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As the focus on climate change-related issues continues to grow, environmental, social and corporate governance (ESG) reporting has become a key tool for companies to communicate sustainability risks and opportunities with their stakeholders and investors. The oil and gas industry has been the subject of significant investor and activist interest from an ESG reporting perspective, and this interest is likely to intensify with the recent release of additional and specific ESG reporting guidance for the sector as outlined below. Sustainability Reporting and the GRI Although recent debate has centered around the lack of a consistent and global approach to ESG reporting, the Global Reporting Initiative (GRI) Standards represent one of the most widely accepted guides to current best practices in sustainability reporting. The GRI Standards allow any organization – large or small, public or private, to assess, understand and report on their impacts on the economy, environment and people. The GRI Standards were designed in a modular fashion with the goal of allowing organizations to develop a picture of their material topics, related impacts and how those impacts are managed. The GRI Standards are comprised of three series of Standards: the GRI Universal Standards, the GRI Sector Standards, and […]
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