32 firms release half of the world’s carbon emissions, report finds

Independent Think Tank Carbon Majors have published a report claiming 34.7 gross tonnes of CO2 greenhouse gas emissions occurred in 2024. These omissions have been attributed to 166 oil, gas, coal, and cement producers, a 0.8% increase from total emissions in 2023. 

Over half of these emissions were linked to a mere 32 companies. Among these firms, 17 of the top 20 emitters are state-owned, operating under nations such as Russia, India, Saudi Arabia, etc., all of whom opposed the phaseout of fossil fuels in the COP30 UN Climate Summit.

If Saudi Aramco, the largest state-owned oil company which contributes 1.7 billion tonnes of CO2, were a nation, it would rank fifth among the world’s largest carbon emitters. However, investor-owned firms are also at fault, such as ExxonMobil, the largest private fossil fuel company, which would be ninth in the same standings. 

This illustrates the continued rise of fossil fuel burning as the primary obstacle to reaching the Paris Agreement’s objective of keeping temperatures under 1.5 °C since emissions would need to decline by 45% in the next 4 years, a feat virtually impossible. 

Further pollution is at stake, illustrating the need for concrete monitoring and legal action against such firms

Legal cases against these companies are also on the rise, with Carbon Majors’ report highlighting Lliuya v RWE, a major German climate litigation case, while laws across the US have been imposed to protect citizens against climate impacts of pollution, such as flooding and extreme heat. 

Tzeporah Berman, representing the Fossil Fuel Non-Proliferation Treaty Initiative, stated: “This latest analysis reinforces a stark reality: a powerful, concentrated group of fossil fuel corporations are not only dominating global emissions but are actively sabotaging climate action and weakening government ambition.” The initiative is one of the international agreements halting fossil fuel expansion and transitioning away from coal, oil, and gas. 

However, the power of these corporations has only been minimally curbed. Big oil executives, such as American Petroleum Institute President and CEO Mike Sommers, claim that demand will only rise in the next decade. Others, notably ExxonMobil CEO Darren Woods, have filed a legal case in California seeking to challenge the information disclosure law. If accepted, further pollution is at stake, illustrating the need for concrete monitoring and legal action against such firms.