The analysis, conducted by InfluenceMap, found that 36 companies—including Saudi Aramco, Shell, ExxonMobil, and China's state-owned energy firms—were linked to over 20 billion tonnes of CO₂ emissions in 2023.
The Carbon Majors report, which tracks emissions from the world's biggest fossil fuel producers, showed that 93 of 169 surveyed firms increased their emissions from the previous year, despite mounting climate pledges.
It also traced historical emissions back to 1854, finding that just 26 companies were responsible for a third of all industrial-era carbon pollution.
State-Owned Giants Dominate the List
Saudi Aramco, the world's biggest oil producer, topped the list of emitters—its carbon footprint so vast that if it were a country, it would rank as the fourth-largest polluter after China, the US, and India.
State-run fossil fuel firms accounted for more than half of all emissions in 2023. Sixteen of them featured among the 20 worst offenders. Chinese companies, in particular, contributed 23% of all fossil fuel and cement-related CO₂ emissions, solidifying the country's lead in global carbon output.
Christiana Figueres, a key architect of the Paris Agreement, condemned the findings, saying:
"Carbon majors are keeping the world hooked on fossil fuels with no plans to slow production."
She criticised state-run firms for prioritising fossil fuel expansion over the welfare of their citizens, warning that government inaction was worsening the climate crisis.
Holding Polluters Accountable
Since its first publication in 2013, the Carbon Majors database has been used to support climate lawsuits, scientific research, and regulatory crackdowns on polluting firms.
InfluenceMap's data has already informed legal cases in the US and helped quantify the role of fossil fuel producers in fuelling extreme weather disasters. It has also been cited in actions against asset managers accused of misleading investors about climate risks.
"Some of these companies are now facing legal action under US Climate Superfund laws," said InfluenceMap senior analyst Emmett Connaire.
"This underscores the need to hold fossil fuel giants accountable for their role in the crisis."
‘A Critical Moment in Human History'
The UN has warned that global emissions must fall by 45% by 2030 to keep global heating within safe limits. Yet many of the world's biggest polluters are still ramping up fossil fuel production.
Kumi Naidoo, former head of Greenpeace, called the report a wake-up call for policymakers:
"We are living at a critical moment in human history. The world's largest fossil fuel companies are increasing emissions while climate disasters devastate lives."
Savio Carvalho of the environmental group 350.org said the report should serve as an "alarm bell" for governments:
"Super-rich corporations are chasing short-term profit while the planet burns. They cannot be trusted to lead the transition to clean energy."
As climate records continue to be shattered, campaigners say governments must step up and enforce an end to fossil fuel expansion—before it's too late.