On October 5, 2021, the Global Reporting Initiative (GRI) revised its Universal Standards on sustainability reporting. GRI is one of several stakeholder-led organizations that publishes voluntary standards for sustainability reporting. Through its standards, GRI seeks to promote standardized environmental, social, and governance reporting by companies and industries to their stakeholders. The revised Universal Standards will incorporate human rights disclosures, which the chair of GRI’s Global Sustainability Standards Board states is designed to increase corporate transparency and address gaps in the disclosure framework.
In addition to revising the Universal Standards, the GRI published GRI 11: Oil and Gas Sector 2021, which is GRI’s first sector-specific reporting standard. According to GRI, the standard addresses a “need for consistent and complete reporting on the complexity of transparency demands facing the sector.”