Sylvie Willis
A relatively small number of fossil fuel producers and their investors are responsible for a large proportion of global greenhouse gas emissions. According to a 2015 Carbon Tracker study, 100 companies have been the source of 71% of the world's greenhouse gas emissions since 1988. The Carbon Majors Report, published by the Climate Accountability Institute, identifies the fossil fuel companies that have the collective hand on the throttle and the tiller, determining the rate of carbon emissions and the shift to non-carbon fuels. The report found that 25 corporate and state-owned entities were responsible for more than half of global industrial emissions since 1988. The top investor-owned companies were ExxonMobil, Shell, Chevron, and BP. If these companies continue to extract fossil fuels at the current rate, the global average temperature will rise by up to 4°C, resulting in species extinction and threatening world food production.
| Characteristics | Values |
|---|---|
| Number of companies responsible for most fossil fuel emissions | 36 |
| Percentage of global CO2 emissions by these companies | Over 50% |
| Total carbon dioxide emissions by these companies in 2023 | Over 20 billion tonnes |
| Top 3 companies | Saudi Aramco, Coal India, CHN Energy |
| Percentage of global CO2 emissions by Saudi Aramco | 4.38% |
| Country ranking of Saudi Aramco | Fourth-largest polluter |
| Top investor-owned companies | ExxonMobil, Shell, Chevron |
| Percentage of global emissions by ExxonMobil | 1.28% |
| Percentage of global emissions by Shell and Chevron | About 1% each |
| Companies supporting the transition to a carbon-free economy | Apple, Facebook, Google, Ikea |
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What You'll Learn
Fossil fuel companies and their responsibility
Fossil fuel companies have long been aware of the link between their products and climate change. However, they have engaged in a decades-long campaign of disinformation, lobbying, and advertising to distort the evidence and shift blame onto consumers. This has led to fossil fuel companies being labelled as having a "significant moral, financial, and legal responsibility for the climate crisis".
The burning of coal, natural gas, and oil for electricity and heat is the largest source of global greenhouse gas emissions, which are the primary drivers of global warming. Despite this, global fossil fuel consumption has more than doubled in the last 50 years. In 2023, all three of the most potent greenhouse gases reached record highs. Fossil fuel companies have not only contributed to this crisis but have also obstructed efforts to move towards renewable energy sources.
A Carbon Tracker study in 2015 found that fossil fuel companies risked wasting over $2 trillion in the following decade by pursuing coal, oil, and gas projects. This is due to the increasing global shift towards clean energy and the decreasing feasibility of fossil fuel projects in the face of international action on climate change. Despite this, many fossil fuel companies continue to invest in fossil fuel production and exploration, with some even scaling back low-carbon energy investment plans.
The responsibility for tackling the climate crisis should not be placed on individual consumers, as this is a messaging strategy used by fossil fuel companies to obfuscate their role in the crisis. Instead, fossil fuel companies and their investors should be held accountable and pressured to transition to renewable energy sources. This can be achieved through climate litigation, regulation, activism, and divestment from fossil fuels.
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State-owned companies vs investor-owned companies
In 2023, 36 fossil fuel companies were responsible for over half of the world's carbon dioxide emissions. Of these, 16 of the top 20 biggest polluters were state-owned companies, with investor-owned companies making up the remainder.
State-owned companies are those that are government-controlled, and they have been identified as "ignoring the desperate needs of their citizens". The leading state-owned polluter is Saudi Aramco, which produced 4.38% of global carbon dioxide emissions in 2023. Saudi Aramco is closely followed by Coal India and CHN Energy, a Chinese state-owned mining and energy company. If Aramco were a country, it would be the fourth-largest polluter in the world after China, the US, and India.
Investor-owned companies, on the other hand, are those that are controlled by private investors. The top investor-owned polluters are ExxonMobil, Chevron, and Shell, which were responsible for 1.28%, 1%, and 1% of global emissions, respectively. These companies are household names and spend billions lobbying governments and portraying themselves as environmentally responsible.
While companies have a huge role to play in driving climate change, there is a tension between short-term profitability and the urgent need to reduce emissions. Fossil fuel companies risk wasting trillions by pursuing coal, oil, and gas projects that may become worthless in the face of international climate action and advances in renewable energy. However, companies and their investors could hold the key to tackling climate change, and some oil and gas companies are starting to make green investments. For example, Shell set up a renewables arm in 2015 with a $1.7 billion investment, and Chevron is investing in carbon capture and storage projects.
