CO₂ Burden Traced to 32 Major Producers in New Climate Analysis

A fresh Carbon Majors assessment puts a blunt number on the climate problem: half of global CO₂ in 2024 traced back to just 32 fossil fuel producers. It is not a new fear, but the concentration is getting tighter, and that changes how climate policy is argued, funded, and enforced.

The Concentration Problem, in Plain Numbers

The analysis says the group shrank from 36 producers to 32 in one year, even as total emissions stayed stubbornly high. A key detail is ownership. State-backed producers make up 17 of the top 20, which means the biggest levers are sitting inside national budgets and geopolitics, not only boardrooms.

Saudi Aramco is flagged as the largest state-controlled source, linked to around 1.7bn tonnes of CO₂ in 2024. ExxonMobil is the largest investor-owned producer, linked to roughly 610m tonnes. Recent consolidation in the sector also gets a mention, with large deals adding to the scale of a few players.

What It Means for Climate Action Right Now

This kind of concentration pushes climate action toward sharper tools, not broad slogans. Three moves show up again and again in climate circles:

• Permits and expansion: tighten approvals for new oil and gas projects, and link decisions to full-life emissions.
• Methane rules: faster wins can come from stricter leak controls and enforcement.
• Money and accountability: Carbon Majors data is already being used in litigation and “polluter pays” style policy debates, including adaptation cost arguments.

It also reframes global politics. The report notes major state-owned producers are tied to countries that resisted a fossil fuel phaseout push at COP30. That is the awkward part. Still, the math keeps pointing to the same place: fewer producers, bigger impact, less room for delay.