APPEA recently joined with the International Petroleum Industry Environmental Conservation Association (IPIECA), the American Petroleum Institute (API) and the International Association of Oil & Gas Producers (IOGP) to endorse the release of the new edition of the Sustainability reporting guidance for the oil and gas industry.
The fourth edition of the Sustainability Reporting Guidance provides oil and gas companies with a clear framework to demonstrate their important role by reporting on how they manage climate and sustainability impacts and opportunities.
Updates to the guidance have been applied to six focus areas:
- Reporting process
- Governance and business ethics
- Climate change and energy
- Environment
- Safety, health and security
- Social impacts.
Notably, modifications were made to improve reporting of performance indicators related to climate change and energy, as these areas are of real interest to an investment community increasingly committed to financing innovative, lower-carbon, energy paths.
The updated guidance represents the work of more than 80 representatives from 28 oil and gas companies from six continents.
The udpate was also supported by an independent external stakeholder panel comprised of experts representing NGOs, investors and investor groups, banks and expert consultants.
