Carbon Giants: Exploring the Top 100 Industrial CO2 Emitters in the EU

We analyze emissions and associated damages from the top 100 industrial CO2 emitters in the EU using data from the European Pollutant Release and Transfer Register, the EU Transaction Log, population grids, and regional information. These top emitters account for 19% of total EU CO2 emissions, 39% of industrial CO2 emissions, as well as a third of industrial SOx and NOx emissions, and a significant share of industrial PM10 emissions. In 2017, monetized damages of hazardous co-pollutants range from 20 to 67 billion Euros, and combined co-pollutant and climate damages amount to between 92 and 260 billion Euros. The top 100 alone would exhaust the EU's carbon budget in a few decades. The joint climate and co-pollutant damages of a significant number of the top 100 exceed the economic value generated by the entire industry sector in their respective regions, indicating substantial underregulation. Yet the top 100 received free EU Emissions Trading System permits for 27% of their carbon emissions. Many top emitters are located in densely populated regions, with 3.1% of EU's population living within 10 kilometers of a Carbon Giant. Our analysis reveals the critical importance of addressing major emitters in research and policymaking.