Big Oil & Climate Change
This year, Carbon Majors, a database that quantifies and tracks emissions from the world’s largest oil, gas, coal, and cement producers, released a report analyzing 2023 greenhouse gas emissions produced by cement production and the burning of fossil fuels. This data sheds light on why it’s so important to hold oil, gas, and coal companies accountable for the climate crisis.
169 companies linked to over 50% of global emissions in 2023
2023 global greenhouse gas emissions equaled 57.1 GtCO2e. Of that total, 43.2 GtCO2e can be traced back to fossil fuel and cement production and usage.
Carbon Majors focused on tracking 78.4% of total carbon emissions from fossil fuel and cement entities in 2023 (this is around 33.9 GtCO2e from the 43.2 GtCO2e of global emissions from fossil fuel and cement) and found that:
52% is attributed to 68 state-owned entities (companies where a state owns over half of the company shares)
23% is attributed to 99 investor-owned companies (private or publicly traded businesses)
3% is attributed to 2 nation states
Most entities not only increased their emissions, but also actively worked to delay climate action at the policy level. The LobbyMap database provides data on how engaged companies and industry associations align with climate change policy and provides letter grades from A+ to F. The top 10 highest emitting investor-owned oil and gas companies had highly active, negative, and strategic engagement with climate policy. They continue to oppose laws that would regulate emissions from high-emitting industries and advocate for the acceleration of fossil fuel development.
The top 20 companies based on their total emissions in 2023 can be found in the table below. For the entire list of all 169 entities, visit the 2023 update by Carbon Majors.
Top 20 companies based on total emissions in 2023.
No money on a dead planet
We have to acknowledge the challenges we face in taking action against climate collapse when some of the largest companies are working against humanity's best interests. For decades, the fossil fuel industry has spent vast amounts of time and money deceiving the public and making individuals feel responsible for the warming world we are living in. Prioritizing profits over the health of our home and a just transition for all is futile. There is no money on a dead planet.
While the multi-trillion dollar industry should bear responsibility in mitigating emissions and adapting society for our changing climate, we shouldn't just point our fingers and wash our hands clean while continuing our lives in a business-as-usual fashion. After all, a large amount of the 43.2 GtCO2e tied to fossil fuels in 2023 is a result of the usage of fossil fuels, which is largely driven by our consumption through transportation, purchases, and more. That being said, these companies work hard to make it almost impossible to avoid using fossil fuels throughout our daily lives, signaling a need for systemic change to move away from fossil fuel dependence.
Individual action taken collectively does make a big difference. To have the best chance at mitigating the climate crisis, everyone in every system has to work together to tackle this complex, interconnected issue.
Our collective power in driving systemic change
So, how can individuals show support for systemic changes that are governed by policies and corporations? The best tools in our arsenal are consumer pressure and voting.
The daily actions we make send signals to governments and corporations, pushing them to invest in and focus on what matters most to the public. This is why voting is critical, as it has the power to elect representatives who align with your priorities. We’re big fans of tools like No Fossil Fuel Money Pledge, Fossil Free Media, and Make Polluters Pay, which are driving the fight against fossil fuels by making vital information about this issue easily accessible.
If corporations aren’t listening to our demands for climate action, we have to speak to them in a language they understand - our dollars. When you make a purchase from a company that values sustainability and social responsibility, you’re voting with your dollar and sending a message to other companies to adopt climate-friendly practices that will gain the support of consumers like you.
Transparency of greenhouse gas emissions, such as the data shared by Carbon Majors, is critical to understanding the massive impact that fossil fuels have on our world. When we support clean energy policies and businesses with sustainability strategies, we send a signal to rapidly shift away from fossil fuels and conventional, unsustainable practices.