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The impact of fossil fuels on climate change
Fossil fuels have a significant impact on climate change, contributing to global warming and ocean acidification. When fossil fuels are burned, they release large amounts of carbon dioxide and other greenhouse gases into the atmosphere. These gases trap heat, leading to a rise in global temperatures, which has already reached 1.5°C above pre-industrial levels. In 2018, 89% of global CO2 emissions came from fossil fuels, with coal, oil, and natural gas being the largest sources. The burning of fossil fuels has also resulted in ocean acidification, as the ocean absorbs about a quarter of the emitted carbon dioxide, altering its chemistry and making it more challenging for marine organisms to build shells and coral skeletons.
Furthermore, the production and transportation of fossil fuels carry risks of oil spills, which have devastating consequences for both the environment and local communities. Oil spills can harm wildlife, destroy habitats, erode shorelines, and result in closures of beaches, parks, and fisheries. The 2010 BP Deepwater Horizon spill, for example, released 134 million gallons of oil into the Gulf of Mexico, leading to significant penalties and cleanup costs for the company.
To address the impact of fossil fuels on climate change, there have been calls for eliminating fossil fuel subsidies, increasing the social cost of carbon, implementing clean electricity standards, and putting a price on carbon emissions. These measures aim to reduce the consumption and production of fossil fuels, encouraging a transition to a decarbonized economic system. While global fossil fuel consumption has more than doubled in the last 50 years, there is a growing recognition of the need to shift towards renewable and sustainable energy sources to mitigate the worst effects of climate change.
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Companies that extract fossil fuels
The burning of fossil fuels, such as coal, natural gas, and oil, is the single largest source of global greenhouse gas emissions, which are the primary drivers of global warming. Despite this, global fossil fuel consumption has more than doubled in the last 50 years.
In 2023, all three of the most potent greenhouse gases—carbon dioxide, methane, and nitrous oxide—reached record highs. That same year, 36 fossil fuel companies were responsible for over half of the world's carbon dioxide emissions, according to a report by the think tank InfluenceMap. These companies are mostly state-owned, followed by investor-owned entities.
The leading state-owned polluter is Saudi Aramco, which produced about 4.38% of global carbon dioxide emissions. If Aramco were a country, it would be the fourth-largest polluter in the world, after China, the US, and India. The Saudi company is closely followed by Coal India, the world's largest government-owned coal producer, and CHN Energy, a Chinese state-owned mining and energy company.
Five publicly traded oil companies—ExxonMobil, Chevron, Shell, TotalEnergies, and BP—together accounted for 5% of global carbon dioxide emissions from fossil fuels. These companies have also committed to increasing fossil fuel production.
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Companies that burn fossil fuels
Fossil fuel companies have long been under scrutiny for their role in perpetuating the carbon era and accelerating the climate crisis. While consumers are responsible for combusting the fuels, companies hold a "significant moral, financial, and legal responsibility" for the crisis.
The Carbon Majors Database, a project of the London-based think tank InfluenceMap, has identified 36 fossil fuel giants that account for over half of the world's carbon dioxide emissions. These companies, mostly state-owned, have produced more than 20 billion tonnes of carbon dioxide emissions. Leading this list is Saudi Aramco, a Saudi company that produced 1.839 metric tons of carbon dioxide, accounting for 4.38% of global emissions. If Aramco were a country, it would be the fourth-largest polluter, after China, the US, and India.
The list also includes Coal India, the world's largest government-owned coal producer, and CHN Energy, a Chinese state-owned mining and energy company. Five publicly traded oil companies, ExxonMobil, Chevron, Shell, TotalEnergies, and BP, together accounted for 5% of global carbon dioxide emissions from fossil fuels. These companies have often disputed claims regarding their environmental impact and their role in delaying action to address the climate crisis.
The burning of coal, natural gas, and oil for electricity and heat is the single largest source of global greenhouse gas emissions, driving global warming by trapping heat in the atmosphere and raising the Earth's surface temperature. Despite this, global fossil fuel consumption has more than doubled in the last 50 years, and all three of the most potent greenhouse gases reached record highs in 2023.
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Frequently asked questions
According to a 2025 report, 36 fossil fuel giants are responsible for half of the world's CO2 emissions. The top three emitters are Saudi Aramco, Coal India, and CHN Energy.
China, the US, and India are the top three countries with the highest emissions.
The burning of coal, natural gas, and oil for electricity and heat is the largest source of global greenhouse gas emissions.
Continued fossil fuel production will lead to a rise in global temperatures, resulting in species extinction and global food scarcity.
Many large corporations are supporting the transition to a carbon-free economy by committing to obtaining energy from 100% renewable sources. Some companies include Apple, Facebook, Google, and Ikea.
