At a Glance
- Just 32 fossil-fuel and cement companies produced over half of global CO₂ emissions in 2024
- All top-10 emitters are state-owned; Saudi Aramco alone claimed 4.3 %
- 166 linked firms released 34.7 gigatons, up 0.8 % year-on-year
- Why it matters: Concentrated emissions put climate targets at risk and sharpen focus on corporate accountability
A new Carbon Majors database tally shows global climate damage is increasingly the work of a tiny corporate club. In 2024, only 32 firms generated more than 50 % of carbon-dioxide pollution from fossil-fuel and cement production, down from 36 the previous year. The data, compiled by InfluenceMap, covers 178 of the world’s largest oil, gas, coal and cement producers.
Concentration Intensifies
Overall emissions keep climbing even as the roster of mega-polluters shrinks. The 166 companies with traceable output released 34.7 gigatons of greenhouse gases in 2024, a 0.8 % rise over 2023. State-owned enterprises dominate the leaderboard, contributing 54.4 % of fossil-fuel CO₂ despite numbering just 70. Investor-owned companies, 93 in total, accounted for 23.7 %.
The top 10 emitters are fully or majority state-owned and together produced 27.6 % of global fossil-fuel CO₂ last year:
| Rank | Company | State | Share of Global Fossil-Fuel & Cement CO₂ |
|---|---|---|---|
| 1 | Saudi Aramco | Saudi Arabia | 4.3 % |
| 2-5 | Four Chinese SOEs | China | data not itemised per firm |
| 6-7 | Two Russian firms | Russia | data not itemised per firm |
| 8 | ONGC | India | data not itemised per firm |
| 9 | NIOC | Iran | data not itemised per firm |
| 10 | One additional Chinese SOE | China | data not itemised per firm |
Diverging Trends
Between 2023 and 2024, most state-owned companies increased output: 38 raised emissions, 29 cut them. Among investor-owned firms the pattern reversed-54 reduced emissions while 39 grew them. Nonetheless, the largest private oil groups still rank among the planet’s biggest polluters. ExxonMobil, Chevron, Shell, BP and ConocoPhillips head the investor-owned list.
“Each year, global emissions become increasingly concentrated among a shrinking group of high-emitting producers, while overall production continues to grow,” said Emmett Connaire, lead author and senior analyst at InfluenceMap.
Legal Leverage
Historical emissions data is already shaping lawsuits and legislation. In 2025, more than a dozen U.S. states referenced Carbon Majors figures while drafting climate-superfund bills. The proposed laws would require large fossil-fuel companies to pay for protections against heatwaves, flooding and other climate impacts. Separate attribution science strengthens the link: a September 2025 Nature study found emissions traced to carbon majors drove roughly half the increase in heatwave intensity since the pre-industrial period of 1850-1900.
Key Takeaways
- Fewer than three dozen companies control the majority of fossil-fuel and cement CO₂ output
- State ownership dominates the highest-emitting tier, limiting shareholder pressure avenues
- Emissions rose among most state firms but fell at a majority of private oil companies
- Courts and regulators are using the database to assign liability and seek damages
With global temperatures still rising, pinpointing responsibility sharpens the debate over who pays for adaptation and decarbonisation. Carbon Majors plans to update its dataset annually, ensuring the spotlight stays on the powerful entities that hold disproportionate sway over the world’s climate trajectory.
