To make sure we report about the sustainability issues that matter most to our stakeholders, we carry out regular materiality assessments.
2020 brought significant changes through the COVID-19 pandemic and associated economic impacts, as well as global social and political upheaval; for bp there were also significant changes in our new strategy and sustainability frame.
With this context, we updated our view of bp’s material topics in 2020, revisiting steps in our materiality assessment process. This focused on uncovering and identifying new and emerging ESG topics, which were validated through engagement with internal stakeholders, including many environmental and social subject matter experts and presented to the board safety and sustainability committee.
We looked at sustainability frameworks, ratings and standards, as well as relevant regulations across the markets in which we operate. We also reviewed industry trends and media coverage from the past year.
As a result, we identified 19 key issues that are important to bp in 2020 and we mapped them to the key areas of our sustainability frame.
We provide performance data online through our environment, social and governance (ESG) datasheet, aiming to deliver information that is representative of bp’s sustainability performance. We want this information to provide useful context in understanding bp’s progress on its sustainability journey.
The ESG datasheet is complemented by our health, safety and environment charting tool (HSE) charting tool, representing this information in an accessible way.
We are a signatory to the UN Global Compact and continue to support the 10 principles on human rights, labour, environment and anti-corruption. Our support for the principles has been reinforced this year with the adoption of our new purpose and sustainability frame. The UN Global Compact continues to guide our approach and helps us to focus our efforts on shared principles.
We published our communication on progress in November 2020.
The data we report is subject to an internal verification process which includes data reviews by the reporting business and subject matter experts, second line functional and group reviews.
In addition, we asked to subject several key sustainability metrics to assurance, to the internationally recognized ISAE 3000 Standard. You can read more about the scope of Deloitte’s work, including the sustainability metrics in scope of the assurance, on page 93 of the bp Sustainability report 2020.
We also publish a basis of reporting, with more information on each of the key performance indicators assured by Deloitte.