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Sustainability

Oil and gas sector releases updated guidance on global sustainability reports

03/30/2020 | 14h16
Oil and gas sector releases updated guidance on global sustainability reports
Divulgation Equinor Divulgation Equinor

IPIECA, the American Petroleum Institute (API) and the International Association of Oil and Gas Producers (IOGP) today released the new edition of the "Sustainability Reporting Guide for the Oil and Gas Sector", which marks more than fifteen years collaboration between the member companies of the three main associations in the sector.

 

"The fourth edition of the" Guide to Sustainability Reporting for the Oil and Gas Sector "provides oil and gas companies with a clear framework to demonstrate their important role in the energy transition, reporting on how they manage climate and sustainability impacts and opportunities" , said IPIECA Executive Director Brian Sullivan. "IPIECA encourages all oil and gas companies across the sector to go beyond the reporting of financial data and to disclose their climate, environmental, social and sustainability activities".

 

"The U.S. oil and gas industry is committed to environmental stewardship, safety and strong stakeholder relations," said Mike Sommers, president and CEO of API. "Oil and gas companies were among the first companies to pioneer sustainability reporting. This guidance helps to provide detailed reports on environmental, health, safety, social and economic performance - critical information that helps promote collaboration with a wide range of stakeholders, focused on creating a significant turning point to face the challenge of climate change head-on. "

 

"This Guide is not just a practical tool for reporting, it enables and enhances engagement with society's stakeholders 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. Browsing successfully is in the interest of each company."

 

The guidelines updates were applied to six areas of focus: (1) reporting process, (2) governance and business ethics, (3) climate change and energy (4) environment, (5) property security, health and safety and (6) social impacts. Notably, modifications were made to improve the generation of performance indicator reports related to climate change and energy ", as these areas are of real interest to the investment community, which is increasingly committed to financing innovative and low-carbon energy paths .

 

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

 

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

 

About IPIECA: IPIECA is the global association of the oil and gas industry to improve environmental and social performance. IPIECA brings together a large part of the oil and gas industry throughout the value chain, bringing together the experience of oil and gas companies and associations to develop, share and promote good practices and knowledge.

 

IPIECA is the sector's main channel of involvement with the United Nations. Its unique position allows its members to support the energy transition and contribute to sustainable development.

www.ipieca.org

 

About the API: The API represents all segments of the oil and gas industry. Its more than 600 member companies produce, process and distribute most of the US energy. The API was formed in 1919 as a standards-setting organization. In its first 100 years, API developed more than 700 standards to improve operational and environmental safety, efficiency and sustainability. 

www.api.org

 

About IOGP: The International Association of Oil and Gas Producers (IOGP) is the voice of the global upstream industry. Its members produce 40% of the world's oil and gas. They operate in all producing regions: the Americas, Africa, Europe, the Middle East, the Caspian, Asia and Australia.



Font: T&B Petroleum/Press Office
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