The Abu Dhabi National Oil Company in a Changing World: Navigating the energy transition and safeguarding investors

This case study by the International Institute for Sustainable Development examines the Abu Dhabi National Oil Company (ADNOC) and its role in a Paris-aligned energy transition, focusing on the risks and opportunities for international investors as the company increases its reliance on global equity, bond, and lending markets.

• ADNOC is shifting from being entirely owned by the Emirati government to seeking funding from international equity, bond, and lending markets to support its expansion plans, including the potential sale of USD-denominated bonds.
• The increased openness of ADNOC to international markets exposes investors to geopolitical and climate-related risks, specifically transition risks associated with the global shift toward a low-carbon economy.
• To limit global warming to 1.5°C, existing oil and gas production must decrease by at least 65% by 2050, leaving no room for new expansion; this necessitates the decarbonization of National Oil Companies (NOCs), which control two thirds of global reserves and half of global production.
• International investment in ADNOC is significant, with some international investors holding equity stakes of up to 40% in various subsidiaries of the company.

APA

Gerasimchuk,, N. J. P. (2023). The Abu Dhabi National Oil Company in a Changing World: Navigating the energy transition and safeguarding investors. International Institute for Sustainable Development. https://www.iisd.org/publications/brief/adnoc-navigating-energy-transition-and-safeguarding-investors

Chicago

Gerasimchuk,, Natalie Jones,Angela Picciariello,Ivetta. The Abu Dhabi National Oil Company in a Changing World: Navigating the energy transition and safeguarding investors. International Institute for Sustainable Development, 2023. https://www.iisd.org/publications/brief/adnoc-navigating-energy-transition-and-safeguarding-investors.

Wikipedia

{{cite report |last1=Gerasimchuk, |first1=Natalie Jones,Angela Picciariello,Ivetta |title=The Abu Dhabi National Oil Company in a Changing World: Navigating the energy transition and safeguarding investors |publisher=International Institute for Sustainable Development |date=29 November 2023 |url=https://www.iisd.org/publications/brief/adnoc-navigating-energy-transition-and-safeguarding-investors |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{gerasimchuk2023abu, author = {Gerasimchuk,, Natalie Jones,Angela Picciariello,Ivetta}, title = {{The Abu Dhabi National Oil Company in a Changing World: Navigating the energy transition and safeguarding investors}}, institution = {International Institute for Sustainable Development}, year = {2023}, month = nov, url = {https://www.iisd.org/publications/brief/adnoc-navigating-energy-transition-and-safeguarding-investors}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }