| 1 | Government of South Africa (sole shareholder) | State | 210 MtCO₂e/yr | 1 | Eskom Holdings SOC Ltd (100%) |
| 2 | Government of India (President of India) | State | 167 MtCO₂e/yr | 1 | NTPC Ltd (51.1%) |
| 3 | 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%) |
| 4 | Public Investment Fund (Saudi Arabia sovereign wealth fund) | Sovereign wealth | 157 MtCO₂e/yr | 2 | Saudi Electricity Co (74.3%) · Saudi Arabian Oil Co (16%) |
| 5 | Government of Saudi Arabia (direct) | State | 126 MtCO₂e/yr | 2 | Saudi Arabian Oil Co (82.2%) · Saline Water Conversion Corp Corp (100%) |
| 6 | Government of Iran (sole owner) | State | 116 MtCO₂e/yr | 1 | National Iranian Oil Co (100%) |
| 7 | Government of Taiwan (≈97%) | State | 89.3 MtCO₂e/yr | 1 | Taiwan Power Co (97%) |
| 8 | Kuwait Petroleum Corporation (state holding company) | State | 88.1 MtCO₂e/yr | 1 | Kuwait Oil Company Ltd (100%) |
| 9 | Government of Iraq (sole authority) | State | 84.4 MtCO₂e/yr | 1 | Ministry of Electricity (Iraq) (100%) |
| 10 | Gazprom Energoholding (Gazprom subsidiary) | State | 68.5 MtCO₂e/yr | 2 | OGK-2 PJSC (77.9%) · Mosenergo PJSC (53.5%) |
| 11 | Government of Indonesia (sole shareholder) | State | 60.5 MtCO₂e/yr | 2 | PT PLN (Persero) (100%) · PT Pertamina (Persero) PT (100%) |
| 12 | Government of Mexico (sole shareholder) | State | 58.4 MtCO₂e/yr | 1 | Comisión Federal de Electricidad EPE (100%) |
| 13 | Government of Kuwait (sole authority) | State | 54.2 MtCO₂e/yr | 1 | Ministry of Electricity and Water and Renewable Energy (Kuwait) (100%) |
| 14 | State-owned Assets Supervision and Administration Commission (SASAC) | State | 47.1 MtCO₂e/yr | 1 | China National Petroleum Corp (100%) |
| 15 | MSEB Holding Company Ltd (Government of Maharashtra) | State | 42.8 MtCO₂e/yr | 1 | Maharashtra State Power Generation Co Ltd (100%) |
| 16 | Government of Venezuela (sole shareholder) | State | 40.3 MtCO₂e/yr | 1 | Petróleos de Venezuela SA (100%) |
| 17 | China National Petroleum Corporation (SASAC) | State | 39 MtCO₂e/yr | 1 | PetroChina Co Ltd (80.3%) |
| 18 | PGE Polska Grupa Energetyczna SA (majority Polish state) | State | 36.1 MtCO₂e/yr | 1 | PGE Górnictwo i Energetyka Konwencjonalna SA (100%) |
| 19 | Government of Thailand (sole shareholder, via Ministry of Finance) | State | 35.2 MtCO₂e/yr | 1 | Electricity Generating Authority of Thailand (100%) |
| 20 | Government of Algeria (sole shareholder) | State | 34.8 MtCO₂e/yr | 1 | Sonatrach SpA (100%) |
| 21 | Ansteel Group Corporation (SASAC, central state) | State | 34.1 MtCO₂e/yr | 1 | Angang Steel Co Ltd (67.3%) |
| 22 | Government of Turkmenistan (sole authority) | State | 32.9 MtCO₂e/yr | 1 | Turkmenenergo (100%) |
| 23 | Government of Andhra Pradesh (sole shareholder) | State | 31.8 MtCO₂e/yr | 1 | Andhra Pradesh Power Development Co Ltd (100%) |
| 24 | Government of Uttar Pradesh (via UPPCL) | State | 29.7 MtCO₂e/yr | 1 | U.P. Rajya Vidyut Utpadan Nigam Ltd (100%) |
| 25 | Government of Rajasthan (sole shareholder) | State | 28.3 MtCO₂e/yr | 1 | Rajasthan Rajya Vidyut Utpadan Nigam Ltd (100%) |
| 26 | Sonelgaz (wholly owned by the Government of Algeria) | State | 28.1 MtCO₂e/yr | 1 | Société Algérienne de Production de l'Electricité SpA (100%) |
| 27 | Government of Abu Dhabi (sole shareholder) | State | 28.1 MtCO₂e/yr | 1 | Abu Dhabi National Oil Co (100%) |
| 28 | 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%) |
| 29 | China National Offshore Oil Corporation (CNOOC Group, SASAC) | State | 21.5 MtCO₂e/yr | 1 | CNOOC Ltd (64.4%) |
| 30 | Rosneftegaz (state) | State | 17.4 MtCO₂e/yr | 1 | Inter RAO – Electric Power Generation JSC (27.6%) |
| 31 | Baotou Iron and Steel (Group) Company (Inner Mongolia SASAC) | State | 14.1 MtCO₂e/yr | 1 | Inner Mongolia BaoTou Steel Union Co Ltd (50%) |
| 32 | Cassa Depositi e Prestiti (state-controlled bank) | State | 13.9 MtCO₂e/yr | 1 | Eni SpA (28.5%) |
| 33 | Magang (Group) Holding Co., Ltd. (controlled by China Baowu, SASAC) | State | 13.3 MtCO₂e/yr | 1 | Maanshan Iron & Steel Co Ltd (45.5%) |
| 34 | Saudi Aramco | State | 12.8 MtCO₂e/yr | 1 | Saudi Electricity Co (6.9%) |
| 35 | City of Moscow (Department of City Property) | State | 8.4 MtCO₂e/yr | 1 | Mosenergo PJSC (26.5%) |
| 36 | FSK EES (Federal Grid, state) | State | 5.4 MtCO₂e/yr | 1 | Inter RAO – Electric Power Generation JSC (8.6%) |
| 37 | National Pension Service of Korea | Sovereign wealth | 4.9 MtCO₂e/yr | 1 | POSCO Holdings Inc (6.7%) |
| 38 | Employees Provident Fund (Malaysia) | State | 2.5 MtCO₂e/yr | 1 | Malakoff Corporation Bhd (9%) |
| 39 | Italian Ministry of Economy and Finance (MEF, direct) | State | 2.1 MtCO₂e/yr | 1 | Eni SpA (4.3%) |