Stay informed with free updates
Simply sign up to the Climate change myFT Digest — delivered directly to your inbox.
More than half of the world’s greenhouse gas emissions in 2023 can be linked to just 36 fossil fuel and cement producers, according to a report from the Carbon Majors database.
The climate watchdog found that emissions from the world’s largest oil, gas, coal and cement producers increased in 2023, with state-owned companies making up 16 of the top 20 emitters.
The top five state-owned emitters — Saudi Aramco, Coal India, CHN Energy, National Iranian Oil Company and Jinneng Group — accounted for nearly a fifth of all global emissions in 2023.
The top five investor-owned emitters — ExxonMobil, Chevron, Shell, TotalEnergies and BP — made up 5 per cent of emissions.
Emmett Connaire, senior analyst at Carbon Majors, said many climate accountability cases worldwide were being brought against investor-owned companies.
“For state-owned companies, it’s not like western governments can sue them for their emissions as they’re under direct control of nation states,” said Connaire.
The group’s report arrives as countries backpedal on their climate commitments and oil and gas producers double down on fossil fuels almost 10 years after the Paris climate agreement.
The report’s findings are based on a database that traces the emissions from production and combustion of products from 180 of the largest oil, gas, coal and cement producers from 1854 to 2023.
The organisation’s data has been used by activists in litigation against fossil fuel producers and has helped shape climate legislation.
Vermont, which became the first US state to charge oil companies for climate change damages, used data from the Carbon Majors database in its “climate superfund” law.
Despite the huge surge in renewable energy in China in the past year, its companies still contributed more to emissions than any other country in 2023.
The group also found that eight Chinese companies were responsible for 17 per cent of global emissions in 2023, largely because of the continued expansion of coal, which is the largest source of emissions.
Although emissions from coal and cement producers increased in 2023, natural gas emissions declined by nearly 4 per cent while emissions from oil companies remained steady.
Emissions increased the most in Australia, Asia and North America, growing 11 per cent, 6 per cent and 3 per cent, respectively, from 2022. In comparison, emissions declined 4 per cent in Europe and increased less than 1 per cent in the Middle East.
Climate Capital
Where climate change meets business, markets and politics. Explore the FT’s coverage here.
Are you curious about the FT’s environmental sustainability commitments? Find out more about our science-based targets here
