Half of Fossil Fuel Carbon Emissions in 2024 Came From 32 Companies

Latest Carbon Majors analysis finds global CO2 emissions are traceable to an increasingly concentrated set of producers, many of which are expanding fossil fuel output and blocking climate action. 

Despite dire warnings from scientists about the consequences of accelerating climate change, fossil fuel production is continuing apace. Last year, fossil fuel CO2 emissions reached a record high, topping 38 billion metric tons. In 2024 these emissions were 37.4 billion metric tons—up 0.8 percent from 2023—and traceable to 166 oil, gas, coal and cement producers, according to the report. 

Much of the global carbon emissions in 2024 came from state-owned entities, which represented 16 of the top 20 emitters. The five largest emitters overall—Saudi Arabia’s Aramco, Coal India, China’s CHN Energy, National Iranian Oil Co. and Russia’s Gazprom—were all state-controlled, and accounted for 18 percent of the total fossil CO2 emissions in 2024. 

ExxonMobil, Chevron, Shell, ConocoPhillips and BP—the top five emitting investor-owned companies—together were responsible for 5.5 percent of the total emissions in that year.

Historically, ExxonMobil and Chevron rank in the top five for fossil carbon emissions generated from 1854 through 2024, accounting for 2.79 percent and 3.08 percent of overall carbon pollution, respectively. According to the analysis, the 178 entities in the database have generated 70 percent of fossil CO2 emissions since the start of the Industrial Revolution, and just 22 entities are responsible for one-third of these emissions. 

The report further indicates that many of the largest emitters are increasing their fossil fuel output, and hence their emissions, while lobbying against climate policies and blocking climate action. Nearly two-thirds of the 32 entities responsible for over half of CO2 emissions in 2024 saw their emissions increase compared to 2023.