Last year, the oil and gas industry's associations IPIECA and OGP launched the revision of their sustainability reporting guidance for companies in their sector. For me, it highlighted how the most important and interesting stories are hard to capture in any kind of reporting framework.
There is no sector that is going to be subject to massive pressure and forces for change quite like the oil sector.
The recent return of high oil prices – back to the levels that created the shockwaves in the US that did for brands like Hummer – have begun to focus minds once again. Airlines are seeing profits disappear due to those rising costs. And the non–fossil fuel alternative visions have been thrown into confusion by the backlash following the crisis at the Fukushima nuclear plant.
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