NOCs Not in Global Decarbonization Accelerator Program

PEMEX was excluded from an agreement signed by 50 major global oil companies committing to achieve zero pollutant emissions by the year 2050, according to a report from S&P Global. Companies such as BP, Aramco, Equinor, Eni, ExxonMobil, OMV, among others, are listed as signatories in the framework of COP28.

The agreement is part of the Global Decarbonization Accelerator program launched at the World Climate Summit, focusing on three pillars: future energy systems, such as renewable energy and hydrogen; the fossil fuel sector and emission-intensive industries; and methane.

The President of COP28, Sultan al-Jaber, stated that the commitments were part of their efforts to proactively engage with oil and gas companies during the discussions.

"If we want to accelerate progress across the climate agenda, we must make everyone accountable for climate action," said Jaber. "We all need to focus on reducing emissions and implement a vision to drive climate action and get everyone to act. We need a clear action plan, and I am determined to implement it."

The 50 oil and gas companies participating in the program represent 40% of the global oil production. Other key national oil companies, such as Kuwait Petroleum Corporation, QatarEnergy, Iraq's State Oil Marketing Company, Sinopec, CNOOC, PetroChina, and Iran’s National Oil Company, were not on this list, either. As of June 20 this year, PEMEX has downplayed its participation in three international alliances to reduce CO2 emissions.

According to the Ordinary Session 003 of PEMEX's Sustainability Committee held on June 20 this year, Graciela Belem Romero García, specialist coordinator at the Corporate Finance Directorate, recalled that the company has participated in various global alliances, including the Global Methane Initiative, Carbon Disclosure Project, and the United Nations Global Compact. These three initiatives have specific international collaboration projects for reducing greenhouse gas emissions.

PEMEX's management mentioned that the financial market has shown interest in the company rejoining at least these three alliances, as there is currently no active collaboration with any of them. The importance of performance assessments in managing risks associated with climate change was highlighted, as they contribute to improving the company's reputation in the financial market.