Mexico’s state energy company Pemex is planning to reduce its emissions and turn into a net-zero company by 2050, starting with a 30% reduction over the next six years.
The target is part of a new sustainability report that Pemex released this week that “establishes the company’s commitment toward ethical and sustainable production, and reinforces Pemex’s role as an agent of change in the nation’s energy sector when it comes to climate action,” according to chief executive Octavio Romero, as quoted by Bloomberg. Pemex is currently the world’s most indebted oil company replacing Brazil’s Petrobras at the top spot. Earlier this month, the company reported a 44% increase in debt to suppliers and contractors alone since October, to reach some $8.2 billion. Total debt is in excess of $100 billion. It is also trying to reverse a prolonged decline in oil production, which as a target stands in contrast with Pemex’s stated goal of reducing emissions unless it invests heavily in carbon capture and other emission-reduction measures that it is doubtful the company could afford at this poin