API Template for GHG Reporting
API member companies value clear, concise, and comparable GHG reporting. API members are committed to transparency and recognize the importance of climate-related information for performance measurement. After a comprehensive review of existing reporting frameworks and deep engagement with member companies, API is introducing Template 1.0 for GHG Reporting, which will offer consistency, comparability, and clarity of information.
Objective of API Climate-related Reporting Initiative
The objective of the API Climate-related Reporting Initiative is to develop more consistent and comparable reporting of key GHG indicators in a template form for voluntary use by individual companies. This template has been developed to provide common definitions for a core set of GHG indicators to guide individual company reporting and to enhance comparability across company-by-company climate-related reporting. API will continue to evolve the template while also engaging with key stakeholders.
This template builds on existing climate-related reporting frameworks by providing a core set of GHG indicators with standardized names, units, and definitions of the reporting boundaries, including across the value chain of the natural gas and oil industry. The template includes sections on GHG Mitigation and Additional Climate-related Targets and Reporting that provide companies a way to demonstrate GHG emissions reduction activities.
Key benefits of the API template:
- Enhances consistency and comparability across company-by-company climate-related reporting in the natural gas and oil industry.
- Enhances the industry’s ability to engage in policy making and in capital markets by providing a core set of relevant information to stakeholders.
- Works as a complement to other climate-related reporting frameworks and takes into account relevant GHG reporting indicators from these frameworks.
Individual Company Voluntary Use of Template
Reporting to API Template by individual companies is voluntary. It is also expected that individual companies, at their discretion, will continue to report additional GHG emissions and other climate-related indicators in order to meet the principle of completeness for a comprehensive and meaningful company inventory of GHG emissions. The template is meant to offer a core set of GHG indicators that a natural gas and oil company would report, as relevant for those indicators that reflect the individual company’s business assets. Companies with a history of reporting, which is often advanced beyond this core set, will continue to report the wider set of GHG indicators that they have deemed appropriate.
The template draws from existing natural gas and oil company reporting practices, builds on the industry’s own existing guidance for reporting, and takes into account relevant recommended GHG reporting indicators from frameworks external to the natural gas and oil industry.
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