Climate change?: Coal India ranks No 1, Adani No 3 in carbon emission worldwide

By Rajiv Shah
In an astonishing revelation, several top Indian companies -- Government of India-owned Coal India, Gujarat's powerful Adani Group, Tata Steel, National Thermal Power Corporation (NTPC), Tata Power, and Steel Authority of India Ltd (SAIL) -- have found their way into top 100 CO2 emitting coal companies worldwide.
A recent high-profile report by Fossil Free Indexes LLC has, in fact, ranked Coal India, a listed company, as the worst carbon emitter in the world with 57.722 gigatons (Gt) of CO2, ranking it No 1. Following Coal India’s carbon dioxide emission is China Shenhua with 36.807 Gt, ranking No 2, and then comes the turn of Adani Group with 25.383 Gt ranking No 3.
As for others, their CO2 emission is Tata Steel, ranking 31st, with an emission of 2.709 Gt; NTPC, ranking 48th, with an emission of 1.740 Gt; Tata Power, ranking 58th, with an emission of 1,062 Gt; and SAIL, ranking 91st, with an amission of 0.307 Gt of CO2.
The report, titled "The Carbon Underground 200TM", identifies the top 100 public coal companies and as many public oil and gas companies globally, ranking them by the potential carbon emissions content of their reported reserves.
As for oil and gas emission, Oil and Natural Gas Commission (ONGC) ranks No 14th worldwide, with a CO2 emission of 2.457 Gt, and Oil India ranks 34th, with an emission of 0.113 Gt.
Pointing towards the danger posed by these 200 listed pubic companies, the report, the report states, "The reserves of these companies total 555 gigatons (Gt) of potential CO2 emissions, almost five times more than can be burned for the world to have an 80% chance of limiting global temperature rise to 2°C (3.6° F)."
The report adds, the CO2 emissions potential of the coal, oil and gas reserves of these "largest public fossil fuel companies continues to grow", despite the "dwindling carbon emissions budget implied by a broad government policy agreement to avoid excessive global warming."
"The trends evidenced in this report demonstrate that reserve growth continues to be the norm for both the oil and gas and the coal sectors as a whole. The 555 Gt CO2 emissions potential estimated to be embedded in the reported reserves of the 200 firms – The Carbon Underground 200 – represents over 400% of the firms’ carbon budget allocation, based on their share of carbon emissions potential of global reserves", the underlines.
According to the report, it "estimates an updated carbon budget based on the only IPCC climate scenario with a future less than 2° C above pre-industrial levels with >66% probability. These estimates broadly confirm growing research on the exposure of public fossil fuel companies, especially those in the coal sector, to potential constraints and revaluation based on stranded assets.
The report further says, "Companies on the list are investable as of January 31, 2015. Subsidiaries with their own exchange listings that report reserves separately from their parent are eligible for inclusion. Companies that publicly trade only a portion of their overall shares are also eligible for inclusion."
It adds, "The rankings are based on calculated carbon emissions data using reserves reported as of October 31, 2014. The ranking are adjusted for company mergers and acquisitions through January 31, 2015."
Pointing towards its methodology, the report says, "Rankings are constructed using a reserves-based methodology with the underlying core data based on 'reported' reserves. Coal reserves are the sum of proven and probable reserves based on the last reported reserves amount by mine.”
It adds, “Reserves are allocated to listed companies based on percentage ownership of individual mines. Oil and gas companies are ranked on proven reserves (1P) net of royalty payments."
The report says, "The Carbon Underground 200 relies on the IPCC Revised 1996 Guidelines for National Greenhouse Gas Inventories as a methodological framework. The calculation of CO2 emission potential requires several conversions to the raw reserves figures."
However, there is a disclaimer in the report: "Fossil Free Indexes LLC and its third-party data providers and licensors do not guarantee the accuracy, completeness, timeliness or availability of the information contained herein".

