Corporate Accountability in CO2 Emissions

Overview of Carbon Majors Database

  • The Carbon Majors Database is a crucial resource for understanding greenhouse gas emissions related to specific companies.

  • Analyzed data shows that a select few companies are responsible for over 50% of the world's carbon dioxide (CO2) emissions.

Importance of Accountability for Emissions

  • Establishing accountability for climate change-related harms tied to fossil fuel emissions is essential.

  • Regulatory frameworks and new laws are emerging to hold companies responsible for greenhouse gas emissions.

Key Findings from the 2023 Report

  • Produced by InfluenceMap, the report identifies that state-owned firms lead the list of top emitters.

  • In 2023, state-owned companies accounted for 52% of global emissions.

    • Notably, 16 out of the top 20 emitters are state-owned entities.

  • Many top global emitters recorded an increase in emissions compared to previous years, particularly in the cement industry.

Emissions from China

  • Chinese companies were identified as the largest contributors to global fossil fuel-related CO2 emissions in 2023, making up 23% of global emissions.

  • The largest state-owned company, Saudi Aramco, was responsible for 4.38% of global emissions.

  • The largest investor-owned company, ExxonMobil, contributed 1.28% of global emissions.

  • Other notable investor-owned companies, Shell and Chevron, each contributed about 1% of global emissions.

Groundbreaking Data

  • This year marks a significant advance in the Carbon Majors database by including detailed data regarding coal emissions from countries like China and Russia.

    • CHN Energy, a Chinese coal company, emerged as the third-largest emitter of fossil fuel-related CO2 in 2023, and historically is the 14th largest.

Limitations of the Database

  • The focus of the Carbon Majors database is primarily on companies that extract fossil fuels, potentially overlooking broader sources of accountability.

    • Alternative approaches could also examine emissions from power companies that utilize fossil fuels, automakers, and other sectors contributing to climate change.

Historical Context and Development

  • The Carbon Majors database was first created in 2013 and has since evolved into an annual report by InfluenceMap.

  • Its findings have supported legislative efforts, notably climate superfund laws in Vermont and New York.

  • Researchers now employ the database to associate specific companies with extreme weather events, enhancing the understanding of accountability in climate impacts.

Advocacy and Statements

  • Climate advocacy groups utilize this database for legal initiatives against fossil fuel companies.

  • Johan Rockström, director of the Potsdam Institute for Climate Impact Research, emphasized that the ongoing expansion of fossil fuel infrastructure by corporations exacerbates climate disasters, particularly affecting regions that have contributed minimally to the problem.

    • His perspective highlights the urgency and essential nature of addressing climate change starting with major emitting companies.