MUMBAI : Asia’s carbon cutting will be critical to the effort to reduce global warming as the region releases more carbon dioxide than the rest of the world combined, S&P Global Ratings said on Monday. The region does have one big policy advantage: Its governments typically control at least one national oil company (NOC).
S&P expects NOCs to set the pace in Asia in slashing carbon emissions, even if this undermines their profits and credit standing. “Asian NOCs will likely find it difficult to transition to an entirely new business model,” said S&P Global Ratings credit analyst Danny Huang.
