Eco-efficiency of CO₂ Emissions in Companies of the S&P/BMV IPC ESG T Index (2019–2024)

Abstract

Eco-efficiency has been consolidated as a strategic approach within corporate sustainability, as it links improvements in environmental performance with the creation of economic value. In this context, it is crucial to empirically assess the relationship between CO₂ emissions reduction and the economic performance of firms listed in sustainability stock indices, given their role as benchmarks of best practices. This study aims to test the postulates of Eco-efficiency Theory through the analysis of the relationship between CO₂ emissions and operating income in the ten most heavily weighted companies of the S&P/BMV IPC ESG T Index of the Mexican Stock Exchange, covering the period 2019–2024. A quantitative and documentary approach was adopted, based on financial and sustainability reports prepared in accordance with the Global Reporting Initiative (GRI) standards. The eco-efficiency formula was applied to derive annual indices, using 2019 as the base year, and the Pearson Correlation Coefficient was employed to test the consistency of the relationship between the variables. The findings confirm that, in 7 out of 8 companies with complete data (87.5%), reductions in CO₂ emissions were accompanied by improvements in operating income, thereby validating the core propositions of Eco-efficiency Theory. This research provides robust empirical evidence in the Latin American context and underscores the necessity of incorporating environmental indicators into the evaluation of corporate performance, contributing to the ongoing debate on the compatibility between sustainability and business competitiveness.