Some of the world's largest national oil companies NOCs have improved significantly their resilience to oil price slumps in the near future thanks to huge cash flows and profits in the past two years. But many of those companies face challenges in sustainability and ESG metrics due to governance issues, disclosures, and the lack of Scope 3 emission targets.
'Finally, most NOCs are weak on governance and disclosure, with no Scope 3 targets set, and low-carbon businesses still in their infancy. The former is relatively easy to address for those companies that are motivated to do so, but the latter will require concerted effort and considerable resource.
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