S&P, Merco Spotlight ESG Leaders in Mexico

Multinational companies operating in Mexico are increasingly integrating ESG practices, as reflected in S&P Global’s Sustainability Yearbook 2026 and Merco ESG Mexico rankings, highlighting both technical performance and stakeholder perception. Key sectors affected include beverages, real estate, mining, chemicals, banking, and construction, with firms such as FEMSA, Coca-Cola FEMSA, Grupo Bimbo, Cemex, and FIBRAs leading adoption. Strengthening ESG strategies is now critical for regulatory compliance, investor access, and long-term competitiveness, particularly as Mexico’s business environment aligns with global sustainability standards and investor expectations.

Two international rankings have again placed multinationals operating in Mexico under the ESG spotlight: the Sustainability Yearbook 2026 by S&P Global and the Merco ESG Mexico ranking by Merco. While both recognitions assess environmental, social and governance criteria, their methodologies and scope reveal key differences in how companies are evaluated by international investors and local stakeholders.

The Sustainability Yearbook, developed by S&P Global, a provider of financial intelligence solutions across global capital, commodities and automotive markets, is a global annual publication that identifies companies with the strongest sustainability performance worldwide. It recognizes companies within their industries that have demonstrated strengths in corporate sustainability. Yearbook members and distinction levels are selected based on their 2025 Corporate Sustainability Assessment (CSA) Score, calculated against the top-performing company in each industry, with exclusions applied thereafter.

The S&P Global CSA is an annual evaluation of corporate sustainability practices covering more than 12,000 companies worldwide. Its methodology combines general criteria, such as corporate governance, human capital management and risk management, with industry-specific risks and opportunities. The assessment gathers close to 1,000 data points per company through questionnaires tailored to 62 industries, weighing each indicator according to its financial relevance and environmental or social impact under a double materiality approach. The result is a score from 0 to 100 that compares each company exclusively against peers within the same sector.

In the 2026 edition, 17 Mexican companies were recognized as Sustainability Yearbook Members across multiple industries. In a press release, Fomento Economico Mexicano (FEMSA) highlighted its inclusion for the third consecutive year in the Beverages category, achieving its highest score since joining the assessment, with 77/100 in the 2025 CSA, an 11-point increase over the past two years. According to the company, the improvement reflects progress in Supply Chain Management, Energy and Waste Management and Climate Strategy, as well as advances in Biodiversity and Risk Management.

Its subsidiary, Coca-Cola FEMSA, included for the sixth consecutive year, underscored its performance as the largest Coca-Cola bottler globally by sales volume. The recognition was supported by a record 81/100 CSA score, an 11-point increase from the previous year and a 16-point rise over two years. The company reported strong performance in Packaging and Circular Economy, Water Management, Climate Strategy, Ethics, Customer Relations, and Transparency, alongside progress in biodiversity and risk management.

Additionally, Arca Continental, responsible for the production, distribution and commercialization of beverages for The Coca-Cola Company, was included for the fourth consecutive year. “This result reflects FEMSA’s continued progress in integrating sustainability as a strategic pillar of the business, generating positive impacts on its operations, employees, communities and value chain, consolidating us as a company committed to long-term value creation,” said Jessica Ponce de León, Sustainability Director, FEMSA.

Within the Equity Real Estate Investment Trusts (REITs) sector, FIBRA Prologis, Fibra Danhos, Fibra Mty, and Fibra UNO, all affiliated with the Mexican Association of Real Estate Investment Trusts (AMEFIBRA), were recognized. The association said the distinction reinforces the link between sustainability, corporate governance and long-term real estate risk management, aligning Mexico’s listed real estate sector with international standards.

“Being part of this global sustainability honor roll fills us with pride, but above all with gratitude toward a team that understands financial success and positive impact must go hand in hand,” said Jorge Ávalos, President, AMEFIBRA.

According to AMEFIBRA, 100% of affiliated REITs report ESG indicators, 90% have active diversity and inclusion policies and 87% maintain formal sustainability strategies. The sector has expanded renewable energy use and concentrates more than US$1.9 billion in green bonds, strengthening sustainable finance within Mexico’s real estate market. More than 8 million m2 of REIT portfolios hold international certifications such as LEED, EDGE, Green Key and BOMA Best.

