IPIECA, the American Petroleum Institute (API), and the International Association of Oil and Gas Producers (IOGP) released a new edition of the Sustainability Reporting Guidance for the Oil and Gas Industry, marking more than 15 years of collaboration between the member companies across the three associations.
“The fourth edition of the Sustainability Reporting Guidance provides oil and gas companies with a clear framework to demonstrate their important role in the energy transition by reporting on how they manage climate and sustainability impacts and opportunities,” IPIECA Executive Director Brian Sullivan said. “IPIECA encourages all oil and gas businesses across the industry to go beyond reporting on financial data and to also disclose their climate, environmental, social, and sustainability activities.”
Updates to the guidance have been applied to six areas of focus: reporting process; governance and business ethics; climate change and energy; environment; safety, health, and security; and social impacts. Notably, IPIECA said, modifications were made to improve reporting of performance indicators related to climate change and energy because these areas are of interest to an investment community increasingly committed to financing innovative, lower-carbon energy paths.
“The US natural gas and oil industry is committed to environmental stewardship, safety, and strong stakeholder relationships,” said Mike Sommers, API’s president and chief executive officer. “Oil and gas companies were among the first businesses to pioneer sustainability reporting. This guidance helps provide detailed reporting on environmental, health, safety, social, and economic performance—critical information that helps to foster collaboration with a wide range of stakeholders focused on creating a significant turning point in meeting the challenge of climate change head on.”
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 composed of experts representing nongovernmental organizations, investors, banks, and expert consultants.
“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’s 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.”
Find the updated guide here.
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