Partnership for sustainability
At Chevron, we believe in providing investors and stakeholders with climate-related information that is consistent, comparable and reliable. Our long-standing relationship with Ipieca and alignment with its Sustainability reporting guidance for the oil and gas industry has helped us advance increased transparency through the annual reporting of metrics and performance data. Ipieca’s Sustainability reporting guidance has helped enable consistent and comparable sustainability-related data across the industry and influenced regulatory agency oil and gas sector-specific standards. In its 2022 Sustainability reporting survey, 83% of the surveyed member companies used the guidance to inform the preparation of their sustainability and non-financial reports. This year, Ipieca and Chevron are celebrating key milestones, with 2023 marking the 20th anniversary of Ipieca’s Reporting Working Group and 20 years of voluntary sustainability reporting for Chevron.
Benefits of Ipieca membership
Ipieca members represent around half of global oil and gas sector production. This provides an opportunity for sector collaboration that drives alignment in metrics and reporting across jurisdictions. As a member of the Reporting Working Group, Chevron contributed to developing the Ipieca-WBCSD Sustainable Development Goals Roadmap for the oil and gas sector. The Roadmap identifies how Ipieca, as an industry association, and individual oil and gas companies can work toward a lower-carbon future while striving to contribute to a healthier and more prosperous world aligned with the United Nations 2030 Agenda for Sustainable Development.
In addition to the Reporting Working Group, Chevron subject matter experts participate in various other specialist working groups including Supply Chain, Social Responsibility, Environment and Climate. Active member participation in Ipieca working groups allows for the development and sharing of good practices, knowledge and peer learning. The cross-sector collaboration benefits stakeholders by providing consistency and comparability which strengthens sustainability-related risk management.
Our long-standing relationship with Ipieca and alignment with its Sustainability reporting guidance for the oil and gas industry has helped us advance increased transparency through the annual reporting of metrics and performance data.
Chevron’s approach to reporting
Chevron recognizes the need for balanced and pragmatic reporting that adds value for investors and stakeholders. As an international energy company, we report our environmental, social and governance (ESG) performance through voluntary and mandatory disclosures in applicable jurisdictions, guided by our firmly established Chevron Way value to protect people and the environment. We strive to be transparent and responsive to the financial sector and other stakeholders. As more jurisdictions seek to implement mandatory climate-related reporting, Chevron supports well-designed disclosure of greenhouse gas emissions. We believe that well-designed mandatory disclosures can help showcase the depth and breadth of the sector's voluntary activities.
Thoughtful engagement informs ESG performance measures and metrics for our reports. Chevron engages with investors, customers and other stakeholders on ESG issues to help us learn what matters to them and refine our thinking on which topics to include in our reporting. We benchmark our prior year’s reporting and participate in peer sustainability report reviews to gain insight into emerging ESG issues and reporting trends.
In addition to our annual Corporate Sustainability Report, Chevron publishes climate-focused reports, including the 2022 Methane Report, which addresses a shareholder proposal supported by our Board of Directors, and the 2021 Climate Change Resilience Report, which generally aligns with the Task Force on Climate-Related Financial Disclosures. By engaging with Ipieca, Chevron continues to build on a strong foundation of voluntary reporting and aims to provide investors and stakeholders with information that is consistent, comparable and reliable.