| 1 | Korea Electric Power Corporation (KEPCO, majority state-owned) | State | 166 MtCO₂e/yr | 5 | Korea Western Power Co Ltd (100%) · Korea Southern Power Co Ltd (100%) · Korea East-West Power Co Ltd (100%) |
| 2 | The Master Trust Bank of Japan (trust accounts) | Institutional | 18.6 MtCO₂e/yr | 3 | Nippon Steel Corp (14%) · Electric Power Development Co Ltd (15.4%) · Tohoku Electric Power Co Inc (13%) |
| 3 | BlackRock | Institutional | 7.7 MtCO₂e/yr | 3 | Repsol SA (5.4%) · Occidental Petroleum Corp (7.5%) · BP PLC (9%) |
| 4 | Custody Bank of Japan (trust accounts) | Institutional | 7.4 MtCO₂e/yr | 3 | Nippon Steel Corp (6%) · Electric Power Development Co Ltd (5.5%) · Tohoku Electric Power Co Inc (5%) |
| 5 | Public Investment Fund (Saudi Arabia sovereign wealth fund) | Sovereign wealth | 157 MtCO₂e/yr | 2 | Saudi Electricity Co (74.3%) · Saudi Arabian Oil Co (16%) |
| 6 | Government of Saudi Arabia (direct) | State | 126 MtCO₂e/yr | 2 | Saudi Arabian Oil Co (82.2%) · Saline Water Conversion Corp Corp (100%) |
| 7 | Gazprom Energoholding (Gazprom subsidiary) | State | 68.5 MtCO₂e/yr | 2 | OGK-2 PJSC (77.9%) · Mosenergo PJSC (53.5%) |
| 8 | Government of Indonesia (sole shareholder) | State | 60.5 MtCO₂e/yr | 2 | PT PLN (Persero) (100%) · PT Pertamina (Persero) PT (100%) |
| 9 | Vanguard Group | Institutional | 4.6 MtCO₂e/yr | 2 | Occidental Petroleum Corp (9.5%) · BP PLC (5%) |
| 10 | Government of South Africa (sole shareholder) | State | 210 MtCO₂e/yr | 1 | Eskom Holdings SOC Ltd (100%) |
| 11 | Government of India (President of India) | State | 167 MtCO₂e/yr | 1 | NTPC Ltd (51.1%) |
| 12 | Government of Iran (sole owner) | State | 116 MtCO₂e/yr | 1 | National Iranian Oil Co (100%) |
| 13 | Domestic mutual funds and LIC (combined) | Institutional | 98.1 MtCO₂e/yr | 1 | NTPC Ltd (30%) |
| 14 | Government of Taiwan (≈97%) | State | 89.3 MtCO₂e/yr | 1 | Taiwan Power Co (97%) |
| 15 | Kuwait Petroleum Corporation (state holding company) | State | 88.1 MtCO₂e/yr | 1 | Kuwait Oil Company Ltd (100%) |
| 16 | Government of Iraq (sole authority) | State | 84.4 MtCO₂e/yr | 1 | Ministry of Electricity (Iraq) (100%) |
| 17 | TEPCO Fuel & Power (subsidiary of TEPCO Holdings) | Institutional | 62.4 MtCO₂e/yr | 1 | JERA Co Inc (50%) |
| 18 | Chubu Electric Power Co., Inc. | Institutional | 62.4 MtCO₂e/yr | 1 | JERA Co Inc (50%) |
| 19 | Government of Mexico (sole shareholder) | State | 58.4 MtCO₂e/yr | 1 | Comisión Federal de Electricidad EPE (100%) |
| 20 | Government of Kuwait (sole authority) | State | 54.2 MtCO₂e/yr | 1 | Ministry of Electricity and Water and Renewable Energy (Kuwait) (100%) |
| 21 | Siberian Generating Company (SGK), part of SUEK | Institutional | 53.6 MtCO₂e/yr | 1 | Kuzbassenergo JSC (100%) |
