Top polluters controlled by nations that blocked fossil fuel phaseout, report reveals

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illuminem summarises for you the essential news of the day. Read the full piece on Euronews or enjoy below:

🗞️ Driving the news: A new report from the Carbon Majors dataset reveals that just 32 companies were responsible for 50% of the world’s CO2 emissions in 2024
• Many of these firms, especially state-owned giants from nations like Saudi Arabia, Russia, and China, actively blocked progress on phasing out fossil fuels during COP30
• The report underscores the growing dominance of a few polluters and the urgent need for stronger climate action

🔭 The context: At COP30, despite widespread support from over 90 countries for a roadmap to phase out fossil fuels, mentions of fossil fuels were removed from the final deal, largely due to opposition from top polluters
• This has led experts to call for more aggressive green energy investments and for holding these companies accountable

🌍 Why it matters for the planet: Fossil fuel companies are hindering the transition to clean energy, which is critical to avoiding catastrophic climate impacts
• These companies continue to increase emissions, contributing to rising global temperatures and accelerating environmental degradation
• A phase-out of fossil fuels is now seen as essential to ensuring a sustainable and safe future

⏭️ What’s next: More than 85 countries will gather in Colombia in April for the Global Fossil Fuel Phaseout conference, aiming to create a comprehensive plan for a global transition to clean energy, bypassing the UN process

💬 One quote: “Large emitters are on the wrong side of history.” – Christiana Figueres, former UNFCCC executive secretary

📈 One stat: The top five state-owned emitters were responsible for 18% of global fossil fuel and cement CO2 emissions in 2024

See on illuminem's Data Hub™ the sustainability performance — carbon credit purchases, total emissions, and climate targets of thousands of companies

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