The American Petroleum Institute (API) has launched a new template for oil and gas companies to more consistently report and track greenhouse gas (GHG) indicators.
The move, which follows the release of the organization’s Climate Action Framework in spring, is described by the API as the next step in its efforts to accelerate climate solutions. Developed in consultation with the API’s members, the financial sector, policymakers, industry customers, and other interested parties, the template aims to provide a consistent and uniform set of core GHG indicators to enable greater comparability in climate related reporting, according to the API.
API’s template standardizes the names of indicators, units of measure, and the definitions for reporting boundaries to prompt comparable reporting from one company to another, the organization highlights. The template prompts for data on Scope 1 and Scope 2 GHG emissions and consists of core GHG emissions indicators that companies can voluntarily report publicly. It is also said to include indicators on a company’s efforts to mitigate GHG emissions and a place to indicate a company’s GHG targets and other climate reporting resources, as well as a section where a company can indicate its third-party verification of GHG reporting.
“As an industry of engineers and problem solvers, we measure and track progress in everything we do and aim to share relevant data transparently,” the API’s president and chief executive officer, Mike Sommers, said in an API statement.
“Working with our members, the financial community and throughout the supply chain, this reporting template builds on our robust sustainability efforts and elevates the consistency and comparability needed for tracking climate-related progress from company to company,” he added.
“U.S. natural gas and oil companies were among the first businesses to develop sustainability reporting, and we continue to expand our efforts to reduce emissions to generational lows while delivering affordable and reliable energy,” Sommers went on to say.
The API’s climate action framework was released in March this year. In an API statement back in March, the organization described the project as a robust policy framework of industry and government actions to address the risks of climate change while meeting the world’s long-term energy needs.
The API represents all segments of America’s natural gas and oil industry and has 600 members, which produce, process, and distribute the majority of the nation’s energy, according to the API’s website. The organization was formed in 1919 as a standards-setting organization and has developed more than 700 standards since its inception.
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