EMIA hosted David Manley, Senior Economist, and Patrick Heller, Advisor, of the Natural Resource Governance Institute as part of the Debt & Fiscal Governance Program speakers’ series on March 2 at 10am EST / 3pm GMT.

Messrs. Manley and Heller discussed the risks the energy transition brings for NOCs and governments reliant on oil revenues. The global energy transition from fossil fuels to cleaner energy will profoundly affect the global economy. It will limit how much greenhouse gases oil companies emit, and hopefully avoid catastrophic global warming. This transition will, however, also have a profound effect on state-owned national oil companies (NOCs). NOCs—in which the government is the sole or the dominant shareholder—produce half of the world’s oil and gas, and invest 40% of the capital in the global oil and gas industry.

The event was moderated by Fergus McCormick, Director of Sovereign Research, Emerging Markets Investors Alliance