• Currently, 36 fossil fuel companies are responsible for half of global CO2 emissions.
• Twenty-five of these are state-owned.
• Data available since the Industrial Revolution shows that two thirds of global emissions can be traced back to "just" 180 companies.

Half of the global CO2 emissions responsible for climate change come from fossil fuels produced by just 36 companies. According to a new report published on the Carbon Majors platform, these 36 major companies – including Saudi Aramco, Coal India, ExxonMobil, Shell and several Chinese firms – produced coal, oil and gas that generated over 20 billion tonnes of CO₂ in 2023. If Saudi Aramco were a nation, it would be the fourth largest polluter on the planet, after China, the United States and India. ExxonMobil, meanwhile, emitted an amount of CO₂ comparable to that of Germany, the ninth most polluting country in the world.

The goal: cut emissions by 45% by 2030

To have a realistic chance of limiting the rise in temperatures to 1.5 degrees – the target set by the Paris Agreement – global emissions would need to fall by 45 per cent by 2030. If instead they continue to rise – as is indeed happening – extreme weather events will increasingly put lives and livelihoods at risk across the planet.

Furthermore, the International Energy Agency (IEA) has warned that new fossil fuel projects launched after 2021 are incompatible with the goal of reaching net zero emissions by 2050. Despite this, the majority of the 169 companies included in the Carbon Majors database increased their emissions in 2023, a year that recorded the highest temperatures ever measured.

"These companies continue to keep the world dependent on fossil fuels, with no intention of reducing production," said Christiana Figueres, the former UN climate chief during the signing of the 2015 Paris Agreement. "The science is clear: we cannot go backwards, increasing the extraction and use of fossil fuels. Instead, we must look forward and seize the opportunities offered by a decarbonised economic system, one that is beneficial for people and the planet."

Emmett Connaire, an analyst at InfluenceMap – the think tank that authored the report – also highlighted the role of these companies in the climate crisis: "Despite global climate commitments, a small group of major fossil fuel producers is significantly ramping up production and emissions. Our research highlights their disproportionate impact on the climate crisis and reinforces the need for measures to hold them to greater accountability."

The big oil response

In response to the accusations, a Shell spokesperson stated: "Shell is committed to becoming a net-zero emissions company by 2050. Our investments in new technologies are helping to reduce emissions both for ourselves and for our customers." Saudi Aramco, meanwhile, declined to comment on the report, while Coal India, ExxonMobil, Chevron, TotalEnergies and BP did not respond to requests for statements.

Against such a bleak backdrop, it is worth noting that Carbon Majors data has been used to support laws passed in the US states of New York and Vermont, aimed at obtaining compensation from oil companies for climate damages. They have also been cited by legal groups as the basis for possible criminal charges against executives in the fossil fuel sector and for regulatory actions, such as ClientEarth's complaint against BlackRock for alleged misleading practices towards investors.

In short, the Carbon Majors report, which calculates emissions from the burning of coal, oil and gas, is essential for action against the climate crisis. The database also includes emissions linked to cement production, which increased by 6.5 per cent in 2023.

Italy's Eni is on the list too

Naturally, among the 36 companies responsible for half of global emissions in 2023 is Italy's own Eni, alongside other major state-owned enterprises such as China Energy (China), the National Iranian Oil Company (Iran), Gazprom (Russia), Adnoc (United Arab Emirates) and Petrobras (Brazil). Indeed, of the 36 companies, as many as 25 are state-owned (of which 10 are in China), underscoring the enormous political responsibility that lies behind this scenario.

The real crux of the matter is that things have always been this way. The Carbon Majors database also includes historical emissions from 1854 to 2023, highlighting how two thirds of all carbon dioxide emissions from fossil fuels since the Industrial Revolution can be traced back to 180 companies, 11 of which no longer exist today.

The natural conclusion is that these companies have long needed to be held accountable for their actions: it is therefore essential that the need for proper accountability and responsibility policies finally be recognised, in order to put a stop to this destructive trend.