A Deeper Look About 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 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 is a growing number of oil sustainability California firms that want to enhance their sustainability by means of establishing process to be able to measure performance, manage change and set goals. Sustainability report serves as a vital platform in relaying both the positive as well as the negative performance while capturing data that might influence policy and operations.
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, 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 principles related to gas as well as oil sustainability lies mostly in environmental category including:
Principle 7 – a business must support precautionary approach to the challenges presented by the environment.
Principle 8 – this is focused on promoting better responsibilities for our environment.
Principle 9 – encouraging diffusion as well as development of technologies that are eco-friendly.
When talking about GRI or Global Reporting Initiative, they are basically the leading organization with regards to world oil corp sustainability. GRI is promoting the usage of sustainability reporting as a means for organizations to be more sustainable and at the same time, to contribute to sustainable development. GRI is producing an in-depth sustainability reporting framework that is used widely across the globe 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.