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Study Reveals 57 Companies Responsible for 80% of Global Fossil CO2 Emissions

A recent study has shed light on the alarming reality of the climate crisis, pinpointing 57 oil, gas, coal, and cement producers directly responsible for a staggering 80% of the world’s global fossil CO2 emissions since the signing of the Paris climate agreement in 2016. Compiled by eminent researchers, the Carbon Majors Database underscores the pivotal role played by both state-controlled corporations and shareholder-owned multinationals in propelling the ongoing climate emergency.

Despite pledges made by governments in Paris to curtail greenhouse gas emissions, the analysis reveals a starkly contrasting reality. Rather than abating, the majority of these major producers escalated their output of fossil fuels and associated emissions in the seven years after the climate agreement, compared to the preceding seven years.

Among the identified entities, ExxonMobil of the United States emerges as the foremost investor-owned contributor to emissions, linked to a substantial 3.6 gigatonnes of CO2 over seven years. Following closely behind are industry giants like Shell, BP, Chevron, and TotalEnergies, each accountable for a significant portion of global emissions. Of particular concern is the growth of emissions tied to state and state-owned producers, notably in the Asian coal sector. This expansionary trend, persisting since the Paris Agreement, starkly contradicts warnings by the International Energy Agency regarding the imperative of halting new oil and gas ventures to maintain global heating within safe limits.

Richard Heede, the architect of the Carbon Majors dataset, denounces the ethical lapse of companies persisting in fossil fuel exploration and production despite decades of awareness regarding the deleterious impacts of their activities. He said, “It is morally reprehensible for companies to continue expanding exploration and production of carbon fuels in the face of knowledge now for decades that their products are harmful. Don’t blame consumers who have been forced to be reliant on oil and gas due to government capture by oil and gas companies”.

In response to the study, some major corporations have pledged net-zero emissions targets, albeit with variations in definitions and strategies for attainment. However, InfluenceMap’s analysis suggests that the majority of entities in the Carbon Majors database are moving counter to climate stability, with production levels on the rise post-Paris Agreement.

The urgency of holding fossil fuel producers accountable is underscored by mounting climate-related damages. Suggestions for levying contributions from oil and gas companies to a loss and damage fund, akin to the proposal by Barbados Prime Minister Mia Mottley, highlight the growing recognition of the need for restitution. Despite mounting pressures, the path forward remains fraught with challenges. The study reveals the critical need for concerted efforts from both governmental and corporate spheres to avert the consequences of Climate change.