The results of IPIECA's annual Sustainability reporting survey are now available.
The survey is designed to assess the sustainability reporting practices of IPIECA member companies in terms of format and delivery, governance, process, use of frameworks, and expectations for the future of sustainability reporting. The results provide an overview of current practices, identify widely used performance indicators and emerging trends, allow companies to learn from their peers, and improve industry communication around sustainability issues.
Summary of key findings:
- 89% of respondents use the IPIECA-API-IOGP Sustainability reporting guidance for the oil and gas industry to guide the development of their report.
- 92% of respondents report to or reference the UN Sustainable Development Goals in their reports. 88% of respondents felt that their company’s activities/contributions were most material to SDG 8 (Decent work and economic growth) and 85% to SDG7 (Affordable and clean energy) and SDG13 (Climate action).
- 81% of companies are supplementing their report with additional communications on specific topics (e.g. climate change risks and opportunities).
- The five topics of importance rated as top materiality are:
|For companies||For company investors|
|1. Climate change and energy (89%)||1. Climate change and energy (92%)|
|2. Workforce protection (including health) (69%)||2. Process safety and asset integrity (52%)|
|3. Process safety and asset integrity (54%)||3. Workforce protection (including health) (28%)|
|4. Business ethics and transparency (38%)||4. Business ethics and transparency (28%)|
|5. Human capital/Diversity & Inclusion (23%)||5. Human capital/Diversity & Inclusion (16%)|