GRI's sectoral standard on Oil & Gas sector

The GRI is on way to develop the first GRI Sector Standard. GRI had sectoral guidance for the previous version of GRI guidelines, this is the first time that GRI seeking to develop sectoral guidance specific for GRI standards. This is a welcome step and would certainly help several companies come out of dilemma about what to report and what not to. Being a sustainability reporting consultant we strongly support this initiative and hope to see the final guidance document in near future.

The sector targeted would be on fossil fuels specifically on oil and gas as well as coal. It will soon launch a working group and has invited applications from professionals to join the working group. The sector standard shall aim to identify the impacts that the companies operating in the oil & gas and coal sector have on the environment and society and how can these be monitored and report on a transparent as well as consistent basis. As a sustainability reporting consultant we have worked extensively with Oil & Gas sector companies.

This is initiative is part of the recent program launched by GRI in April 2019 that shall assist companies from a particular sector to understand their Impact, monitor the KPIS and transparently report on these issues and challenges that prevail in their sectors. Sustainability consultancy like us are increasingly being reached out to by different companies to assist them on their sustainability journey.

As a starting point the Oil & Gas and coal sector has been selected which is good news for sustainability reporting consultant too as lot of companies from this sector are reporting on their non financial performance. The GRI’s board called the GSSB shall lead the working group. The GSSB is responsible for developing all the standards and related guidance for GRI. GRI does not employ the services of a sustainability consultancy but rather develops these through working groups with diverse expertise which is a better and collaborative approach to develop guidance of such nature. Experts from the oil and gas as well as coal sector can apply to become part of this working group. The applications shall be accepted till fourth of May. As a sustainability consultant these guidance would also provide us with a clear direction on requirements from a sector specific company.

In next few months GRI expects to develop sector specific standards covering issues around global warming/climate change, biodiversity conservation and human rights issues.

The disclosure of Sustainability information in the reports by organizations don’t always and consistently address the important issues of that particular sector. In order to have relevant reporting from a particular sector and also to see positive growth in sustainability it is important that companies realize the sustainability challenges in the industry as well as report them in their sustainability reports. GE3S is a renowned sustainability consultant in the Middle East and Indian Sub-continent having worked with more than 20 companies on sustainability reporting.

GRI is encouraging professionals with skills and expertise in the oil and gas as well as coal sector to come forward and take part in working groups and develop a meaningful and robust sectoral guidance. As a growing sustainability consultancy we call upon individuals to play a part in developing a guidance that will go a long way in ensuring sustainable development for our future generations. Reach out to us for any requirements for a sustainability consultant.

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