FOLLOW THE MONEY

Who profits from the worst polluters?

Every investor in our shareholder data, ranked by total emissions exposure (stake % × the company's annual emissions, added up across every holding).

67 investors aggregated · 2.8 Gt of attributed emissions covered

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. We label them differently.
Top exposureMost entitiesState-owned exposureInstitutional
#InvestorTypeEmissions exposureEntities heldTop holdings
1Domestic mutual funds and LIC (combined)Institutional98.1 MtCO₂e/yr1NTPC Ltd (30%)
2TEPCO Fuel & Power (subsidiary of TEPCO Holdings)Institutional62.4 MtCO₂e/yr1JERA Co Inc (50%)
3Chubu Electric Power Co., Inc.Institutional62.4 MtCO₂e/yr1JERA Co Inc (50%)
4Siberian Generating Company (SGK), part of SUEKInstitutional53.6 MtCO₂e/yr1Kuzbassenergo JSC (100%)
5Foreign institutional investors (combined)Institutional39.2 MtCO₂e/yr1NTPC Ltd (12%)
6JFE Holdings, Inc. (Tokyo Stock Exchange: 5411.T)Institutional35.8 MtCO₂e/yr1JFE Steel Corp (100%)
7Uniper SE (legal owner, ≈83.7%) — under Russian Federal Property Agency temporary management since 2023Institutional35.7 MtCO₂e/yr1Unipro PJSC (83.7%)
8RWE AG (Frankfurt: RWE.DE)Institutional35.2 MtCO₂e/yr1RWE Power AG (100%)
9EP Energy a.s. (subsidiary of EPH, controlled by Daniel Křetínský and Patrik Tkáč)Institutional30.2 MtCO₂e/yr1Lausitz Energie Kraftwerke AG (100%)
10Inter RAO Capital (treasury)Institutional18.6 MtCO₂e/yr1Inter RAO – Electric Power Generation JSC (29.4%)
11The Master Trust Bank of Japan (trust accounts)Institutional18.6 MtCO₂e/yr3Nippon Steel Corp (14%) · Electric Power Development Co Ltd (15.4%) · Tohoku Electric Power Co Inc (13%)
12MMC Corporation BerhadInstitutional10.3 MtCO₂e/yr1Malakoff Corporation Bhd (37.6%)
13Berkshire HathawayInstitutional9.4 MtCO₂e/yr1Occidental Petroleum Corp (28%)
14Reliance Infrastructure (Anil Ambani group)Institutional9 MtCO₂e/yr1Reliance Power Ltd (24%)
15Formosa Plastics CorporationInstitutional8.2 MtCO₂e/yr1Formosa Petrochemical Corp (26.5%)
16Nan Ya Plastics CorporationInstitutional7.7 MtCO₂e/yr1Formosa Petrochemical Corp (24.7%)
17BlackRockInstitutional7.7 MtCO₂e/yr3Repsol SA (5.4%) · Occidental Petroleum Corp (7.5%) · BP PLC (9%)
18Custody Bank of Japan (trust accounts)Institutional7.4 MtCO₂e/yr3Nippon Steel Corp (6%) · Electric Power Development Co Ltd (5.5%) · Tohoku Electric Power Co Inc (5%)
19Formosa Chemicals & Fibre CorporationInstitutional7.2 MtCO₂e/yr1Formosa Petrochemical Corp (23.1%)
20JFE Steel Corporation (Japan)Institutional5.4 MtCO₂e/yr1JSW Steel Ltd (15%)
21Vanguard GroupInstitutional4.6 MtCO₂e/yr2Occidental Petroleum Corp (9.5%) · BP PLC (5%)
22BlackRock Fund AdvisorsInstitutional3.8 MtCO₂e/yr1POSCO Holdings Inc (5.2%)
23Sacyr S.A.Institutional1.5 MtCO₂e/yr1Repsol SA (3.1%)
Show all 23 investors

Why we publish this

Holding shares in a high-emitting company isn't proof of wrongdoing or control. We just add 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.