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ESG Development in Energy and Capital Goods Update

This week, we are sharing our updated ESG Development Heatmaps for the Energy and Capital Goods sectors in Mexico. As in the last heatmap update we published for Mexican FIBRAs, we are focused only on (1) companies listed in the Mexican Stock Exchanges and (2) publicly disclosed materials, assessing the level of maturity these companies have around their ESG strategy and communication. This is what we found:










Capital Goods


What progress can be seen across these sectors?

  1. Energy

a. During 2020 both companies aligned with TCFD and SASB for the first time, and IENOVA aligned with CDP for the first time too.

b. Furthermore, Vista Oil published a materiality analysis and the formal public launch of its ESG strategy (through an annual report and website) for the first time as well.

c. No company has published KPIs for all its material topics.

  1. Capital Goods

a. ALFA published a review of its materiality analysis in 2020. With this, 63% of the sector now has a relatively recent materiality analysis published.

b. No company has published KPIs for all its material topics.

c.There were no new signatories of the UN’s Global Compact as of this year (50% of the sector is a signatory).

Overall, some progress can be seen in these sectors (especially in Energy which is a relatively small sector and the improvement in Vista Oil significantly impacted its results). Additionally, SASB and TCFD reporting adoption seems to be increasing too, while Science Based Targets and CDP adoption clearly continue to be rare. As demand for cleaner energy sources increases, as well as for the level of disclosure on sustainable sourcing and distribution for capital goods, it will be interesting to see how these sectors develop in the coming years.

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

P.S. Ienova formally delisted from the BMV this year. Vista Oil and Gas is now the only publicly traded Energy company in Mexico.

Contacts at Miranda Partners

Damian Fraser
Miranda Partners

Marimar Torreblanca
Miranda ESG