Alexander Lewis
Apr 05, 2024
As the Earth grapples with escalating temperatures, setting new heat records last year and moving towards a worrying global warming of 2.7 degrees, a new report highlights the alarming role of major fossil fuel and cement producers in exacerbating the climate crisis.
The Carbon Majors Database reveals that a mere 57 companies are responsible for a staggering 80% of global carbon dioxide emissions from 2016 to 2022. This period saw emissions primarily driven by nation-states (38%), state-owned entities (37%), and investor-owned companies (25%).
Despite nearly 200 parties committing to the 2015 Paris Agreement to cut greenhouse gas emissions, the report uncovers a concerning trend: 58 out of the top 100 companies listed in the Carbon Majors Database have ramped up production since the agreement. This includes a significant majority of companies in Asia (87%), over half in Europe (57%), and a substantial portion in North America (43%).
The situation shows no signs of a major turnaround, with the International Energy Agency reporting an 8% increase in coal consumption over the past seven years, reaching a record high of 8.3 billion tons. Notably, state-owned Coal India, Russia’s Gazprom, and Saudi Aramco are identified as the top three carbon dioxide producers globally.
In the United States, Exxon Mobil emerges as a leading contributor, responsible for 1.4% of global carbon dioxide emissions. Tzeporah Berman, International Program Director at Stand.earth and Chair at Fossil Fuel Non-Proliferation Treaty, sharply criticises these corporations.
“These companies have profited immensely while denying and obstructing climate policy,” Berman states. “Their promotional campaigns paint them as sustainable, yet they continue to invest heavily in fossil fuel extraction.”
Berman calls for urgent government action and international cooperation, advocating for a Fossil Fuel Treaty to halt the expansion of fossil fuels and facilitate a just transition. The report underscores the pressing need for decisive action against these major emitters to mitigate the accelerating climate crisis.
