Petróleos Mexicanos (Pemex) ranks third among the oil companies with the highest environmental risks on the planet.
The think tank México Evalúa conducted an analysis of the effectiveness of Pemex’s current corporate responsibility policy against other similar companies, based on a world of more than 12,000 companies spread across 40 industries, based on data from its environmental risk assessor, Sustainanalytics.
The company managed by Octavio Romero Oropeza has a rating of 56.7 for Environmental, Social and Governance (ESG)ESGFor the English acronym), it means that the company faces “severe” risks compared to its peers, such as Italian ENI (25.7) is in the lowest risk segment, while Colombian Ecopetrol (37.3) or Norway’s Equinor (33.4) is placed in
Medium, and only Petrobras (48.2) is rated as severe risk.
The US company Parsley Energy took second place with 57.3 points, outperforming China’s Guanghui Energy with 59.7 points, which corresponds to the sharp level.
These findings indicate flaws in Pemex’s corporate governance. As we have seen, the assessment of ESG indicators will be of increasing relevance and impact in terms of investment,” the NGO warned in the document.
These types of measurements suggest the inclusion of sustainability ratings that will act as a condition for better financing deals, a key issue for Pemex, the world’s most indebted oil company with financial liabilities of more than $113,000 million.
In contrast with a low stakes, Canadian PrairieSky property has a score of 14.5, followed by Canadian Freehold with a score of 19.1. In third place appears the Spanish Repsol with an average risk of 22.4
The scale scales from 0 to more than 40 points, divided into five blocks of 10 points for each parameter (negative, low, medium, high, severe).
President Andres Manuel Lopez Obrador’s government is seeking fuel self-sufficiency by rehabilitating six Pemex refineries, building one in Tabasco, and recently buying one in Houston, Texas, under the banner of “energy supremacy,” over time that has criticized renewable energy.
In Mexico, with 2019 data, about 17,800 deaths will be attributed to poor air quality, according to the Institute for Health Evaluation and Metrics.
The document abounds in the case of the Tula refinery, Hidalgo, one of the nine most polluted districts in the country, with “exceptional conditions and urgent health care for the residents of the area,” according to the Commission’s Health Risks Declaration. Protection against health risks (Cofepris) issued in November 2019.
Subsidiary Pemex Transformación Industrial reported 32% increases in pollutant emissions from 2018 to 2019. In detail, sulfur dioxide emissions rose by 69%.
According to NASA, critical points for sulfur dioxide emissions – the pollutant that causes acid rain and multiple lung diseases – in the country are in the refining and power generation area near Tula, Hidalgo, which contribute to air pollution in nearby areas, including That’s Mexico City
To reverse the impact of Tula, México Evalúa recommended that Pemex fully recognize its environmental obligations by the Board of Directors, achieve alliances with international agencies and organizations, implement the Coker plant and hydrosulfur desulfurization, increase cooperation with the Ministry of Public Education and diagnose donations and contributions in the state of Hidalgo to combat energy poverty in the Tula region .
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