FOLLOW THE MONEY
Who profits from the worst polluters?
Investors ranked by the emissions of what they own.
67 investors aggregated · 2.8 Gt = gigatonne: one billion tonnes of CO₂-equivalent of attributed emissions covered · ≈ 599 million cars/yr
The top 10 investors hold 47% of all listed exposure.
The five largest exposures
Bar length = share of all listed attributed exposure.
An investor with at least one 50 %-or-more stake in a holding. Has decision-making power.
2.4 Gt = gigatonne: one billion tonnes of CO₂-equivalent39 investors · ≥ 50 % stake somewhere
Custodial holdings on behalf of clients: pension funds, index trackers. The investor holds shares, not control.
365 Mt = megatonne: one million tonnes of CO₂-equivalent28 investors · all stakes under 50 %
About this data. Big funds like BlackRock, Vanguard and State Street hold shares on behalf of clients; they don’t run the company. State entities and individual owners with majority stakes do. They are labelled differently.
| # | Investor | Investor category: state-owned, sovereign wealth, institutional (pension/fund), or individual. | Total yearly emissions of every company in this investor's portfolio, weighted by ownership share. | How many polluting companies this investor holds, drawn from public filings and annual reports. | Top holdings |
|---|---|---|---|---|---|
| 1 | Government of South Africa (sole shareholder) | State | ≈ 45.6M cars/yr210 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Eskom Holdings SOC Ltd (100%) |
| 2 | Government of India (President of India) | State | ≈ 36.3M cars/yr167 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | NTPC Ltd (51.1%) |
| 3 | Korea Electric Power Corporation (KEPCO, majority state-owned) | State | ≈ 36M cars/yr166 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 5 | Korea Western Power Co Ltd (100%) · Korea Southern Power Co Ltd (100%) · Korea East-West Power Co Ltd (100%) |
| 4 | Public Investment Fund (Saudi Arabia sovereign wealth fund) | Sovereign wealth | ≈ 34.2M cars/yr157 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 2 | Saudi Electricity Co (74.3%) · Saudi Arabian Oil Co (16%) |
| 5 | Government of Saudi Arabia (direct) | State | ≈ 27.5M cars/yr126 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 2 | Saudi Arabian Oil Co (82.2%) · Saline Water Conversion Corp (100%) |
| 6 | Government of Iran (sole owner) | State | ≈ 25.2M cars/yr116 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | National Iranian Oil Co (100%) |
| 7 | Domestic mutual funds and LIC (combined) | Institutional | ≈ 21.3M cars/yr98.1 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | NTPC Ltd (30%) |
| 8 | Government of Taiwan (≈97%) | State | ≈ 19.4M cars/yr89.3 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Taiwan Power Co (97%) |
| 9 | Kuwait Petroleum Corporation (state holding company) | State | ≈ 19.2M cars/yr88.1 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Kuwait Oil Company Ltd (100%) |
| 10 | Government of Iraq (sole authority) | State | ≈ 18.4M cars/yr84.4 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Ministry of Electricity (Iraq) (100%) |
| 11 | Gazprom Energoholding (Gazprom subsidiary) | State | ≈ 14.9M cars/yr68.5 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 2 | OGK-2 PJSC (77.9%) · Mosenergo PJSC (53.5%) |
| 12 | TEPCO Fuel & Power (subsidiary of TEPCO Holdings) | Institutional | ≈ 13.6M cars/yr62.4 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | JERA Co Inc (50%) |
| 13 | Chubu Electric Power Co., Inc. | Institutional | ≈ 13.6M cars/yr62.4 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | JERA Co Inc (50%) |
| 14 | Government of Indonesia (sole shareholder) | State | ≈ 13.2M cars/yr60.5 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 2 | PT PLN (Persero) (100%) · PT Pertamina (Persero) PT (100%) |
| 15 | Government of Mexico (sole shareholder) | State | ≈ 12.7M cars/yr58.4 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Comisión Federal de Electricidad EPE (100%) |
| 16 | Government of Kuwait (sole authority) | State | ≈ 11.8M cars/yr54.2 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Ministry of Electricity and Water and Renewable Energy (Kuwait) (100%) |
| 17 | Siberian Generating Company (SGK), part of SUEK | Institutional | ≈ 11.7M cars/yr53.6 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Kuzbassenergo JSC (100%) |
| 18 | Adani family promoter holdings (via Adani Enterprises and trusts) | Individual | ≈ 11.5M cars/yr52.7 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Adani Power Ltd (71%) |
