Pemex Makes a Massive Emissions Reduction Pledge

Mexico’s troubled state energy major Pemex has announced plans to slash its carbon dioxide emissions by 54% over the next six years—perhaps the most ambitious emission-cutting program in the oil industry ever. The company also said it would increase the amount of money it spends on non-oil and gas energy technologies and improving its safety standards, Bloomberg reported, citing Pemex executives during a call with investors, at which the company presented its updated sustainability plan.

“Some investors might need to see concrete steps to achieve the goals stated in order to fully embrace the ESG theme,” an analyst with a New York bank told Bloomberg. “Nevertheless, this starts to open the window of opportunity for those investors with ESG restrictions,” William Snead from Bank Bilbao Vizaya Argentaria said. Earlier this month, Pemex said it would reach net-zero status for its operations by 2050.

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