On the same day, Chevron shareholders voted for a substantial reduction in emissions and an investment firm famous for its climate activism secured decisive representation on the Exxon board. It would seem difficult to find a more obvious example of the contradiction of the national energy policy and the neglect of responsibilities with the greatest existential challenge of humanity. But no.
Two months later, Moody’s downgraded Pemex’s debt again, which was already at a speculative level of considerable risk. He put it one notch in the high-risk range and as a primary reason he pointed to the effect on cash flow of the refining bet, an area that left losses of more than 17,000 million dollars in three years.
In addition, the dependence of the government’s assisted breathing of transfers, that is, of the sovereign debt rating. The answer? Disqualify the rating agency, accusing it of a lack of transparency, such as the custom of discrediting the electoral referee when there are no good results at the polls. And of course, claim that there will be no lack of public money to sustain the race to the cliff.
In a very different career, at least 20% of the 2,000 largest publicly traded companies in the world have made some net-zero commitment to greenhouse emissions, with billions of dollars in development investments for that purpose. Close example: Cemex has just reported the investment in Carbon Clean, a modular carbon capture and separation technology company, in accordance with its goal of neutrality by 2050.
It seems that there is not a week in which any automaker announces its goodbye to internal combustion engines to go to electric ones. As early as 2035 in the case of GM, to give an example. However, here the objective is self-sufficiency in gasoline, although we achieve it with imports from the Houston periphery, somehow counted as national, more CO2 into the atmosphere and more poison in the air of our cities, product of obsolete refineries and thermoelectric plants. .
The European Union presents its plan to cut its carbon footprint by 55% this decade: in addition to what we just discussed about tariffs against countries that do not comply with climate commitments, it seeks to remove gasoline and diesel cars from the market in 15 years and impose taxes on aviation fuels.
Here, our government announces that it will compete in the distribution of LP gas: to distribute cylinders and fill tanks on rooftops, when in the first three months of the year the waste from burning natural gas in Pemex’s processes doubled. As a passing, the Ministry of Energy recognizes that we will not reach the commitment of 35% of generation with clean sources by 2024.
On the same day that Moody’s downgraded Pemex’s debt due to its anachronistic and onerous refining appetite, two of the largest climate impact investment funds announced record positions. TPG, up to $ 7 billion from its Rise Climate Fund, to be placed in startups and solutions around the world. Brookfield, 12.5 billion, to establish itself, according to PitchBook, as the largest private equity fund on the matter.