First GRI Sector Standard: transparency on oil and gas sector impacts

Oil and gas is a pilot project for the development of GRI Sector Standards. This new addition to the GRI Standards will support organizations in high-impact sectors to The Oil and Gas Sector Standard has been developed by an expert project working group (PWG) appointed by the Global Sustainability Standards Board (GSSB), the independent body responsible for setting the GRI Standards.

Judy Kuszewski, chair of the GSSB, said: “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.

“Our Oil and Gas Sector Standard seeks to provide a framework for any organisation in the sector to disclose their sustainability risks in line with global best practice, responding to the information needs of stakeholders. I would encourage all interested parties to help us achieve this aim by reviewing the exposure draft and providing feedback.”

Alexandra Russell is Vice President of Strategy, Policy and Sustainability for energy company Sasol, and a PWG member. She said: “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. Importantly, the factors that this Standard encourage reporting firms to consider can support them in developing opportunities and a business case for change.”

Matt Jones, Head of Business and Biodiversity, UN Environment Programme World Conservation Monitoring Centre, is also on the PWG. He added: “Responsible businesses should be a powerful force for change in the world. Holding business to account relies on accurate measurement and transparent reporting, using clear and consistent indicators. Every sector is different, so this new GRI Sector Standard aims to make sure oil and gas companies can communicate the right information on the right issues to their stakeholders. This public comment period is a vital opportunity for stakeholders to play a role in shaping the development of this Sector Standard.”

Read the article online at: https://www.worldpipelines.com/regulations-and-standards/08072020/first-gri-sector-standard-transparency-on-oil-and-gas-sector-impacts/