Understanding Oil Sustainability
The gas and oil exploration as well as production has now become the world’s top priority and a number of oil and gas agencies and firms are integrating regulations that could improve the industry’s oil sustainability. While gas and oil production and exploration is not necessarily the most ideal practice by nature, this practice that the industry follows helps to grow sustainability with regulations combined with reporting and tracking too.
Among the ways in which gas and oil companies use to track their sustainability progress includes voluntary sustainability reporting; this is basically an organization report that provides information on economic, environmental, social and 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.
The Global Reporting Initiative, Global Compact and Dow Jones Sustainability Index are some of the bodies that compose reporting initiatives. In the next paragraphs, we will be looking at the primary reporting structures namely GRI or Global Reporting Initiative and Global Impact.
In the latter, this provides 10 principles that are focused in subject of labor, human rights, anticorruption, the environment, that inspires companies to enact, embrace and support set of core values in these areas. The related principles to gas as well as oil sustainability mostly lies in environmental category like:
Principle 7 – any business must be able to support the precautionary approach to any challenges that the environment might present.
Principle 8 – undertaking initiatives in an effort to promote environmental responsibilities.
Principle 9 – encourage the diffusion and development of eco-friendly technologies.
When it comes to the topic of world oil corp sustainability, the organization that tops it among everybody is GRI or Global Reporting Initiative. 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 sets out indicators and even principles that organizations could use to measure and report 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.