The state-owned Pemex is one of the oil companies with the greatest risks to the environment, says the organization México Evalúa. The oil company, which focuses a large part of the federal government’s strategy on energy, has been classified as a severe risk – the largest scale of five possible – compared to its peers, according to an evaluation that takes into account ESG indicators. sustainability (environmental, social and governance).
On a scale from 0 to 59.7 points from Sustainalytics (which rates the sustainability of companies), the national oil company has received 56.7 points, which places it at a maximum risk and above the majority of peer companies.
As an example, the Italian ENI and the Colombian Ecopetrol are at the bottom of the list, with scores of 25.7 and 37.3 points. Pemex is only surpassed by the Chinese Guanghui Energy and the American Parsley Energy, with 59.7 and 57.3, respectively.
“An ESG risk rating higher than 50 points could reflect that the company in question faces severe obstacles at the corporate governance level for the management of environmental, social and / or governance risks”, has described the think thank México Evalúa.
Greenhouse gas emissions are one of the company’s riskiest factors. Pemex Transformación Industrial (Pemex TRI) during 2018 and 2019 increased its carbon dioxide emissions by 32% and sulfur oxides by 69%.
The organization did not find key strategies within Pemex aimed at mitigating increases in greenhouse gas emissions. And the current policy course shows no signs that this issue is being taken as an upcoming priority for the company.
Environmental risk will also become a financial risk for the company, at a time when its debt exceeds 113,000 million dollars and qualifies it as the most indebted oil company in the world.
The trend towards the fight against climate change could leave the oil company at a disadvantage compared to other companies that seek financing or place debt, since environmental risk indicators are already positioned as one of the main factors in which investors are set.
