Which Companies Are Responsible For the Most Carbon Emissions?
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Which Companies Are Responsible For the Most Carbon Emissions?

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Carbon Emissions 20 Companies Correction

20 Companies Responsible For the Most Carbon Emissions?

Since 1965, it’s estimated over 1.35 trillion metric tons of greenhouse gases have been released into the atmosphere—and over a third can be traced back to just 20 companies.

This week’s chart draws on a dataset from the Climate Accountability Institute, and highlights the companies which have been responsible for the most carbon emissions in the past half-century.

Note: Carbon emissions are measured in MtCO₂e: Megatonnes of CO₂ equivalent (Millions).

The Sum of their Carbon Emissions

Between 1965-2017, the top 20 companies have contributed 480,169 MtCO₂e in total carbon emissions, or 35% of cumulative global emissions. This whopping amount is mostly from the combustion of their products—each company on this chart deals in fossil fuels.

The largest contributor? Saudi Aramco, the national petroleum and natural gas company of Saudi Arabia. Saudi Aramco actually comes in first on another list as well—it’s the most profitable company, making over $304 million daily.

However, this financial gain came at a significant cost: the state-owned giant’s operations have resulted in 59,262 MtCO₂e in carbon emissions since 1965. To put that into perspective, this total is more than six times China’s emissions in 2017 alone (9,838 MtCO₂e).

Explore the full list of companies by location, who owns them, and their total 1965–2017 emissions count below:

CompanyCountryOwnershipAll Emissions, MtCO₂e
Saudi Aramco🇸🇦 Saudi ArabiaState-owned59,262
Chevron🇺🇸 U.S.Investor-owned43,345
Gazprom🇷🇺 RussiaState-owned43,230
Exxon Mobil🇺🇸 U.S.Investor-owned41,904
National Iranian Oil Co.🇮🇷 IranState-owned35,658
BP🇬🇧 UKInvestor-owned34,015
Royal Dutch Shell🇳🇱 NetherlandsInvestor-owned31,948
Coal India🇮🇳 IndiaState-owned23,124
Pemex🇲🇽 MexicoState-owned22,645
Petroleus de Venezuela🇻🇪 VenezuelaState-owned15,745
PetroChina🇨🇳 ChinaState-owned15,632
Peabody Energy🇺🇸 U.S.Investor-owned15,385
ConocoPhillips🇺🇸 U.S.Investor-owned15,229
Abu Dhabi National Oil Co.🇦🇪 UAEState-owned13,840
Kuwait Petroleum Corp.🇰🇼 KuwaitState-owned13,479
Iraq National Oil Co.🇮🇶 IraqState-owned12,596
Total SA🇫🇷 FranceInvestor-owned12,352
Sonatrach🇩🇿 AlgeriaState-owned12,302
BHP Billiton🇦🇺 AustraliaInvestor-owned9,802
Petrobras🇧🇷 BrazilState-owned8,676
Total Emissions480,169 MtCO₂e

A Greener Business Model?

According to the researchers, all the companies that show up in today’s chart bear some responsibility for knowingly accelerating the climate crisis even after proven scientific evidence.

In fact, U.S.-based Exxon Mobil is currently on trial for misleading investors: the company downplayed the effect of climate change on its profitability, while internal calculations proved to be much larger. It also sowed public doubt on the immense impacts of rising greenhouse gas levels on the planet.

Growing sustainability and environmental concerns threaten the viability of old business models for these corporations, causing many to pivot away from the fossil fuel focus. Take BP for example—originally named British Petroleum, the company embraced “Beyond Petroleum” as its new rallying cry. More recently, it launched a carbon footprint calculator and is committed to keeping its carbon emissions flat into 2025.

However, the Climate Accountability Institute argues that more can still be done, with the researchers calling for these companies to reduce their fossil fuel production in the near future.

Continued pressure on these “Big Oil” companies to peak their carbon emissions, and urgently increase their renewable energy investment, may help curb the climate crisis before it’s too late.

Correction: A previous version of this article mistakenly reported the total cumulative value of carbon emissions in millions instead of trillions. Both the article and graphic have been updated to reflect the changes accurately.

