Proposed reporting standard for oil and gas

123rf.com

This is a pilot project for the development of Global Reporting Initiatives (GRI) sector standards, which will support organisations in high-impact sectors to identify and address their external impacts, empowering engagement with stakeholders and bringing consistency in how sectors report on sustainable development concerns.

The oil and gas sector standard has been developed by an expert project working group (PWG) appointed by the Global Sustainability Standards Board (GSSB), the independent body responsible for setting the GRI Standards.

“The GRI sector programme is about helping organisations to increase transparency by focusing reporting on the sustainability issues that matter most within sectors. For oil and gas companies, responding to concerns about their climate change impacts is at the center of the shared challenges they face," says Judy Kuszewski, chair of the GSSB.

"Our oil and gas sector standard seeks to provide a framework for any organisation in the sector to disclose their sustainability risks in line with global best practice, responding to the information needs of stakeholders. I would encourage all interested parties to help us achieve this aim by reviewing the exposure draft and providing feedback," she said.

“With the momentum to replace fossil fuels ever increasing, oil and gas firms need to expand their focus beyond short-term issues. The GRI Oil and Gas Sector Standard will help such companies provide feedback to their stakeholders on the impacts they continue to have while navigating their role in this energy transition. Importantly, the factors that this standard encourage reporting firms to consider can support them in developing opportunities and a business case for change," said Alexandra Russell, vice president of strategy, policy and sustainability for Sasol, and a PWG member.

The proposed standard is open for public comment for 90 days.