MEXICO CITY, March 25 (Reuters) - Mexican state energy company Pemex hopes to access financing at more favorable rates with a sustainability plan laying out its commitments to bring down emissions, the company's chief financial officer said Monday.

Bond investors, which hold the vast majority of Pemex's financial debt, totaling more than $100 billion, have long considered the company a laggard in a global race to transition from fossil fuels to renewable energy sources.

"Attention to the ESG (environmental, social and governance) agenda has undoubtedly been a part of the issues that our financial counterparts and our stakeholders have asked us to observe," Chief Financial Officer Carlos Cortez said.

"Addressing these issues would give us access to increasingly restricted sources of financing and, to the extent that we qualify, we could access financing at more favorable conditions."

The plan comes as financing options are drying up for the world's most indebted energy company.

This year alone, Pemex is set to receive government support worth some 145 billion pesos ($8.70 billion) to meet its debt obligations. It has also been given tax cuts.

Pemex seeks to reduce methane emissions 30% by 2030 from a 2020 baseline, the sustainability plan states. In addition, it plans to reduce routine gas flaring to 2% this year, and to zero by 2030.

It was not clear how much the company would need to spend to reach these goals and others to meet its net-zero ambition by 2050.

Over the past decade, Mexico has declared hundreds of millions of dollars in spending on fossil fuel infrastructure at and state electricity utility CFE as expenditure to address climate change and promote energy transition.

Last week, Reuters reported that Pemex put off urgent repairs and maintenance at an important offshore platform for months, resulting in methane spewing into the atmosphere.

($1 = 16.6671 Mexican pesos)

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https://www.reuters.com/business/energy/mexicos-pemex-bids-more-favorable-financing-rates-with-sustainability-plan-2024-03-25/