Meghan Hodges
Corporations are responsible for a significant amount of pollution, with just 100 companies being responsible for 71% of global greenhouse gas emissions since 1988. These emissions have largely contributed to climate change, with fossil fuel producers such as ExxonMobil, Shell, BP, and Chevron identified as some of the highest-emitting investor-owned companies. The fashion industry is another major polluter, being the second-biggest industrial polluter and responsible for 10% of global emissions. While individuals can play a role in reducing their carbon footprint, the bulk of responsibility should be placed on corporations and powerful industries to make substantial changes and reduce their emissions.
| Characteristics | Values |
|---|---|
| Number of companies responsible for 71% of global emissions | 100 |
| Number of companies responsible for over 50% of global industrial emissions | 25 |
| Industries responsible for 90% of carbon damage | energy, utilities, transportation, and manufacturing |
| Companies responsible for highest emissions | ExxonMobil, Shell, BP, Chevron, Peabody, and BHP Billiton |
| Companies that have committed to 100% renewable power | Apple, Facebook, Google, and Ikea |
| Companies that have committed to electric or hybrid cars | Volvo |
| Industries responsible for second-highest emissions | fashion |
| Companies that have advocated for cleaner energy | Various |
| Percentage of profits that would be eaten up by damages | 44% |
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What You'll Learn
Fossil fuel companies responsible for 71% of global emissions
A 2017 report by the Carbon Majors Database found that 100 fossil fuel companies have been responsible for 71% of global greenhouse gas emissions since 1988. The report, published by environmental non-profit CDP in collaboration with the Climate Accountability Institute, aimed to improve transparency among fossil fuel producers and help investors understand the emissions associated with their fossil fuel holdings.
The report identified ExxonMobil, Shell, BP, and Chevron as among the highest emitting investor-owned companies since 1988. It also found that more than half of global industrial emissions during this period could be traced to just 25 corporate and state-owned entities. The scale of historical emissions associated with these fossil fuel producers is large enough to have significantly contributed to climate change, according to the report.
If fossil fuel extraction continues at the same rate over the next 28 years as it has since 1988, the report warns that global average temperatures would rise by 4°C by the end of the century. This would likely result in substantial species extinction and global food scarcity risks. To avoid these catastrophic consequences, investors are being urged to move away from fossil fuels and towards clean energy alternatives.
While the CDP report focused specifically on fossil fuel producers, it is important to note that it did not account for all sources of global emissions. For example, deforestation emissions, which represent a significant portion of emissions, were not included in the report. Nonetheless, the findings highlight the critical role of fossil fuel companies in driving climate change and the need for systemic change to reduce carbon emissions.
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ExxonMobil, Shell, BP, Chevron: highest-emitting companies
A 2017 report by The Guardian found that ExxonMobil, Shell, BP, and Chevron are among the highest-emitting investor-owned companies since 1988. These companies, along with 21 others, are responsible for over half of global industrial emissions.
ExxonMobil's oil refineries in the US emit far more lung-damaging soot than similarly-sized facilities operated by rivals. Exxon's Baton Rouge refinery in Louisiana is the nation's top emitter of small particulate matter, averaging 138 pounds per hour. The company has faced criticism for years for its environmental performance and inadequate spending to cut emissions.
Shell, a multinational oil and gas company, disclosed emissions of 1,377 million tonnes of carbon dioxide equivalent in 2020. Its planned emissions from 2018 to 2030 are estimated to account for close to 1.6% of the global 1.5°C carbon budget. Despite its climate pledges, Shell has been accused of greenwashing, with its targets limited to its own 'Net Carbon Footprint' metric. The company has no plans to reduce its oil and gas production by 2030 and intends to grow its fossil gas business by 20%.
BP was responsible for the Deepwater Horizon oil spill in the Gulf of America in 2010, which resulted in the death of 11 workers and the largest spill of oil in the history of marine oil drilling operations. Four million barrels of oil flowed from the damaged well over an 87-day period. BP faced legal consequences and settlements totaling billions of dollars.
Chevron, another American multinational energy company, disclosed emissions of 697 million tonnes of carbon dioxide equivalent in 2019. Its planned emissions from 2018 to 2030 are estimated to account for 1.3% of the global 1.5°C carbon budget. Chevron has set targets to reduce methane emissions and "flaring" in the oil and gas extraction process. However, it currently does not have a 'net-zero' commitment or plans to align its activities with the temperature goals of the Paris Agreement.
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The fashion industry: second-biggest industrial polluter
The fashion industry has an undeniably large environmental footprint. "Fast fashion" in particular, which involves quickly moving from design to stores at a record pace, is a major contributor to the industry's environmental impact.
Fast fashion retailers, such as Zara, Shein, Uniqlo, Forever 21, H&M, Mango, Primark, and Temu, are known for their rapid production cycles and low prices. This business model leads to excessive consumption of resources and the generation of significant waste.
