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Home / news / New sustainability reporting standard for oil and gas launched by GRI

New sustainability reporting standard for oil and gas launched by GRI

A new sustainability reporting standard for oil and gas has been launched by GRI  Tweet This!, to enable complete disclosure on complex transparency demands facing the sector and help companies show  accountability for their impacts and how they are transitioning to a low-carbon future.

The GRI Sector Standard for Oil and Gas (into effect for reporting from 1 January 2023, with early adoption encouraged) focuses on the sector’s most pressing sustainability challenges, including how companies’ decisions and actions address widespread stakeholder concerns about their climate change related impacts.

GRI’s first Sector Standard applies to any organisation involved in oil and gas exploration, development, extraction, storage, transportation or refinement. Among others, it:

  • Guides reporting across 22 most likely material topics, which include climate adaptation, resilience and transition, site closure and rehabilitation, biodiversity, the rights of indigenous peoples, anti-corruption, water and waste.
  • Ensures comprehensive disclosure on greenhouse gas emissions, both direct (Scope 1 and 2) and indirect emissions caused by the end-use of products (Scope 3).
  • Reflects authoritative expectations for responsible business, including the Extractive Industries Transparency Initiative (EITI) and Task Force on Climate-Related Financial Disclosures (TCFD).
  • Has multi-stakeholder and global legitimacy, with development led by an expert group representative of business, investors, civil society, mediating and labour institutions.

Mia D’Adhemar, Senior Manager, GRI Sector Program, said:

“The urgent need to quicken the transition to a low-carbon economy, and mitigate the effects of climate change, is clear for all to see. By committing to transparency through the GRI Sector Standard, oil and gas organizations can demonstrate that they want to be a part of the solution, highlighting the business case for change.

Providing a comprehensive reporting standard for any oil and gas companies to fully disclose their impacts on the economy, the environment and people, the Sector Standard gets to the heart of the issues that matter most. It will deliver the transparency that stakeholders are demanding, in order to assess sustainability impacts and performance  across the sector.”

Brian Sullivan, Executive Director of IPIECA (International Petroleum Industry Environmental Conservation Association), said:

“GRI has long been helping companies to advance their sustainability reporting and communicate their impacts on key issues, and IPIECA has enjoyed a constructive relationship over many years. Our members are committed to sustainability reporting, with many using the GRI Standards to guide the development of their reports. IPIECA welcomes GRI efforts to support the oil and gas industry to effectively communicate with stakeholders, as well as to harmonise disclosure expectations with other frameworks.”

 Charlotte Hugman, Leading Research, Decarbonisation and Energy Transformation, World Benchmarking Alliance (WBA), said:

“The World Benchmarking Alliance welcomes our ally, GRI’s new Oil and Gas Sector Standard, as a major step forward in increasing transparency and disclosure by companies in the sector. More information on how companies will achieve a just and an equitable low carbon transition will enable the WBA Climate and Energy Benchmark to measure progress and hold companies to account.”

Alexandra Russell, Chief Risk Officer for Sasol, the global integrated energy company – and a member of the working group that developed the new Standard – added:

“For Sasol, having just launched its new emission reduction targets, the Sector Standard for Oil and Gas is an important tool through which Sasol is able to position its insights as it transitions, with focused stakeholder engagement where it truly matters. As we progress along the journey, the GRI Standard also allows us and other industry players to re-evaluate data in the context of the identified drivers of change.”

A free GRI webinar – Introducing the new Oil and Gas Sector Standard – will take place on 20 October, for which places can now be reserved.

 

 

80% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.


 

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By registering for the next FBRH GRI Standards Certified, IEMA & CIM recognised course you will be taking the first step in gaining the many benefits of sustainability reporting.

Most importantly, you will gain the knowledge to use the GRI Standards, project manage your own first-class sustainability report and:

  • Identify your most important impacts on the Environment, Economy and Society
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References:

This article is based on published information by GRI. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the publication’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://www.globalreporting.org/about-gri/news-center/oil-and-gas-transparency-standard-for-the-low-carbon-transition/