Five international oil companies are to help craft new guidance for measuring and disclosing their economic, environmental and social impacts. Amerada Hess (USA), BP (UK), ENI (Italy), Shell (UK) and StatoilHydro (Norway) have come together with GRI to devise guidance on sustainability reporting for all companies in this crucial sector.
Maaike Fleur, Sector Supplements Manager at GRI said: “The Oil and Gas Sector has many companies within it who have a long track record in the practice of sustainability reporting. However the sector has a huge potential impact on the environment and on societies globally, therefore specific additional guidance on what to measure and report on from the developers of the world’s most widely-used sustainability reporting framework is critical.”
Issues the working group is likely to consider will include greenhouse gas emissions, alternative / renewable energy investments, emergency preparedness and response, as well as programs to assist developing countries to manage and invest fossil fuel revenues and how to implement the principles of the Extractive Industries Transparency Initiative.
GRI is hoping that more oil and gas firms will join the working group, which, will also consist of representatives from key stakeholder groups including investors, NGOs, labor organizations and others. Final draft guidance for the sector will be agreed upon by this multi-stakeholder group and then opened up to public consultation.
Find out more about the Oil & Gas Sector Supplement here.