A new analysis of global carbon emissions has identified just 36 fossil fuel companies as the source of more than half of all industry-related CO₂ emissions in 2023. According to the Carbon Majors report, these firms—including Saudi Aramco, Shell, ExxonMobil, Coal India, and major Chinese corporations—were responsible for over 20 billion tonnes of CO₂ last year alone.
The study, which examines emissions from 169 major fossil fuel producers, found that 93 companies actually increased their emissions compared to 2022, despite global climate pledges.
Fossil Fuel Giants Have Fueled the Climate Crisis for Over a Century
The Carbon Majors database, which tracks emissions dating back to 1854, highlights the historic role of major fossil fuel firms in driving climate change. It reveals that two-thirds of all industrial-era carbon emissions can be traced to just 180 companies—11 of which no longer exist. Shockingly, just 26 companies were responsible for a third of all historical emissions.
State-Owned Companies Dominate the World’s Worst Polluters
Oil giant Saudi Aramco topped the list as the biggest corporate emitter in 2023. If it were a country, its emissions would rank fourth in the world, behind only China, the U.S., and India.
State-owned fossil fuel corporations dominated emissions, accounting for over half of all fossil fuel-related CO₂ output. Of the top 20 worst-emitting companies, 16 were state-owned, underscoring the influence of government-backed fossil fuel production.
Carbon Majors Are Blocking Climate Action
Christiana Figueres, one of the architects of the Paris Agreement, criticized fossil fuel firms for keeping the world dependent on coal, oil, and gas.
“Carbon majors are keeping the world hooked on fossil fuels with no plans to slow production.”Despite urgent calls to cut emissions, the report highlights how some of the world’s largest polluters continue to expand production, ignoring the devastating climate impacts already affecting millions globally.
Holding Polluters Accountable: The Role of Data in Climate Action
The Carbon Majors database has become a key tool in legal and regulatory efforts to hold fossil fuel companies accountable. The data has been used as evidence in major U.S. climate lawsuits, helping to quantify how oil and gas firms have contributed to extreme heatwaves and climate disasters.
“InfluenceMap’s research shows the disproportionate impact these companies have on the climate crisis,” says Emmett Connaire, senior analyst at the think tank InfluenceMap.
“Some are now facing legal action under U.S. Climate Superfund laws, as governments and regulators push for corporate accountability.”The Urgent Need for Action: A ‘Critical Moment in Human History’
With global carbon emissions needing to fall by 45% by 2030 to meet Paris Agreement targets, experts warn that time is running out.
Kumi Naidoo, president of the Fossil Fuel Non-Proliferation Treaty Initiative, urged governments to intervene and halt the expansion of fossil fuels, calling it “essential” to protect the planet.
“The world’s biggest fossil fuel companies are not just maintaining emissions—they are increasing them, even as climate disasters escalate.”Climate advocates argue that governments, policymakers, and civil society must take stronger action against the fossil fuel industry’s unchecked expansion.
“Super-rich corporations continue to prioritize short-term profit over people and the planet,” says Savio Carvalho of environmental group 350.org. “The climate crisis isn’t going away, and neither is public demand for urgent action.”The Bottom Line: Fossil Fuel Firms Must Be Held Accountable
The Carbon Majors report makes one thing clear: the world’s biggest polluters are not acting in good faith. Despite climate pledges, the fossil fuel industry continues to ramp up emissions, deepening the crisis. As legal and regulatory pressure mounts, experts say corporate accountability and government action will be crucial in stopping the world’s largest polluters from fueling further destruction.