The environmental impact of fast fashion includes the depletion of non-renewable sources, the emission of greenhouse gases, and the use of vast amounts of water and energy. It is the second-largest consumer industry of water, with approximately 700 gallons required to produce one cotton shirt and 2,000 gallons needed for a pair of jeans. The dyeing and finishing processes are also major contributors to water pollution, as the leftover water is often dumped into natural water bodies without proper treatment.
Additionally, the fashion industry relies heavily on synthetic fibres like polyester, nylon, and acrylic, which are non-biodegradable and contribute to microplastic pollution in oceans. It is estimated that 35% of all microplastics found in the ocean come from the laundering of synthetic textiles.
The social impact of fast fashion is also concerning. Developing nations are often chosen for garment production due to cheap labour, tax breaks, and lenient laws and regulations. However, these countries rarely follow environmental regulations, leading to land degradation and air and water pollution. Workers in the fast fashion industry often face unfair wages, with 93% not meeting minimum wage requirements.
To address these issues, consumers are encouraged to embrace "slow fashion," which involves more mindful purchasing, recycling, upcycling, and supporting sustainable fashion brands.
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Green consumerism: a neoliberal solution?
Neoliberalism, introduced in the US and UK in the 1980s by the Reagan and Thatcher administrations, has led to a consumption-focused society. This shift has resulted in a competitive, capitalistic market where individual choices in lifestyle and consumption patterns are driven by the pursuit of maximum personal gain. The belief that increased wealth leads to increased happiness has resulted in a focus on consumption patterns as a means of expressing wealth.
In this neoliberal context, the idea of 'green consumerism' has emerged as a purported solution to environmental issues. Green consumerism refers to the notion that consumers can make ethical, ecological, and healthy choices in the marketplace, such as purchasing fair-trade coffee or recycled toilet paper. However, critics argue that green consumerism is not a viable solution as it reduces complex global issues into simple shopping decisions. It privatizes moral values and promotes the notion that individuals can "have their cake and eat it too" without requiring any sacrifice or significant effort beyond "smarter shopping."
Furthermore, green consumerism often leads to tokenism, where individuals make superficial changes that are symbolic rather than substantive. The proliferation of new consumer choices may even increase total consumption without leading to actual cuts or measurable reductions in environmental harm. Additionally, without trusted intermediaries, certification systems can be co-opted by producers and marketers, rendering them meaningless.
While green consumerism may not be a sufficient solution, it is worth noting that consumers are increasingly expressing a desire for brands that embrace purpose and sustainability. This demand has led to the growth of sustainable product categories, although there is still a gap between consumer intentions and actual purchasing behavior. Nevertheless, green consumerism alone cannot address the environmental impact of corporations, as evidenced by studies showing that a small number of companies are responsible for a significant portion of global emissions.
In conclusion, green consumerism is not a comprehensive neoliberal solution to environmental issues. While it may play a role in raising awareness and encouraging individual action, it does not address the systemic changes needed to hold corporations accountable for their environmental impact and transition to a truly sustainable economy.
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Damages from publicly-owned companies: in the trillions
Corporations are responsible for a significant amount of environmental pollution and damage. A study by economists of nearly 15,000 public companies found that the world's corporations produce so much climate change pollution that if they had to pay damages for it, it could amount to 44% of their profits. This equates to trillions of dollars globally and hundreds of billions for American firms alone.
The study, which analysed carbon pollution from 14,879 firms and compared it to company revenues and profits, revealed the enormous cost of carbon dioxide pollution. While the calculations only represent a fraction of the world's corporations, with many public companies not included and private firms excluded, the results are still significant. Nearly 90% of the calculated damage comes from four industries: energy, utilities, transportation, and materials manufacturing.
The fashion industry, for example, is the second-biggest industrial polluter, responsible for 10% of global emissions. Fast fashion brands, with their affordable prices and overconsumption, have a significant environmental impact. However, it is often working-class consumers who are blamed for their purchasing choices, rather than the companies themselves.
Another study found that just 100 companies, including fossil fuel producers like ExxonMobil, Shell, BP, and Chevron, were responsible for 71% of global emissions since 1988. If fossil fuel extraction continues at the same rate, global temperatures are projected to rise by up to 4°C, leading to potential species extinction and global food scarcity risks.
While companies play a significant role in driving climate change, the responsibility is complex. The intricate nature of modern supply chains makes it challenging for consumers to research the ethical implications of their purchases. Additionally, the tension between short-term profitability and environmental sustainability presents a barrier for companies transitioning to more sustainable practices.
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Frequently asked questions
It is difficult to discern how much total global emissions can be attributed to the top 100 polluting corporations. However, a 2017 study found that 100 fossil fuel and cement producers were responsible for 71% of global industrial greenhouse gas emissions between 1988 and 2015.
Nearly 90% of calculated carbon damage comes from four industries: energy, utilities, transportation, and manufacturing of materials such as steel.
If fossil fuels continue to be extracted at the rate they have been over the past 28 years, it is estimated that the global average temperature will rise by up to 4°C. This will likely result in substantial species extinction and global food scarcity risks.
Corporations can make their products and operations greener and more sustainable by using alternative methods. They can also support the transition to a carbon-free economy by committing to obtaining energy from 100% renewable sources.
