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 %
| # | 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 | 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%) |
| 2 | 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%) |
| 3 | 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%) |
| 4 | 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%) |
| 5 | Foreign institutional investors (combined) | Institutional | ≈ 8.5M cars/yr39.2 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | NTPC Ltd (12%) |
| 6 | 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%) |
| 7 | 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%) |
| 8 | 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%) |
| 9 | 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%) |
| 10 | 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%) |
| 11 | 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%) |
| 12 | 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%) |
| 13 | Berkshire Hathaway | Institutional | ≈ 2M cars/yr9.4 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Occidental Petroleum Corp (28%) |
| 14 | Reliance Infrastructure (Anil Ambani group) | Institutional | ≈ 2M cars/yr9 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | Reliance Power Ltd (24%) |
| 15 | 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%) |
| 16 | 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%) |
| 17 | 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%) |
| 18 | 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%) |
| 19 | 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%) |
| 20 | 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%) |
| 21 | 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%) |
| 22 | BlackRock Fund Advisors | Institutional | ≈ 821k cars/yr3.8 Mt = megatonne: one million tonnes of CO₂-equivalent CO₂e/yr | 1 | POSCO Holdings Inc (5.2%) |
| 23 | 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 23 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.