Secretive national oil companies hold our climate in their hands

State-owned firms such as Saudi Aramco and Gazprom have 90% of known reservesThe businesses controlling the future of the global climate are names most people have never heard of. State-owned companies with rights over the exploitation of national...

Secretive national oil companies hold our climate in their hands

State-owned firms such as Saudi Aramco and Gazprom have 90% of known reserves

The businesses controlling the future of the global climate are names most people have never heard of. State-owned companies with rights over the exploitation of national fossil fuel reserves now account for a majority of oil and gas produced around the world, overtaking publicly listed companies such as ExxonMobil, BP and Shell.

But most of these 71 state-controlled companies – with a few exceptions, such as Norway’s Equinor – are remarkable for their secrecy, their lack of accountability to any but a small cadre of top government officials, and their absence from globally coordinated attempts to tackle the climate emergency.

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