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Energy

Ranked: Nuclear Power Production, by Country

Nuclear power accounted for 10% of global electricity generated in 2020. Here’s a look at the largest nuclear power producers.

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Nuclear Power Production by Country

This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on natural resource megatrends in your email every week.

Nearly 450 reactors around the world supply various nations with nuclear power, combining for about 10% of the world’s electricity, or about 4% of the global energy mix.

But while some countries are turning to nuclear as a clean energy source, nuclear energy generation overall has seen a slowdown since its peak in the 1990s.

The above infographic breaks down nuclear electricity generation by country in 2020 using data from the Power Reactor Information System (PRIS).

Ranked: The Top 15 Countries for Nuclear Power

Just 15 countries account for more than 91% of global nuclear power production. Here’s how much energy these countries produced in 2020:

RankCountryNumber of Operating ReactorsNuclear Electricity Supplied
[GWh]
% share
#1U.S. 🇺🇸96789,91930.9%
#2China 🇨🇳50344,74813.5%
#3France 🇫🇷58338,67113.3%
#4Russia 🇷🇺39201,8217.9%
#5South Korea 🇰🇷24152,5836.0%
#6Canada 🇨🇦1992,1663.6%
#7Ukraine 🇺🇦1571,5502.8%
#8Germany 🇩🇪660,9182.4%
#9Spain 🇪🇸755,8252.2%
#10Sweden 🇸🇪747,3621.9%
#11U.K. 🇬🇧1545,6681.8%
#12Japan 🇯🇵3343,0991.7%
#13India 🇮🇳2240,3741.6%
#14Belgium 🇧🇪732,7931.3%
#15Czechia 🇨🇿628,3721.1%
Rest of the World 🌎44207,3408.1%
Total4482,553,208100.0%

In the U.S., nuclear power produces over 50% of the country’s clean electricity. Additionally, 88 of the country’s 96 operating reactors in 2020 received approvals for a 20-year life extension.

China, the world’s second-largest nuclear power producer, is investing further in nuclear energy in a bid to achieve its climate goals. The plan, which includes building 150 new reactors by 2035, could cost as much as $440 billion.

On the other hand, European opinions on nuclear energy are mixed. Germany is the eighth-largest on the list but plans to shutter its last operating reactor in 2022 as part of its nuclear phase-out. France, meanwhile, plans to expand its nuclear capacity.

Which Countries Rely Most on Nuclear Energy?

Although total electricity generation is useful for a high-level global comparison, it’s important to remember that there are some smaller countries not featured above where nuclear is still an important part of the electricity mix.

Here’s a breakdown based on the share of nuclear energy in a country’s electricity mix:

RankCountryNuclear Share of Electricity Mix
#1France 🇫🇷70.6%
#2Slovakia 🇸🇰53.1%
#3Ukraine 🇺🇦51.2%
#4Hungary 🇭🇺48.0%
#5Bulgaria 🇧🇬40.8%
#6Belgium 🇧🇪39.1%
#7Slovenia 🇸🇮37.8%
#8Czechia 🇨🇿37.3%
#9Armenia 🇦🇲34.5%
#10Finland 🇫🇮33.9%
#11Switzerland 🇨🇭32.9%
#12Sweden 🇸🇪29.8%
#13South Korea 🇰🇷29.6%
#14Spain 🇪🇸22.2%
#15Russia 🇷🇺20.6%
#16Romania 🇷🇴19.9%
#17United States 🇺🇸19.7%
#18Canada 🇨🇦14.6%
#19United Kingdom 🇬🇧14.5%
#20Germany 🇩🇪11.3%

European countries dominate the leaderboard with 14 of the top 15 spots, including France, where nuclear power is the country’s largest source of electricity.

It’s interesting to note that only a few of these countries are top producers of nuclear in absolute terms. For example, in Slovakia, nuclear makes up 53.6% of the electricity mix—however, the country’s four reactors make up less than 1% of total global operating capacity.

On the flipside, the U.S. ranks 17th by share of nuclear power in its mix, despite producing 31% of global nuclear electricity in 2020. This discrepancy is largely due to size and population. European countries are much smaller and produce less electricity overall than larger countries like the U.S. and China.

The Future of Nuclear Power

The nuclear power landscape is constantly changing.