| 22 | Adani family promoter holdings (via Adani Enterprises and trusts) | Individual | 52.7 MtCO₂e/yr | 1 | Adani Power Ltd (71%) |
| 23 | State-owned Assets Supervision and Administration Commission (SASAC) | State | 47.1 MtCO₂e/yr | 1 | China National Petroleum Corp (100%) |
| 24 | MSEB Holding Company Ltd (Government of Maharashtra) | State | 42.8 MtCO₂e/yr | 1 | Maharashtra State Power Generation Co Ltd (100%) |
| 25 | Government of Venezuela (sole shareholder) | State | 40.3 MtCO₂e/yr | 1 | Petróleos de Venezuela SA (100%) |
| 26 | Foreign institutional investors (combined) | Institutional | 39.2 MtCO₂e/yr | 1 | NTPC Ltd (12%) |
| 27 | China National Petroleum Corporation (SASAC) | State | 39 MtCO₂e/yr | 1 | PetroChina Co Ltd (80.3%) |
| 28 | PGE Polska Grupa Energetyczna SA (majority Polish state) | State | 36.1 MtCO₂e/yr | 1 | PGE Górnictwo i Energetyka Konwencjonalna SA (100%) |
| 29 | JFE Holdings, Inc. (Tokyo Stock Exchange: 5411.T) | Institutional | 35.8 MtCO₂e/yr | 1 | JFE Steel Corp (100%) |
| 30 | Uniper SE (legal owner, ≈83.7%) — under Russian Federal Property Agency temporary management since 2023 | Institutional | 35.7 MtCO₂e/yr | 1 | Unipro PJSC (83.7%) |
| 31 | Government of Thailand (sole shareholder, via Ministry of Finance) | State | 35.2 MtCO₂e/yr | 1 | Electricity Generating Authority of Thailand (100%) |
| 32 | RWE AG (Frankfurt: RWE.DE) | Institutional | 35.2 MtCO₂e/yr | 1 | RWE Power AG (100%) |
| 33 | Government of Algeria (sole shareholder) | State | 34.8 MtCO₂e/yr | 1 | Sonatrach SpA (100%) |
| 34 | Ansteel Group Corporation (SASAC, central state) | State | 34.1 MtCO₂e/yr | 1 | Angang Steel Co Ltd (67.3%) |
| 35 | Government of Turkmenistan (sole authority) | State | 32.9 MtCO₂e/yr | 1 | Turkmenenergo (100%) |
| 36 | Government of Andhra Pradesh (sole shareholder) | State | 31.8 MtCO₂e/yr | 1 | Andhra Pradesh Power Development Co Ltd (100%) |
| 37 | EP Energy a.s. (subsidiary of EPH, controlled by Daniel Křetínský and Patrik Tkáč) | Institutional | 30.2 MtCO₂e/yr | 1 | Lausitz Energie Kraftwerke AG (100%) |
| 38 | Government of Uttar Pradesh (via UPPCL) | State | 29.7 MtCO₂e/yr | 1 | U.P. Rajya Vidyut Utpadan Nigam Ltd (100%) |
| 39 | Government of Rajasthan (sole shareholder) | State | 28.3 MtCO₂e/yr | 1 | Rajasthan Rajya Vidyut Utpadan Nigam Ltd (100%) |
| 40 | Sonelgaz (wholly owned by the Government of Algeria) | State | 28.1 MtCO₂e/yr | 1 | Société Algérienne de Production de l'Electricité SpA (100%) |
| 41 | Government of Abu Dhabi (sole shareholder) | State | 28.1 MtCO₂e/yr | 1 | Abu Dhabi National Oil Co (100%) |
| 42 | Hunan Valin Iron & Steel Group Co., Ltd. (Hunan SASAC majority; ArcelorMittal minority) | State | 27.4 MtCO₂e/yr | 1 | Hunan Valin Lianyuan Iron and Steel Co Ltd (100%) |
