ESG Strategy Development and Reporting in the Oil & Gas Industry: Enhancing Competitive Advantage and Reducing Liability Through Best Practice Reporting Grounded in Materiality, Data and Transparency – JD Supra

ESG Strategy Development and Reporting in the Oil & Gas Industry: Enhancing Competitive Advantage and Reducing Liability Through Best Practice Reporting Grounded in Materiality, Data and Transparency JD SupraESG Strategy Development and Reporting in the Oil & Gas Industry: Enhancing Competitive Advantage and Reducing Liability Through Best Practice Reporting Grounded in Materiality, Data and Transparency JD SupraESG Strategy Development and Reporting in the Oil & Gas Industry: Enhancing Competitive Advantage and Reducing Liability Through Best Practice Reporting Grounded in Materiality, Data and Transparency JD Supra

[co-author Calvin Lee] Oil and natural gas companies have a reason to be attentive to the importance and claims of ESG programs, as well as disclosures and goals. Although it is expected that companies will pursue such initiatives, the ESG Reporting system in the United States lacks universal, non-voluntary standards to ensure consistent disclosures of potentially relevant information. ESG strategy development and implementation can be risky. Companies are expected communicate their initiatives, goals and potential material risks and opportunities. However, companies can be criticised for failing to meet stakeholder demands for greater transparency on ESG issues. As more attention is placed on ESG issues such as the August 9th report of the United Nations Intergovernmental Panel on Climate Change (IPCC), expectations and scrutiny will only increase. Despite the UN Chief calling the current global state a “codered for humanity”, there are reasonable expectations that deep greenhouse gas emissions cuts could stabilize rising temperatures and prevent a catastrophe. For more information, please see the full Article below.

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