In 2020, a major petroleum refining company hired Barr to support its ESG performance reporting according to the frameworks from the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB). Our initial work included a review and comparison of the company’s 2019 ESG metrics against the GRI and SASB reporting requirements, identification of gaps, and recommendations for filling the gaps.
To identify gaps within the SASB standard, Barr reviewed the client’s reporting against the requirements of SASB’s Oil and Gas Sector (midstream) standard. This standard addresses environmental, social, and governance topics including greenhouse gas emissions, ecological impacts, competitive behavior, operation safety, and emergency and preparedness response.
For the GRI standard, we provided advice on reporting of the GRI water and effluents metrics and reviewed SASB and GRI reporting by 15 North American midstream companies to help the client benchmark its ESG reporting.
Barr provided technical guidance with respect to definitions, interpretations, and reporting of a several ESG metrics, including land disturbances, protected areas, biodiversity, land restoration, and recovered spills. Barr also recommended incorporating ESG reporting requirements from the International Petroleum Industry Environmental Conservation Association (IPECA) in several areas to complement SASB reporting and to address gaps in areas where SASB guidance was lacking or weak. Barr identified and highlighted peer companies’ ESG best practices for consideration in future ESG reporting.
Ongoing support includes ESG workflow process development and documentation and development of an ESG management system framework.