Energy & Science
State Oil Companies Take Their First Ungainly Steps Toward Climate Neutrality
Unlike the other oil majors, nationalized fossil fuel businesses are arms of the state, and therefore can’t bend as far.
Vehicles pass in front of a Petroleos Mexicanos (Pemex) gas station in San Luis Potosi, Mexico, on Tuesday, Jan. 19, 2021.
Photographer: Mauricio Palos/BloombergThis article is for subscribers only.
Petroleos Mexicanos left investors with more questions than answers after it announced in late July that it would be disclosing its greenhouse gas emissions on a more regular basis — then refused to discuss why they’d soared by double-digits from April to June, compared to a year ago.
The moment was awkward to say the least, but analysts also welcomed it as a first wobbly step in a segment of the fossil fuel industry that’s still refining its green marketing strategy.