Transparency on oil and gas sector impacts

A proposed sustainability reporting standard for oil and gas companies identifies climate change as the single biggest challenge facing the sector.

A 90-day public comment period has launched for the draft GRI Oil and Gas Sector Standard, with input invited from around the world. The Standard identifies reporting across the 22 most critical sustainability topics for organisations with oil and gas activities – covering climate change, the environment, health and safety, employment, communities, and governance.

The oil and gas sector is a pilot project for the development of GRI Sector Standards that will support over 40 organisations in high-impact sectors to identify and address their most significant sustainability development impacts.

Judy Kuszewski, Chair of the Global Sustainability Standards Board (GSSB), the independent body responsible for setting the GRI Standards, says: ‘The GRI Sector Programme is about helping organisations to increase transparency by focusing reporting on the sustainability issues that matter most within sectors. For oil and gas companies, responding to concerns about their climate change impacts is at the centre of the shared challenges they face.’

Alexandra Russell, Vice President of Strategy, Policy and Sustainability for energy company Sasol, and a member of PWG, the expert project working group appointed by the GSSB, adds: ‘With the momentum to replace fossil fuels ever increasing, oil and gas firms need to expand their focus beyond short-term issues. The GRI Oil and Gas Sector Standard will help such companies provide feedback to their stakeholders on the impacts they continue to have while navigating their role in this energy transition.