Energy extractives industry sees guidelines updated in wake of BP disasterApril 2012
New non-financial reporting guidance for the oil and gas industry has been produced by the Global Reporting Initiative (GRI).
Designed for companies at various stages of the oil, gas and petrochemicals value chain, from exploration and extraction to transportation and sale, the guidance covers a range of CSR issues, including environmental management, health and safety, and emergency preparedness.
One of the GRI's many Sector Supplements, the advice deals with issues specific to the industry, such as renewable energy, ecosystem risks, indigenous communities and site decommissioning. The aim, according to the GRI, is to make sustainability reporting 'more relevant' for an industry undergoing a 'huge transition'.
The guidance has been drawn up in response to the BP Gulf of Mexico disaster in 2010. The GRI said the increased attention the incident has drawn to the sector "has meant greater awareness of the environmental and social effects of offshore and onshore oil and gas activity, and higher expectations of transparency and accountability by companies".
Glenn Kramer, reporting director at the US-based Hess Corporation, which helped draw up the guidance, said: "Sustainability performance has become increasingly important for companies in this sector. We have an environmental, social and ethical responsibility to be transparent about disclosing our activities.
"The GRI framework, and in particular, the new Oil and Gas Sector Supplement, helps us understand the information needs of stakeholders, and is one of the key mechanisms for driving corporate sustainable policy development and decision making.
"Being transparent and providing full disclosure on the issues that matter to stakeholders has the added benefit of enhancing our credibility and reputation."
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