| 19 | State-owned Assets Supervision and Administration Commission (SASAC) | State | ≈ 10.2M cars/yr47.1 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | China National Petroleum Corp (100%) |
| 20 | MSEB Holding Company Ltd (Government of Maharashtra) | State | ≈ 9.3M cars/yr42.8 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Maharashtra State Power Generation Co Ltd (100%) |
| 21 | Government of Venezuela (sole shareholder) | State | ≈ 8.8M cars/yr40.3 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Petróleos de Venezuela SA (100%) |
| 22 | Foreign institutional investors (combined) | Institutional | ≈ 8.5M cars/yr39.2 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | NTPC Ltd (12%) |
| 23 | China National Petroleum Corporation (SASAC) | State | ≈ 8.5M cars/yr39 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | PetroChina Co Ltd (80.3%) |
| 24 | PGE Polska Grupa Energetyczna SA (majority Polish state) | State | ≈ 7.9M cars/yr36.1 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | PGE Górnictwo i Energetyka Konwencjonalna SA (100%) |
| 25 | JFE Holdings, Inc. (Tokyo Stock Exchange: 5411.T) | Institutional | ≈ 7.8M cars/yr35.8 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | JFE Steel Corp (100%) |
| 26 | Uniper SE (legal owner, ≈83.7%) — under Russian Federal Property Agency temporary management since 2023 | Institutional | ≈ 7.8M cars/yr35.7 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Unipro PJSC (83.7%) |
| 27 | Government of Thailand (sole shareholder, via Ministry of Finance) | State | ≈ 7.7M cars/yr35.2 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Electricity Generating Authority of Thailand (100%) |
| 28 | RWE AG (Frankfurt: RWE.DE) | Institutional | ≈ 7.7M cars/yr35.2 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | RWE Power AG (100%) |
| 29 | Government of Algeria (sole shareholder) | State | ≈ 7.6M cars/yr34.8 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Sonatrach SpA (100%) |
| 30 | Ansteel Group Corporation (SASAC, central state) | State | ≈ 7.4M cars/yr34.1 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Angang Steel Co Ltd (67.3%) |
| 31 | Government of Turkmenistan (sole authority) | State | ≈ 7.2M cars/yr32.9 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Turkmenenergo (100%) |
| 32 | Government of Andhra Pradesh (sole shareholder) | State | ≈ 6.9M cars/yr31.8 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Andhra Pradesh Power Development Co Ltd (100%) |
| 33 | EP Energy a.s. (subsidiary of EPH, controlled by Daniel Křetínský and Patrik Tkáč) | Institutional | ≈ 6.6M cars/yr30.2 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Lausitz Energie Kraftwerke AG (100%) |
| 34 | Government of Uttar Pradesh (via UPPCL) | State | ≈ 6.5M cars/yr29.7 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | U.P. Rajya Vidyut Utpadan Nigam Ltd (100%) |
| 35 | Government of Rajasthan (sole shareholder) | State | ≈ 6.2M cars/yr28.3 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Rajasthan Rajya Vidyut Utpadan Nigam Ltd (100%) |
| 36 | Sonelgaz (wholly owned by the Government of Algeria) | State | ≈ 6.1M cars/yr28.1 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Société Algérienne de Production de l'Electricité SpA (100%) |
| 37 | Government of Abu Dhabi (sole shareholder) | State | ≈ 6.1M cars/yr28.1 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Abu Dhabi National Oil Co (100%) |
| 38 | Hunan Valin Iron & Steel Group Co., Ltd. (Hunan SASAC majority; ArcelorMittal minority) | State | ≈ 6M cars/yr27.4 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Hunan Valin Lianyuan Iron and Steel Co Ltd (100%) |
| 39 | Naveen Jindal and OP Jindal Group promoter entities | Individual | ≈ 5.3M cars/yr24.5 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Jindal Steel Ltd (60.6%) |
| 40 | China National Offshore Oil Corporation (CNOOC Group, SASAC) | State | ≈ 4.7M cars/yr21.5 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | CNOOC Ltd (64.4%) |
| 41 | Inter RAO Capital (treasury) | Institutional | ≈ 4M cars/yr18.6 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Inter RAO – Electric Power Generation JSC (29.4%) |
| 42 | The Master Trust Bank of Japan (trust accounts) | Institutional | ≈ 4M cars/yr18.6 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 3 | Nippon Steel Corp (14%) · Electric Power Development Co Ltd (15.4%) · Tohoku Electric Power Co Inc (13%) |
| 43 | Rosneftegaz (state) | State | ≈ 3.8M cars/yr17.4 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Inter RAO – Electric Power Generation JSC (27.6%) |
