IPIECA’s Climate change reporting framework has been updated to reflect changes to standards in this area including the Task Force on Climate-related Financial Disclosures (TCFD), International Organization for Standardization (ISO 14064) standard on greenhouse gas (GHG) reporting, Global Reporting Initiative/Global Sustainability Standards Board (GRI), and CDP frameworks – all of which are mapped in their latest versions.
IPIECA recognises and is supportive of the need for transparency on issues related to climate change that impact the oil and gas sector. The Climate change reporting framework was first developed in 2016 as an Appendix to the IPIECA, API and IOGP Oil and gas industry guidance on voluntary sustainability reporting (2015), to advance public disclosure of climate-related risks and GHG emissions performance data relevant to our industry in a simple, straightforward and consistent manner.
The framework offers a broad coverage of the issues and provides a consistent reporting methodology that complements IPIECA’s guidance on voluntary sustainability reporting – which itself will be updated for release in 2020. Although it is for each company to develop its own approach to reporting on climate change risks, opportunities and GHG emissions performance, the framework is intended to aid companies in achieving this objective.