Other Mexican companies recognized by S&P Global include Grupo México in metals and mining; ALPEK and Orbia in chemicals; the Mexican Stock Exchange in diversified financial services and capital markets; Grupo Financiero Banorte in banking; Corporación Inmobiliaria Vesta in real estate management and development; GMéxico Transportes and Grupo Traxión in transportation and infrastructure; Grupo Rotoplas in building products; and Kimberly-Clark Mexico in household products.

At the national level, Merco Mexico presented the 13th edition of the Merco ESG Mexico ranking. Unlike the Sustainability Yearbook, which is based primarily on technical indicators and sector comparisons, Merco builds its ranking through surveys of multiple stakeholders,  including executives, analysts, academics, NGOs and consumers, complemented by an evaluation of publicly available corporate information. The outcome reflects both performance and corporate reputation within Mexico.

This edition considered 46,678 surveys, including 1,825 executives, 82 CSR experts, 95 financial analysts, 92 economic and society journalists, 80 government representatives, 79 NGO leaders, 70 union representatives, 71 consumer association representatives, 121 social media managers, and 4,359 citizens (Merco Sociedad). Objective indicators across ESG dimensions were also reviewed, based on information provided by 59 companies.

In a press release, Grupo Bimbo announced it has held the top position for 12 consecutive years. The company said the result reflects a sustainability strategy integrated into its business model and aligned with measurable targets. It has reached 100% water reuse compared to its 2020 baseline, 99% of its packaging is recyclable and more than 500,000ha are managed under regenerative agriculture practices.

In nutrition, 100% of its daily consumption products are free from artificial flavors and colors, and approximately 98% of the portfolio meets or exceeds 3.5 stars under the Health Star Rating system. On the social front, more than 260 Buen Vecino (Good Neighbour) projects benefited over 530,000 people globally, and more than three million bread slices were donated to food banks worldwide.

Another notable achievement was that of Cemex, which ranked fifth, advancing more than 40 positions in two years after placing 45th in 2023 and 15th in 2024. It maintained leadership in the Construction Materials sector and placed in the Top 5 for governance. “This result is the consequence of consistent work across the organization. At Cemex, we embrace sustainability as part of our strategy and daily operations. The progress in Merco shows that when there is continuity, advancements consolidate,” said Carlos Garza Galán, Vice President of Corporate Affairs, Sustainability and Communications, Cemex Mexico.

In descending order, the Top 10 companies in Merco’s ranking were Grupo Bimbo, Grupo Modelo, BBVA, Nestlé, Cemex, FEMSA, Grupo Herdez, Grupo Danone, Google and Heineken Mexico. During the award ceremony, Itzel Torres, Managing Director, Merco Mexico, said the ranking reflects sustained efforts throughout 2025 and emphasized that corporate responsibility should not be viewed as a passing trend but as a permanent element of business management.

ESG Adoption Gains Ground, Gaps Remain

Mexican companies are accelerating the integration of ESG practices. According to EY, 64% of companies in Mexico already have ESG strategies, while 84% of the country’s 100 largest companies by revenue publish sustainability reports, based on KPMG Mexico’s Survey of Sustainability Reporting. 

At the Mexico Sustainability Summit 2026, executives said ESG reporting in Mexico is evolving from a compliance exercise into a governance mechanism linked to capital allocation and supply chain resilience. Alicia Moreno, ESG Director at KPMG Mexico, said reporting reflects governance maturity rather than initiating it. According to the firm’s Panorama in Mexico and Central America 2025, 80% of companies in Mexico and Central America allocate dedicated ESG budgets; in Mexico, 41% of those budgets focus on regulatory compliance and 39% on strengthening disclosure quality. “Ninety percent of executives believe the cost of inaction exceeds the cost of transition,” Moreno said.

Executives agreed that inconsistent data quality, limited digital integration and fragmented governance structures continue to constrain ESG implementation. Still, sustainability reporting is increasingly viewed as a mechanism to reinforce risk management, regulatory alignment and investor confidence in Mexico’s evolving business landscape.