This UCSB and IISD report examines how investors are financially exposed to NOC risks, but this exposure opens avenues for investor influence on NOCs and creates a strong incentive for investors to use such influence. If the world is to meet the goals of the Paris Agreement, NOCs must begin decarbonizing their activities.

This report aims to inform policymakers, investors, and companies on how to align with the goals of the Paris agreement, based on 1.5°C-consistent energy/climate pathways.