| 44 | JSW Group promoter holdings (Sajjan Jindal family entities) | Individual | ≈ 3.5M cars/yr16 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | JSW Steel Ltd (44.8%) |
| 45 | Baotou Iron and Steel (Group) Company (Inner Mongolia SASAC) | State | ≈ 3.1M cars/yr14.1 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Inner Mongolia BaoTou Steel Union Co Ltd (50%) |
| 46 | Cassa Depositi e Prestiti (state-controlled bank) | State | ≈ 3M cars/yr13.9 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Eni SpA (28.5%) |
| 47 | Magang (Group) Holding Co., Ltd. (controlled by China Baowu, SASAC) | State | ≈ 2.9M cars/yr13.3 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Maanshan Iron & Steel Co Ltd (45.5%) |
| 48 | Saudi Aramco | State | ≈ 2.8M cars/yr12.8 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Saudi Electricity Co (6.9%) |
| 49 | MMC Corporation Berhad | Institutional | ≈ 2.2M cars/yr10.3 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Malakoff Corporation Bhd (37.6%) |
| 50 | Berkshire Hathaway | Institutional | ≈ 2M cars/yr9.4 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Occidental Petroleum Corp (28%) |
| 51 | Vagit Alekperov (founder, beneficial owner via holding structures) | Individual | ≈ 2M cars/yr9 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | LUKOIL PJSC (28.3%) |
| 52 | Reliance Infrastructure (Anil Ambani group) | Institutional | ≈ 2M cars/yr9 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Reliance Power Ltd (24%) |
| 53 | City of Moscow (Department of City Property) | State | ≈ 1.8M cars/yr8.4 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Mosenergo PJSC (26.5%) |
| 54 | Formosa Plastics Corporation | Institutional | ≈ 1.8M cars/yr8.2 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Formosa Petrochemical Corp (26.5%) |
| 55 | Nan Ya Plastics Corporation | Institutional | ≈ 1.7M cars/yr7.7 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Formosa Petrochemical Corp (24.7%) |
| 56 | BlackRock | Institutional | ≈ 1.7M cars/yr7.7 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 3 | Repsol SA (5.4%) · Occidental Petroleum Corp (7.5%) · BP PLC (9%) |
| 57 | Custody Bank of Japan (trust accounts) | Institutional | ≈ 1.6M cars/yr7.4 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 3 | Nippon Steel Corp (6%) · Electric Power Development Co Ltd (5.5%) · Tohoku Electric Power Co Inc (5%) |
| 58 | Formosa Chemicals & Fibre Corporation | Institutional | ≈ 1.6M cars/yr7.2 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Formosa Petrochemical Corp (23.1%) |
| 59 | FSK EES (Federal Grid, state) | State | ≈ 1.2M cars/yr5.4 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Inter RAO – Electric Power Generation JSC (8.6%) |
| 60 | JFE Steel Corporation (Japan) | Institutional | ≈ 1.2M cars/yr5.4 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | JSW Steel Ltd (15%) |
| 61 | National Pension Service of Korea | Sovereign wealth | ≈ 1.1M cars/yr4.9 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | POSCO Holdings Inc (6.7%) |
| 62 | Vanguard Group | Institutional | ≈ 993k cars/yr4.6 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 2 | Occidental Petroleum Corp (9.5%) · BP PLC (5%) |
| 63 | BlackRock Fund Advisors | Institutional | ≈ 821k cars/yr3.8 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | POSCO Holdings Inc (5.2%) |
| 64 | Leonid Fedun (co-founder, beneficial owner) | Individual | ≈ 645k cars/yr3 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | LUKOIL PJSC (9.3%) |
| 65 | Employees Provident Fund (Malaysia) | State | ≈ 536k cars/yr2.5 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Malakoff Corporation Bhd (9%) |
| 66 | Italian Ministry of Economy and Finance (MEF, direct) | State | ≈ 456k cars/yr2.1 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Eni SpA (4.3%) |
| 67 | Sacyr S.A. | Institutional | ≈ 331k cars/yr1.5 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Repsol SA (3.1%) |
Show all 67 investors
About this list
Holding shares in a high-emitting company isn't proof of wrongdoing or control. This page just adds up shareholdings that are already public in annual reports and exchange filings, so you can see who carries the biggest exposure to global emissions.
Attributed emissions = stake % × the company's annual emissions, summed across every holding. Stakes change. Check the linked filings for the latest figures.
Filings via Wikipedia and the annual reports linked on each entity page. Emissions from Climate TRACE (CC BY 4.0). Revenue shown for context, not scored. Revenue known for 48/67.