The International Petroleum Industry Environmental Conservation Association (IPIECA), API and the International Association of Oil & Gas Producers (IOGP) recently released the new edition of the "Sustainability Reporting Guidance for the Oil and Gas Industry," which marks over 15 years of collaboration between the member companies across the three leading industry 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."
"The U.S. natural gas and oil industry is committed to environmental stewardship, safety and strong stakeholder relationships," API President and CEO Mike Sommers said. "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."
"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 the future holds. Navigating these successfully is in each company's interest."
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, modifications were made to improve reporting of performance indicators related to climate change and energy, as these areas are of significant 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, as well as an independent external stakeholder panel composed of experts representing nongovernmental organizations, investors and investor groups, banks and expert consultants.
For more information, visit www.sustainability-reporting.org.