| 43 | Naveen Jindal and OP Jindal Group promoter entities | Individual | 24.5 MtCO₂e/yr | 1 | Jindal Steel Ltd (60.6%) |
| 44 | China National Offshore Oil Corporation (CNOOC Group, SASAC) | State | 21.5 MtCO₂e/yr | 1 | CNOOC Ltd (64.4%) |
| 45 | Inter RAO Capital (treasury) | Institutional | 18.6 MtCO₂e/yr | 1 | Inter RAO – Electric Power Generation JSC (29.4%) |
| 46 | Rosneftegaz (state) | State | 17.4 MtCO₂e/yr | 1 | Inter RAO – Electric Power Generation JSC (27.6%) |
| 47 | JSW Group promoter holdings (Sajjan Jindal family entities) | Individual | 16 MtCO₂e/yr | 1 | JSW Steel Ltd (44.8%) |
| 48 | Baotou Iron and Steel (Group) Company (Inner Mongolia SASAC) | State | 14.1 MtCO₂e/yr | 1 | Inner Mongolia BaoTou Steel Union Co Ltd (50%) |
| 49 | Cassa Depositi e Prestiti (state-controlled bank) | State | 13.9 MtCO₂e/yr | 1 | Eni SpA (28.5%) |
| 50 | Magang (Group) Holding Co., Ltd. (controlled by China Baowu, SASAC) | State | 13.3 MtCO₂e/yr | 1 | Maanshan Iron & Steel Co Ltd (45.5%) |
| 51 | Saudi Aramco | State | 12.8 MtCO₂e/yr | 1 | Saudi Electricity Co (6.9%) |
| 52 | MMC Corporation Berhad | Institutional | 10.3 MtCO₂e/yr | 1 | Malakoff Corporation Bhd (37.6%) |
| 53 | Berkshire Hathaway | Institutional | 9.4 MtCO₂e/yr | 1 | Occidental Petroleum Corp (28%) |
| 54 | Vagit Alekperov (founder, beneficial owner via holding structures) | Individual | 9 MtCO₂e/yr | 1 | LUKOIL PJSC (28.3%) |
| 55 | Reliance Infrastructure (Anil Ambani group) | Institutional | 9 MtCO₂e/yr | 1 | Reliance Power Ltd (24%) |
| 56 | City of Moscow (Department of City Property) | State | 8.4 MtCO₂e/yr | 1 | Mosenergo PJSC (26.5%) |
| 57 | Formosa Plastics Corporation | Institutional | 8.2 MtCO₂e/yr | 1 | Formosa Petrochemical Corp (26.5%) |
| 58 | Nan Ya Plastics Corporation | Institutional | 7.7 MtCO₂e/yr | 1 | Formosa Petrochemical Corp (24.7%) |
| 59 | Formosa Chemicals & Fibre Corporation | Institutional | 7.2 MtCO₂e/yr | 1 | Formosa Petrochemical Corp (23.1%) |
| 60 | FSK EES (Federal Grid, state) | State | 5.4 MtCO₂e/yr | 1 | Inter RAO – Electric Power Generation JSC (8.6%) |
| 61 | JFE Steel Corporation (Japan) | Institutional | 5.4 MtCO₂e/yr | 1 | JSW Steel Ltd (15%) |
| 62 | National Pension Service of Korea | Sovereign wealth | 4.9 MtCO₂e/yr | 1 | POSCO Holdings Inc (6.7%) |
| 63 | BlackRock Fund Advisors | Institutional | 3.8 MtCO₂e/yr | 1 | POSCO Holdings Inc (5.2%) |
| 64 | Leonid Fedun (co-founder, beneficial owner) | Individual | 3 MtCO₂e/yr | 1 | LUKOIL PJSC (9.3%) |
| 65 | Employees Provident Fund (Malaysia) | State | 2.5 MtCO₂e/yr | 1 | Malakoff Corporation Bhd (9%) |
| 66 | Italian Ministry of Economy and Finance (MEF, direct) | State | 2.1 MtCO₂e/yr | 1 | Eni SpA (4.3%) |
| 67 | Sacyr S.A. | Institutional | 1.5 MtCO₂e/yr | 1 | Repsol SA (3.1%) |