36 Companies Produced Half of Global Fossil Fuel CO2 Emissions in 2023 – Report

Latest ‘Carbon Majors’ analysis bolsters the case for corporate climate accountability.

Just three dozen carbon-intensive companies accounted for over half of fossil fuel-based carbon dioxide (CO2) emissions in 2023, while one-third of global CO2 emissions since the start of the Industrial Revolution can be traced back to just 26 companies, according to a new analysis. Climate advocates and experts say the findings underscore the urgent need for corporate accountability in addressing the climate crisis and for transitioning away from planet-wrecking fossil fuels.

The analysis represents the latest update to the Carbon Majors database, which tracks 180 of the world’s largest coal, oil, gas, and cement producers and quantifies the carbon emissions generated by their production activities. This ‘carbon majors’ research, pioneered by Richard Heede more than a decade ago, is part of a branch of climate attribution science called source attribution, and it has helped inform accountability initiatives in recent years including climate litigation and legislation targeting major fossil fuel firms. Climate superfund laws, adopted last year by Vermont and New York and proposed in a handful of other states, will likely use this data as state regulators work to implement these potentially game-changing climate liability laws requiring some of the largest emitters to help pay for state adaptation costs.

UK-based think tank InfluenceMap now hosts the database, which is updated annually. Last year’s analysis reported that 80% of fossil fuel CO2 emissions from 2016 through 2022 are attributable to 57 companies, and that a majority of companies assessed had expanded their production, and therefore generated higher emissions, in the seven years since the Paris Agreement was established than in the seven years prior. This year’s report similarly finds most companies increased their emissions in 2023 compared to the previous year, as many fossil fuel entities continue expanding production despite clear warnings from climate scientists that fossil fuel use must be curtailed to have any chance at averting the worst climate impacts.

“It is truly alarming that the largest fossil fuel companies continue to increase their emissions in the face of worsening natural disasters caused by climate change, disregarding scientific evidence that these emissions are harming us all,” Tzeporah Berman, founded and co-chair of the Fossil Fuel Nonproliferation Treaty Initiative, said in a statement. “Governments around the world must use their power to end fossil fuel expansion and transition their economies before fossil fuel companies destroy the planet.”

“Despite global climate commitments, a small group of the world’s largest fossil fuel producers are significantly increasing production and emissions.” - InfluenceMap’s Emmett Connaire

According to the new analysis, the 180 entities covered in the database account for more than two-thirds (67.5%) of industrial CO2 emissions since 1854, and over one-third (33.7%) of these cumulative historical emissions stem from just 26 companies. Chevron, ExxonMobil, BP, and Shell all rank in the top ten.

In 2023, 33.9 billion metric tons of CO2-equivalent emissions were traced to 169 active entities in the database, an increase of 0.7% in emissions over 2022. And over half of these fossil fuel CO2 emissions in 2023 are linked to just 36 companies. The vast majority of these companies are state-owned firms such as Saudi Aramco, Coal India, and National Iranian Oil Company. State-owned producers made up 16 out of the top 20 emitters for 2023. State-owned entities also expanded production the most in that year compared to investor-owned companies. ExxonMobil, Chevron, and Shell still registered in the top 20 global emitters in 2023.

“The latest analysis of the Carbon Majors database reveals that, despite global climate commitments, a small group of the world’s largest fossil fuel producers are significantly increasing production and emissions,” Emmett Connaire, a senior analyst at InfluenceMap, said in a statement. “InfluenceMap's research highlights the disproportionate impact these companies have on the climate crisis, with some now facing legal action in the US under Climate Superfund laws, informed by findings from the database.”

The carbon majors research has not yet been tested in court proceedings, though fossil fuel companies will likely try to contest it. The methodology, developed by Heede, has been peer reviewed and is primarily based upon companies’ self-reported production figures. Emissions factors are applied for each fuel type to estimate combustion emissions, which comprise nearly 90% of companies’ value-chain emissions (Scope 3, from use of sold products). Emissions from companies’ direct operations are also calculated.

This research, overall, “provides strong evidence for attributing responsibility for climate impacts to a small group of entities, who are often actively engaged with climate policy while simultaneously holding unsupportive or oppositional positions on those policies,” the analysis argues in its conclusion, adding that it “underscores the urgent need for targeted accountability and systemic changes in industrial production and policy to align with global climate goals.”

Climate advocates and scientists agree that the study’s findings support the need to hold the world’s biggest carbon emitters accountable for the damages they are unleashing.

“That a mere 36 companies are responsible for half of the world's CO₂ emissions is both alarming and unacceptable,” Savio Carvalho of the global climate action group 350.org said. “Fossil fuel companies have long prioritized profits over the planet, and it's high time we hold them accountable for their outsized role in driving the climate crisis.”

Johan Rockström, a scientist and director of the Potsdam Institute for Climate Impact Research, noted: “climate disasters are hitting hardest in regions where people have contributed the least, damaging the lives of millions and pushing us closer to unmanageable tipping points.”

“A global turnaround,” he added, “is not just urgent – it’s essential, and it must start with these key players.”

Next week, the heads of many of these companies will gather in Houston, Texas for the annual CERAWeek conference, one of the biggest meetings of the fossil fuel energy industry in the world. A demonstration featuring environmental justice activists and community members on the frontlines of the industry’s polluting operations in the US Gulf Coast is scheduled for Monday, March 10 outside of the event venue.