A Guide to Oil Sustainability
Today, gas and oil exploration and production is a top priority and a lot of oil and gas agencies as well as companies are implementing regulations that could further improve the oil sustainability of the industry. While the gas and oil production and exploration isn’t necessarily the most sustainable practice by nature, the practices that the industry implements helps in increasing sustainability with regulations partnered with reporting and tracking.
Among the methods to which gas and oil companies use in tracking their sustainability progress includes voluntary sustainability reporting which is basically an organization report that is providing info on environmental, economic, social as well as governance performance. There’s a growing number of firms in oil sustainability California that would like to enhance their sustainability by way of establishing process to measure performance, manage change and also, set goals. Sustainability report functions as a key platform to relay the negative and the positive performance and while capturing information that might just influence operations and policy.
There are several factors that compose reporting initiatives and these are Global Reporting Initiative, Global Compact and Dow Jones Sustainability Index. Let us have a brief look at the two major reporting structures which is GRI or Global Reporting Initiative and Global Impact.
In the latter, it is providing 10 principles in the subject of labor, human rights, anticorruption, the environment, asking companies to support, enact and embrace set of core values in these said areas. The principles related to gas as well as oil sustainability lies mostly in environmental category including:
Principle 7 – businesses should support precautionary approach to challenges that are presented by the environment.
Principle 8 – this is focused on promoting better responsibilities for our environment.
Principle 9 – encourage the diffusion and development of eco-friendly technologies.
When talking about GRI or Global Reporting Initiative, they are basically the leading organization with regards to world oil corp sustainability. GRI promotes the use of sustainability reporting as a way for organizations to be more sustainable and to contribute to sustainable development at the same time. In order to attain organizational transparency, GRI produced a thorough sustainability reporting framework that is actually used worldwide. The framework sets out both indicators and principles that organizations can utilize in measuring and reporting environmental, economic as well as social performance.
Within the reporting structure that comes from Global Reporting Initiative, there comes a reporting guidance that is available in form of gas and oil sector supplement. This involves extraction, refining, production, exploration and transportation and safe sale as well of oils, gas and petrochemicals and specialized oil service companies to be able to attain oil sustainability worldwide.