Mexico’s Pemex tests limits of investor influence on climate change

At a time when oil production is at historic lows, lenders who want Mexican oil giant Pemex to adapt to climate change are struggling to be heard.

Big oil companies such as BP (BP.L), Royal Dutch Shell (RDSa.L) and Repsol (REP.MC) have begun to build strategies to cut the carbon they emit. But state-owned Petroleos Mexicanos [PEMX.UL], one of the biggest borrowers in emerging markets, is determined to push in the opposite direction, three people in the company and in the government told Reuters.

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