There were over 50 additional nuclear reactors under construction in 2020, and hundreds more are planned primarily in Asia.

As countries turn away from fossil fuels and embrace carbon-free energy sources, nuclear energy might see a resurgence in the global energy mix despite the phase-outs planned in several countries around the globe.

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Energy

The Periodic Table of Commodity Returns (2012-2021)

Energy fuels led the way as commodity prices surged in 2021, with only precious metals providing negative returns.

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commodity returns 2021 preview

The Periodic Table of Commodity Returns (2022 Edition)

For investors, 2021 was a year in which nearly every asset class finished in the green, with commodities providing some of the best returns.

The S&P Goldman Sachs Commodity Index (GSCI) was the third best-performing asset class in 2021, returning 37.1% and beating out real estate and all major equity indices.

This graphic from U.S. Global Investors tracks individual commodity returns over the past decade, ranking them based on their individual performance each year.

Commodity Prices Surge in 2021

After a strong performance from commodities (metals especially) in the year prior, 2021 was all about energy commodities.

The top three performers for 2021 were energy fuels, with coal providing the single best annual return of any commodity over the past 10 years at 160.6%. According to U.S. Global Investors, coal was also the least volatile commodity of 2021, meaning investors had a smooth ride as the fossil fuel surged in price.

Commodity2021 Returns
Coal160.61%
Crude Oil55.01%
Gas46.91%
Aluminum42.18%
Zinc31.53%
Nickel26.14%
Copper25.70%
Corn22.57%
Wheat20.34%
Lead18.32%
Gold-3.64%
Platinum-9.64%
Silver-11.72%
Palladium-22.21%

Source: U.S. Global Investors

The only commodities in the red this year were precious metals, which failed to stay positive despite rising inflation across goods and asset prices. Gold and silver had returns of -3.6% and -11.7% respectively, with platinum returning -9.6% and palladium, the worst performing commodity of 2021, at -22.2%.

Aside from the precious metals, every other commodity managed double-digit positive returns, with four commodities (crude oil, coal, aluminum, and wheat) having their best single-year performances of the past decade.

Energy Commodities Outperform as the World Reopens

The partial resumption of travel and the reopening of businesses in 2021 were both powerful catalysts that fueled the price rise of energy commodities.

After crude oil’s dip into negative prices in April 2020, black gold had a strong comeback in 2021 as it returned 55.01% while being the most volatile commodity of the year.

Natural gas prices also rose significantly (46.91%), with the UK and Europe’s natural gas prices rising even more as supply constraints came up against the winter demand surge.

Energy commodity returns 2021

Despite being the second worst performer of 2020 with the clean energy transition on the horizon, coal was 2021’s best commodity.

High electricity demand saw coal return in style, especially in China which accounts for one-third of global coal consumption.

Base Metals Beat out Precious Metals

2021 was a tale of two metals, as precious metals and base metals had opposing returns.

Copper, nickel, zinc, aluminum, and lead, all essential for the clean energy transition, kept up last year’s positive returns as the EV batteries and renewable energy technologies caught investors’ attention.

Demand for these energy metals looks set to continue in 2022, with Tesla having already signed a $1.5 billion deal for 75,000 tonnes of nickel with Talon Metals.

Metals price performance 2021

On the other end of the spectrum, precious metals simply sunk like a rock last year.

Investors turned to equities, real estate, and even cryptocurrencies to preserve and grow their investments, rather than the traditionally favorable gold (-3.64%) and silver (-11.72%). Platinum and palladium also lagged behind other commodities, only returning -9.64% and -22.21% respectively.

Grains Bring Steady Gains

In a year of over and underperformers, grains kept up their steady track record and notched their fifth year in a row of positive returns.

Both corn and wheat provided double-digit returns, with corn reaching eight-year highs and wheat reaching prices not seen in over nine years. Overall, these two grains followed 2021’s trend of increasing food prices, as the UN Food and Agriculture Organization’s food price index reached a 10-year high, rising by 17.8% over the course of the year.

Grains price performance 2021

As inflation across commodities, assets, and consumer goods surged in 2021, investors will now be keeping a sharp eye for a pullback in 2022. We’ll have to wait and see whether or not the Fed’s plans to increase rates and taper asset purchases will manage to provide price stability in commodities.

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