National Iranian Oil Company (NIOC)

As a state-owned, national monopoly, NIOC is under little pressure to disclose financial, governance, risk or emissions information. The company’s lack of transparency makes it impossible to assess its performance in these areas. As companies and many countries increasingly align with the Paris Agreement, they will begin to consider their entire supply chain. With this, companies such as NIOC that are not engaging in a low-carbon transition will face increasing pressure in terms of declining demand for their products.

NIOC does not have any low-carbon business activities to replace its dependency on fossil fuels. There is no evidence it is investing in potential new sources of revenue through research and development (R&D), capital expenditure (CapEx) on low-carbon technologies or other low-carbon initiatives. The company should act on the implications of climate change for its business and develop alternative low-carbon revenue streams.

NIOC has made no low-carbon commitments and has no climate strategy or transition plan.

NIOC has not announced a low-carbon transition plan and does not provide information regarding emissions reduction targets or renewable energy capacities.

There is no evidence that NIOC is taking any steps to reduce emissions or embed climate-related policies, plans or strategy within the company. With the possibility of the sanctions against Iran being lifted, NIOC plans to increase its overall production, which could result in its absolute emissions increasing significantly in the near future.

Due to sanctions against Iran, NIOC’s production has been significantly reduced in recent years, which has also reduced its absolute emissions.

There are no signs that NIOC is engaging with the low-carbon transition. It has no climate strategy or transition plan and is not pursuing new low-carbon business activities. As such, it will not be prepared for the transition to a low-carbon economy.