166CONCLUSION: THE CLIMATE HEDGEbuy and burn fossil fuels, and it makes governments more likely to deny
or discourage access to them.
Faced with the array of risks and threats posed by climate action, how
might the Gulf states react? Saudi Aramco’s oil market strategy gives a
good indication. One of Aramco’s strengths— and a source of pride— is
the company’s long- term outlook and cautious monetization of Saudi oil.
TABLE 10.1 Current greenhouse gas emittersCompany
Current GHG emissions
(% of global total 2010)Historical emissions
(% of global since 1854)Saudi Aramco 4.3 3.2
Gazprom 3.8 2.2
National Iran Oil 2.4 2.0
Coal India 2.3 1.1
ExxonMobil 1.8 2.5
Pemex 1.7 1.4
PetroChina 1.7 0.7
British Petroleum 1.5 2.5
PD Venezuela 1.4 1.1
Royal Dutch Shell 1.3 2.1
Chevron 1.2 3.5
Abu Dhabi NOC 1.1 0.7
Sonatrach (Algeria) 1.1 0.6
To t a l ( F r a n c e) 1.1 0. 8
Rosneft 1.0 0.2
ConocoPhillips 1.0 1.2
Kuwait Petroleum 0.9 0.7
Petrobras 0.9 0.4
Note: Saudi Aramco tops this list of companies and government entities. Note that Chevron,
the former Standard Oil of California, or Socal, is the no. 1 holder of historic emissions. Socal
was the original concession holder in Saudi Arabia and discovered oil in the kingdom in 1938.
- Majority state- owned companies.
Source: Benoit Mayer and Mikko Rajavuori, “National Fossil Fuel Companies and Climate
Change Mitigation Under International Law,” Syracuse Journal of International Law and Com-
merce. 44 (2016): 55.