In 2023, around 20 fossil fuel companies were responsible for a staggering 40.8% of global carbon dioxide emissions, amounting to 17.5 gigatonnes.

The report underscores the urgent need for global carbon emissions to drop by 45% by 2030 to align with the Paris Agreement's goal of limiting warming to 1.5°C.

If Saudi Aramco were classified as a country, it would rank as the fourth largest emitter globally, following China, the United States, and India.

Kumi Naidoo from the Fossil Fuel Non-Proliferation Treaty Initiative emphasizes the urgent need for governments to take action against the expansion of fossil fuels to combat the climate crisis.

To limit global temperature rise to 1.5°C, emissions must decrease by 45% by 2030; however, current trends show that emissions continue to rise, exacerbating extreme weather events.

Christiana Figueres, former head of the UN climate body during the Paris Agreement, criticizes these fossil fuel companies for their ongoing dependence on fossil fuels without plans to reduce production.

The International Energy Agency warns that new fossil fuel projects initiated after 2021 contradict the goal of achieving net zero emissions by 2050.

Among these companies, notable names include Saudi Aramco, Coal India, ExxonMobil, Shell, and various Chinese firms.

The increase in carbon emissions is linked to extreme weather events such as wildfires, hurricanes, and heat waves, which threaten public health, food security, and water availability.

Private companies such as ExxonMobil and Chevron are significant contributors, with ExxonMobil emitting 562 million tons and Chevron 487 million tons of CO2 in 2023.

The findings from the Carbon Majors report are being utilized in legal actions and regulatory efforts aimed at holding fossil fuel companies accountable for their contributions to climate-related harm.

The Carbon Majors Database reveals that most of the companies recorded increased their emissions in 2023, with 93 companies showing rising emissions, while only 73 managed to reduce theirs.