The Carbon Majors database indicates that just 36 companies contribute 50% of global CO2 emissions, with a notable increase in emissions in 2023. State-owned firms dominate, especially from China, while cement production exacerbates the issue. The database supports legal accountability for fossil fuel emissions, emphasizing the urgent need for change to meet climate targets.
A recent examination of emissions data from the Carbon Majors database has unveiled a concerning trend: emissions from the leading oil, gas, coal, and cement producers have risen in 2023, exacerbating global warming concerns. Alarmingly, over 50 percent of these emissions can be traced back to only 36 high-emitting companies, many of which are state-owned.
In 2023, 93 companies noted an uptick in their emissions, including 50 that are investor-owned. Notably, state-owned companies represent a significant portion of global emissions, with 16 of the 20 largest emitters responsible for 52 percent of the total. Chinese corporations continue to dominate, contributing 23 percent of emissions related to fossil fuels and cement, maintaining their previous year’s status.
A significant rise in emissions has been observed in the cement sector, with the Holcim Group, Heidelberg Materials, UltraTech Cement, and CRH being the top four companies with the largest relative increases. The data highlights the major role cement production plays in global CO₂ emissions.
The Carbon Majors database has proven essential for climate accountability, aiding in legal actions and supporting Climate Superfund laws in states like Vermont and New York. This database has also been utilized to assess the impact of fossil fuel companies on extreme weather events, advocating for potential legal repercussions against fossil fuel executives.
The five largest state-owned emitters, including Saudi Aramco and Coal India, accounted for 17.4 percent of global CO₂ emissions in 2023, whereas the top five investor-owned emitters, such as ExxonMobil and Shell, contributed 4.9 percent. Should Saudi Aramco be classified as a nation, it would rank as the fourth largest global emitter, while ExxonMobil’s emissions are similar to Germany’s.
From 1854 to 2023, the dataset indicates that 67.5 percent of human-induced industrial CO₂ emissions can be attributed to 180 corporate and state entities. The International Energy Agency warns that new fossil fuel projects initiated post-2021 conflict with the objective of achieving net-zero emissions by 2050. In light of rising global emissions, meeting the target of reducing emissions by 45 percent by 2030 to limit temperature increases to 1.5°C presents formidable challenges.
The analysis reveals that only 36 companies are responsible for over half of global CO2 emissions, with both state-owned and investor-owned firms contributing significantly. As emissions from major sectors like cement continue to grow, the need for stringent regulatory measures and accountability becomes increasingly critical. Without significant reductions in emissions, meeting global climate targets remains a daunting challenge, highlighting the urgency of addressing the impact of high-emitting companies.
Original Source: www.techspot.com
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