Comments

Gram sabha as reformer: Mandla’s quiet challenge to the liquor economy

By Raj Kumar Sinha* This year, the Union Ministry of Panchayati Raj is organising a two-day PESA Mahotsav in Visakhapatnam, Andhra Pradesh, on 23–24 December 2025. The event marks the passage of the Panchayats (Extension to Scheduled Areas) Act, 1996 (PESA), enacted by Parliament on 24 December 1996 to establish self-governance in Fifth Schedule areas. Scheduled Areas are those notified by the President of India under Article 244(1) read with the Fifth Schedule of the Constitution, which provides for a distinct framework of governance recognising the autonomy of tribal regions. At present, Fifth Schedule areas exist in ten states: Andhra Pradesh, Chhattisgarh, Gujarat, Himachal Pradesh, Jharkhand, Madhya Pradesh, Maharashtra, Odisha, Rajasthan and Telangana. The PESA Act, 1996 empowers Gram Sabhas—the village assemblies—as the foundation of self-rule in these areas. Among the many powers devolved to them is the authority to take decisions on local matters, including the regulation...

MG-NREGA: A global model still waiting to be fully implemented

By Bharat Dogra When the Mahatma Gandhi National Rural Employment Guarantee Act (MG-NREGA) was introduced in India nearly two decades ago, it drew worldwide attention. The reason was evident. At a time when states across much of the world were retreating from responsibility for livelihoods and welfare, the world’s second most populous country—with nearly two-thirds of its people living in rural or semi-rural areas—committed itself to guaranteeing 100 days of employment a year to its rural population.

Concerns raised over move to rename MGNREGA, critics call it politically motivated

By A Representative Concerns have been raised over the Union government’s reported move to rename the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), with critics describing it as a politically motivated step rather than an administrative reform. They argue that the proposed change undermines the legacy of Mahatma Gandhi and seeks to appropriate credit for a programme whose relevance has been repeatedly demonstrated, particularly during times of crisis.

A comrade in culture and controversy: Yao Wenyuan’s revolutionary legacy

By Harsh Thakor* This year marks two important anniversaries in Chinese revolutionary history—the 20th death anniversary of Yao Wenyuan, and the 50th anniversary of his seminal essay "On the Social Basis of the Lin Biao Anti-Party Clique". These milestones invite reflection on the man whose pen ignited the first sparks of the Great Proletarian Cultural Revolution and whose sharp ideological interventions left an indelible imprint on the political and cultural landscape of socialist China.

Rollback of right to work? VB–GRAM G Bill 'dilutes' statutory employment guarantee

By A Representative The Right to Food Campaign has strongly condemned the passage of the Viksit Bharat – Guarantee for Rozgar and Ajeevika Mission (Gramin) (VB–GRAM G) Bill, 2025, describing it as a major rollback of workers’ rights and a fundamental dilution of the statutory Right to Work guaranteed under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA). In a statement, the Campaign termed the repeal of MGNREGA a “dark day for workers’ rights” and accused the government of converting a legally enforceable, demand-based employment guarantee into a centralised, discretionary welfare scheme.

Swami Vivekananda's views on caste and sexuality were 'painfully' regressive

By Bhaskar Sur* Swami Vivekananda now belongs more to the modern Hindu mythology than reality. It makes a daunting job to discover the real human being who knew unemployment, humiliation of losing a teaching job for 'incompetence', longed in vain for the bliss of a happy conjugal life only to suffer the consequent frustration.

Making rigid distinctions between Indian and foreign 'historically untenable'

By A Representative Oral historian, filmmaker and cultural conservationist Sohail Hashmi has said that everyday practices related to attire, food and architecture in India reflect long histories of interaction and adaptation rather than rigid or exclusionary ideas of identity. He was speaking at a webinar organised by the Indian History Forum (IHF).

India’s Halal economy 'faces an uncertain future' under the new food Bill

By Syed Ali Mujtaba* The proposed Food Safety and Standards (Amendment) Bill, 2025 marks a decisive shift in India’s food regulation landscape by seeking to place Halal certification exclusively under government control while criminalising all private Halal certification bodies. Although the Bill claims to promote “transparency” and “standardisation,” its structure and implications raise serious concerns about religious freedom, economic marginalisation, and the systematic dismantling of a long-established, Muslim-led Halal ecosystem in India.

From jobless to ‘job-loss’ growth: Experts critique gig economy and fintech risks

By A Representative Leading economists and social activists gathered in the capital on Friday to launch the third edition of the State of Finance in India Report 2024-25 , issuing a stark warning that the rapid digitalization of the Indian economy is eroding welfare systems and entrenching "digital dystopia."

Search This Blog