IPIECA, API and IOGP welcome comments on the 2015 update to the second edition of the Oil and gas industry guidance on voluntary sustainability reporting.
The revisions are not intended to effect wholesale changes to the 2010 Guidance, but reflect the evolution of some issues since its publication. The ultimate aim is to ensure the Guidance remains relevant and useful for oil and gas companies and their stakeholders. The updates include:
- Addition of new guidance providing direction on strategic reporting for each of the 12 sustainability issues covered that are prevalent for the industry and likely to be material for oil and gas companies. The intention is to help companies express information that falls outside of KPIs and numerical responses, for example, in relation to climate change mitigation, adaptation and strategy.
- An expanded section on materiality that aims to help companies prioritise material issues together with a new appendix providing practical guidance on implementation of a materiality process.
- Addition of a dedicated issue area on water together with comprehensive updates to two water indicators.
- Alignment of the Social and Economic section with the United Nations Guiding Principles on Business and Human Rights unanimously endorsed by the UN in 2011.
- Upgrade of a range of reporting elements across the three reporting steps (Common, Supplemental and Other) in recognition of the maturing of issues across the industry.
- The updates have been developed through a cross-industry working group of issue experts together with reflections from a panel of independent experts with expertise in sustainability reporting practices relating to the industry.
We welcome comments until 19 December 2014. If you have any questions please contact our Reporting Manager.
- 18 November 2014