A Deeper Look About Oil Sustainability
As the gas and oil exploration and production becomes a top priority, many of the oil and gas agencies and companies are implementing regulations that can help improve the industry’s oil sustainability. 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 serves as key platform for relaying both the negative and the positive performance and capture information that may 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’s take a quick look at the two main reporting structures, the 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 related principles to gas as well as oil sustainability mostly lies in environmental category like:
Principle 7 – a business must support precautionary approach to the challenges presented by the environment.
Principle 8 – undertaking initiatives to be able to promote better environmental responsibilities.
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. GRI produces in-depth sustainability reporting framework that’s used widely across the world in order to attain organizational transparency. The framework is intended to become principles and indicators that the businesses can use not just for measuring but also, for reporting environmental, economic as well as social performance.
Within the reporting structure of Global Reporting Initiative is a reporting guidance in form of oil and gas 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.