In response to expectations that the oil industry report on climate change issues, the international global oil and gas industry association IPIECA has developed a new Climate Change Reporting Framework.
Proposed as an Appendix to the group’s Oil and gas industry guidance on voluntary sustainability reporting (2015), the framework is aimed at ensuring a consistent approach to the industry’s disclosure.
“IPIECA recognises and is supportive of the need for transparency on issues related to climate change that impact the oil and gas sector,” according to a statement by the group. “We have created this supplementary reporting framework to help facilitate public disclosure of climate-related risks and greenhouse gas emissions performance data relevant to our industry in a simple and straightforward manner. It offers a broad coverage of the issues and provides a consistent reporting methodology that complements IPIECA’s guidance on voluntary sustainability reporting and is broadly aligned with other disclosure frameworks.
IPIECA says it has 40 years of experience and the knowledge from the member companies about how carbon performance and risk can be effectively managed, along with the understanding of stakeholder expectations specific to the oil and gas industry.
The group is calling for public comment on the framework, in order to determine if it meets the needs of stakeholders and investors. Feedback will be accepted until November 11. Responses should be sent to: firstname.lastname@example.org.