Last year was the hottest on record, with global temperatures set to rise by 2.7 degrees, yet top fossil fuel and cement producers have shown a disregard for climate change and are actively making things worse. A new Carbon Masters report has found that just 57 companies accounted for 80% of global CO2 emissions between 2016 and 2022. During this period, 38% of total emissions came from nation-states, 37% from state-owned entities and 25% from investor-owned companies.
Nearly 200 parties adopted the 2015 Paris Agreement, pledging to reduce greenhouse gas emissions. However, 58 of the 100 state- and investor-owned companies in the Carbon Major’s database have increased production in the years since (the Institute for Climate Responsibility launched the Carbon Major in 2013 to hold fossil fuel producers accountable , and hosted by InfluenceMap). This number represents producers worldwide, with 87% coming from Asia, 57% from Europe and 43% from North America.
This isn’t a clear example of things slowly getting better, either. The International Energy Agency found that coal consumption increased by 8% in the past seven years to 8.3 billion tons, a record high. The report named state-run Coal India as one of the top three CO2 producers. Russian state-owned energy company Gazprom and state-owned oil company Saudi Aramco are among the three companies most affected.
ExxonMobil tops the list of U.S. companies, accounting for 1.4% of global carbon dioxide emissions. “These companies are making billions in profits while denying the problem and delaying and obstructing climate policy. They spend millions on advertising to promote themselves as part of the sustainable solution while continuing to invest in more Fossil fuel extraction,” Berman, international program director at Tzeporah Stand.earth and chair of the Fossil Fuel Non-Proliferation Treaty, said in a statement. “These findings underscore that more than ever we need our governments to stand up to these companies and that we need new international cooperation through a fossil fuel treaty to end fossil fuel expansion and ensure a truly just transition.”
