A new report from the Carbon Majors database has revealed that just 36 companies were responsible for more than half of the world’s greenhouse gas emissions in 2023. The findings underscore the significant role of fossil fuel and cement producers in driving climate change, sparking fresh calls for corporate accountability and stronger regulatory action.
According to the report, emissions from the world’s largest oil, gas, coal, and cement producers increased in 2023. Notably, state-owned companies dominated the list, with 16 of the top 20 highest emitters being government-controlled entities. The five worst offenders — Saudi Aramco, Coal India, CHN Energy, the National Iranian Oil Company, and Jinneng Group — collectively accounted for nearly 20% of global emissions last year.
Investor-owned fossil fuel giants also contributed heavily to the problem. The top five private-sector emitters — ExxonMobil, Chevron, Shell, TotalEnergies, and BP — were responsible for approximately 5% of all emissions.
The disparity in ownership structures has significant legal implications. While investor-owned companies face increasing lawsuits over their contributions to climate change, state-owned firms remain largely shielded from litigation.
“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 Emmett Connaire, a senior analyst at Carbon Majors.
Despite global commitments to combat climate change, many nations appear to be backtracking on their pledges, particularly as the oil and gas industry doubles down on fossil fuel production nearly a decade after the Paris Agreement. The continued expansion of coal-fired power plants in China has further exacerbated the crisis, with eight Chinese firms alone responsible for 17% of global emissions last year.
The report also highlighted regional variations in emission trends. While emissions surged in Australia (+11%), Asia (+6%), and North America (+3%), they fell by 4% in Europe. The Middle East saw a marginal increase of less than 1%.
Activists and policymakers worldwide are calling for urgent measures to curb corporate pollution. Vermont recently became the first U.S. state to introduce a ‘climate superfund’ law, requiring oil companies to pay for environmental damages — a move informed by data from the Carbon Majors database. As climate litigation gains momentum, pressure is mounting on governments and corporations alike to adopt more aggressive emission-reduction strategies.
