Capital goods
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ESG Development in Capital Goods update

Hope you are doing well. Welcome back to our brief thoughts on ESG.

This week, we come back to our ESG Development Heatmaps updates, focusing this time on the Mexican Capital Goods sector. As we have always done, we focused only on (1) companies listed on the Mexican stock exchanges and (2) the materials publicly disclosed by those companies.


Capital Goods

Source: Publicly available company materials


What can we read from this heatmap?

  1. This year, ALFA and Rotoplas updated their materiality analyses, while Grupo Carso and Sanborns (one of its subsidiaries) published theirs for the first time.
  2. Interceramic and Orbia’s latest materiality analyses were carried out in 2019. We consider it a best practice to update materiality matrices every 2-3 years.
  3. Grupo Carso and Sanborns stopped sharing their contribution to the UN’s SDGs, but significantly improved their GRI reporting in their most recent report (2021 data, published 2022).
  4. ALFA announced that its SBTi targets are in the process of being validated, while one of its subsidiaries, Alpek, already has approved SBTi objectives.


It was a good thing to see new materiality analyses in this sector, bringing it closer to what the rest of the market is doing in terms of sustainability. There is still significant room for improvement though in terms of alignment with international initiatives and KPI/goals setting. Hopefully we will see more of that in the coming year.

I hope you found this interesting. As usual, if there is anything we can help you with, or if there is an ESG topic you would like to know more about, please let us know.




CEO, Miranda ESG

Contacts at Miranda Partners

Damian Fraser
Miranda Partners

Marimar Torreblanca