- A new modular structure enabling faster updates to reflect industry progress on specific topics or important external developments.
- Creation of new ‘key points to address’ that give practical recommendations on developing a report’s narrative. For example, to address new reporting frameworks (such as the UN Sustainable Development Goals), or legislative change (such as modern slavery requirements in some jurisdictions), or increased investor focus on Environment, Social and Governance (ESG) topics.
- Coverage of 21 sustainability issue areas supported by 43 performance indicators – compared to 12 issues and 34 indicators in the 2015 Guidance.
- Each indicator has been updated with two revised tiers of reporting elements, ‘Core’ and ‘Additional’. The Guidance retains 52 elements previously categorized at the Common level, while elevating or adding 72 elements to the new Core level that reflect the extensive range of current sustainability issues that are typically material for all companies to report. A further 194 Additional elements have increased the total number of reporting elements by more than 50% for this update, encouraging companies to improve the breadth and transparency of their reporting.
- As well as new indicators covering governance and strategy, risks and opportunities, lower-carbon technology and methane, the major revisions within the Climate change and energy module incorporate the most recent Ipieca climate change reporting framework and has been informed by the recommendations of the investor driven Task Force on Climate-related Financial Disclosures (TCFD).
- A new module on Governance incorporates guidance on business ethics, to complement the four modules that cover the Reporting process, Environment, Social and Safety, health and security.
Member companies of Ipieca, the global oil and gas industry association for advancing environmental and social issues, the American Petroleum Institute (API), and the International Association of Oil & Gas Producers (IOGP) have been collaborating on this important Guidance since 2005. Much has changed since the last update of this Guidance in 2015.