A Small Number of Fossil Fuel Giants Drive the Climate Crisis
Just 32 fossil fuel companies were responsible for half of global carbon dioxide emissions in 2024, according to new findings from the Carbon Majors database. This marks a further concentration of climate pollution, down from 36 companies the previous year, highlighting how a small group of producers continues to drive the climate emergency.
The data is increasingly being used by governments, researchers and campaigners to hold fossil fuel companies accountable for their role in accelerating global heating.
State-Owned Producers Dominate Global Emissions
The analysis shows that state-owned fossil fuel companies account for 17 of the top 20 global emitters, underlining the political challenges of tackling climate change. These producers are controlled by governments that have resisted international efforts to phase out fossil fuels.
Countries linked to the highest-emitting companies include Saudi Arabia, Russia, China, Iran, the United Arab Emirates and India. All opposed proposals for a fossil fuel phaseout at the COP30 UN climate summit, despite support from more than 80 other nations.
Saudi Aramco and ExxonMobil Among the World’s Largest Polluters
Saudi Aramco was identified as the world’s largest state-owned polluter, responsible for 1.7 billion tonnes of CO₂ in 2024, much of it from exported oil. If Aramco were a country, it would rank as the fifth largest carbon polluter globally, just behind Russia.
Among investor-owned companies, ExxonMobil was the biggest emitter. Its fossil fuel production generated 610 million tonnes of CO₂, placing it ahead of entire nations such as South Korea in terms of emissions.
Global Emissions Continue to Rise Despite Climate Targets
After a temporary drop during the Covid-19 pandemic, global carbon emissions have resumed their upward trajectory, reaching record levels year after year. To meet the Paris Agreement goal of limiting warming to 1.5°C, emissions would need to fall by 45% by 2030—a target many experts now see as out of reach.
However, climate scientists stress that limiting temperature overshoot remains critical, as every fraction of a degree of warming increases the severity of heatwaves, floods, droughts and food insecurity.
Fossil Fuel Expansion Continues Through Major Mergers
Despite growing climate risks, fossil fuel expansion is ongoing. Recent mergers in the oil sector include ExxonMobil’s acquisition of Pioneer Natural Resources and Chevron’s takeover of Hess, moves that critics argue lock in higher emissions for decades to come.
Campaigners warn that continued investment in new oil and gas projects undermines global climate goals and delays a just transition to cleaner energy systems.
Emmett Connaire, of the thinktank InfluenceMap, who led the report, said: “Each year, global emissions become increasingly concentrated among a shrinking group of high-emitting producers, while overall production continues to grow.”
Momentum Builds for a Global Fossil Fuel Phaseout
An international initiative backed by more than 80 countries aims to halt fossil fuel expansion and support a fair transition away from coal, oil and gas. An April meeting in Colombia brought together participating nations, seen as a key step toward coordinated global action and long-term climate stability.
Tzeporah Berman, of the Fossil Fuel Non-Proliferation Treaty Initiative, said: “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.”
Emissions Data Fuels Legal Action and Accountability
The Carbon Majors database has played a pivotal role in recent research linking emissions from major fossil fuel companies to deadly heatwaves that would otherwise have been highly unlikely. Other studies have used the data to attribute trillions of dollars in economic losses from extreme heat to individual companies.
Christiana Figueres, a former UN climate chief, said: “The latest Carbon Majors data shows once again that large emitters are on the wrong side of history. While clean energy and electrification is already receiving nearly twice the investment of fossil fuels globally, carbon majors are clinging on to outdated, polluting products. But data provides a tool for the growing majority who are coming together to champion science-backed solutions and accountability.”
The database has also been cited in landmark legal cases, including Lliuya v RWE in Germany, and in new climate superfund laws in New York and Vermont, which require major fossil fuel companies to help fund protections against climate impacts such as flooding and extreme heat.
Calls Grow for Fossil Fuel Companies to Pay Their Fair Share
As evidence mounts, pressure is increasing on the world’s largest fossil fuel producers to take responsibility for the damage caused by their emissions. Critics argue that meaningful climate action is impossible without curbing fossil fuel production and investing instead in nature protection, clean energy and climate resilience.
Rebecca Brown, the head of the Center for International Environmental Law, said: “The evidence just keeps mounting. The international court of justice and courts around the world are increasingly connecting the dots between fossil fuel production and climate destruction, making clear that big polluters must phase out fossil fuels and pay up. And when the facts are plain and the law is clear, accountability must follow.”
Saudi Aramco declined to comment on the findings, while ExxonMobil did not respond to requests for comment.
At Natural World Fund, we recognise that the climate crisis is destabilising the natural systems we all depend on. The damage to ecosystems, food systems and climate stability poses serious risks to communities, economies and national security. Protecting nature — and accelerating a just transition away from fossil fuels — is essential to safeguarding biodiversity, food resilience and a secure future for the UK and the world.