In 2024, a cadre of 32 fossil fuel companies had been producing half the world’s CO2 emissions, a new study has found.

Of course, people are consuming that CO2 via those companies. But energy is a daily essential. The climate crisis requires systemic change in the form of a publicly owned Green New Deal, to facilitate the transition towards zero carbon. These companies could ditch such environmentally-destroying production and fully invest in renewables, but they’re not.

A handful of people are driving the climate disaster

Think-tank InfluenceMap’s Emmett Connaire, who led the report, has said:

Each year, global emissions become increasingly concentrated among a shrinking group of high-emitting producers, while overall production continues to grow.

Indeed, a separate report from Oxfam showed that the global richest 1 percent have already emitted their share of carbon for the entire year in about a week. Meanwhile, the richest 0.1% used all their yearly carbon budget on the 3rd of January.

Tzeporah Berman, of the Fossil Fuel Non-Proliferation Treaty Initiative, said:

This latest analysis reinforces a stark reality: a powerful, concentrated group of fossil fuel corporations are not only dominating global emissions but are actively sabotaging climate action and weakening government ambition.

One way fossil fuel giants sway governments is through donations. In the UK, Labour accepted £25,000 from fossil fuel-linked firms in the first week of its general election campaign in 2024.

Christiana Figueres, a former UN climate chief, said:

The latest Carbon Majors data shows once again that large emitters are on the wrong side of history. While clean energy and electrification is already receiving nearly twice the investment of fossil fuels globally, carbon majors are clinging on to outdated, polluting products. But data provides a tool for the growing majority who are coming together to champion science-backed solutions and accountability.

Solution

The market, regardless of the climate crisis, is moving towards renewable energy because it is far cheaper than fossil fuels.

But change isn’t happening fast enough. This is clear from the damage caused by fossil fuels. Another study built on the report’s data to show that there has been trillions of dollars in economic losses from the carbon produced by fossil fuel giants. And then there’s the droughts, floods and hurricanes made much more frequent and severe by fossil fuel use.

When there’s an emergency, the state should take action. The UK parliament declared a ‘climate emergency’ years ago, yet this was just words. Action is necessary. A publicly-owned Green New Deal is the solution to rapidly tackle the climate crisis, mobilising resources and expertise straight to the issue. It would also bring the essential of energy into common ownership, further reducing energy bills.

Climate change is already drastically impacting the world. And the market isn’t cutting it.

Featured image via the Canary

By James Wright

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