Oil and gas industry releases updated global sustainability reporting guidance

IPIECA, the American Petroleum Institute (API), and the International Association of Oil & Gas Producers (IOGP) have published a new edition of the Sustainability Reporting Guidance for the Oil and Gas industry, which marks over fifteen years of collaboration between the member companies across the three leading industry associations.

“This Guidance is not only a practical tool for reporting, it enables and enhances engagement with stakeholders across society as we collaboratively navigate the energy transition,” said Gordon Ballard, IOGP Executive Director. “Our industry is well aware of the opportunities and challenges that the future holds. Navigating these successfully is in each company´s interest.”

Updates to the guidance have been applied to six areas of focus: (1) Reporting process, (2) Governance and business ethics, (3) Climate change and energy (4) Environment, (5) Safety, health and security, and (6) Social impacts. Notably, modifications were made to improve reporting of performance indicators related to ‘climate change and energy,” as these areas are of real interest to an investment community increasingly committed to financing innovative, lower-carbon energy paths.

The updated guidance represents the work of more than 80 representatives from 28 oil and gas companies from six continents and an independent external stakeholder panel comprised of experts representing NGOs, investors and investor groups, banks, and expert consultants.

For additional information visit http://www.sustainability-reporting.org/