Opportunity NOCs

The report highlights the critical role of national oil companies (NOCs) in the global energy transition, noting they produce half of the world's oil and gas and control two-thirds of reserves. It argues that investors are significantly exposed to NOC risks—through direct ownership, bonds, and banking relationships—and should use this leverage to demand climate disclosures, apply ESG frameworks, and stop financing new oil and gas expansion.

• National oil companies (NOCs) are central to the energy transition's outcome because they produce 50% of global oil and gas and control 66% of global reserves, yet they receive less scrutiny regarding greenhouse gas emissions than international oil companies (IOCs).
• Investors face significant financial and geopolitical exposure to NOCs through various channels, including partial shareholding in companies like Equinor and Petrobras, bond issuances by Pemex and the Abu Dhabi National Oil Company, and holdings in major banks such as JPMorgan Chase, Citi, and Bank of America that provide massive financing to NOCs.
• To reduce risk and encourage decarbonization, investors are urged to demand adherence to climate disclosure requirements, apply ESG frameworks to NOCs, and pressure banks to stop financing new oil and gas expansion projects led by NOCs.

APA

(UCSB),, A. P. M. (. M. M. (n.d.). Opportunity NOCs. International Institute for Sustainable Development. https://www.iisd.org/publications/report/energy-transitions-national-oil-companies

Chicago

(UCSB),, Angela Picciariello,Paasha Mahdavi (UCSB),Greg Muttitt,Matto Mildenberger. Opportunity NOCs. International Institute for Sustainable Development, n.d. https://www.iisd.org/publications/report/energy-transitions-national-oil-companies.

Wikipedia

{{cite report |last1=(UCSB), |first1=Angela Picciariello,Paasha Mahdavi (UCSB),Greg Muttitt,Matto Mildenberger |title=Opportunity NOCs |publisher=International Institute for Sustainable Development |url=https://www.iisd.org/publications/report/energy-transitions-national-oil-companies |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{ucsbndopportunity, author = {(UCSB),, Angela Picciariello,Paasha Mahdavi (UCSB),Greg Muttitt,Matto Mildenberger}, title = {{Opportunity NOCs}}, institution = {International Institute for Sustainable Development}, url = {https://www.iisd.org/publications/report/energy-transitions-national-oil-companies}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }