountable for climate impact.
“Each year, global emissions concentrate among fewer high-emitting producers, while production grows,” said Emmett Connaire, a senior analyst at InfluenceMap. He noted the analysis’s importance in accountability efforts for climate-related damages.
Despite scientific warnings on accelerating climate change, fossil fuel production continues. Fossil fuel CO2 emissions reached a record high last year, touching 38 billion metric tons. In 2024, emissions reached 37.4 billion metric tons—up 0.8 percent from 2023—from 166 producers of oil, gas, coal, and cement.
In 2024, state-owned entities were significant contributors, accounting for 16 of the top 20 emitters. The largest emitters—Aramco, Coal India, CHN Energy, National Iranian Oil Co., and Gazprom—were state-controlled, contributing 18 percent of total emissions. Investor-owned companies ExxonMobil, Chevron, Shell, ConocoPhillips, and BP were responsible for 5.5 percent of emissions that year.
Historically, ExxonMobil and Chevron rank high for fossil emissions since 1854, with 2.79 percent and 3.08 percent of overall pollution. The database reveals that 178 entities generated 70 percent of emissions since the Industrial Revolution, with 22 entities responsible for one-third.
The report highlights that many leading emitters are increasing output and lobbying against climate policies. Over half of the companies saw emission increases from 2023 to 2024.
Christiana Figueres, former UNFCCC executive secretary, emphasized the need for a clean energy transition, stating that large emitters obstruct progress despite clean energy investments doubling those in fossil fuels.
In the U.S., Big Oil executives advocate for sustained oil and gas demand. American Petroleum Institute president Mike Sommers predicted a “Demand Decade,” while ExxonMobil CEO Darren Woods stated the enduring demand for oil and gas.
Scientists argue for phasing out fossil fuels to prevent catastrophic outcomes. A paper on the 2024 climate state highlighted resistance from those profiting from fossil fuels as a major obstacle.
At COP28, countries agreed to transition away from fossil fuels, but at COP30, major producers blocked a roadmap for this shift. The latest analysis shows 17 of the top 20 emitters were from countries opposing a fossil fuel phase-out, including Saudi Arabia, Russia, and China.
Tzeporah Berman, of the Fossil Fuel Treaty Initiative, stated that the analysis exposes corporations sabotaging climate action. She called for a Fossil Fuel Treaty to hold these companies accountable and ensure a global transition from fossil fuels.
Colombia and the Netherlands will co-host the first International Conference on the Just Transition Away from Fossil Fuels in April. This platform aims to explore pathways for phasing out fossil fuels, announced by Irene Vélez Torres, Colombia’s environment minister.
Original Story at insideclimatenews.org