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Data and how we report

We carry out regular materiality research to help focus our reporting. We refer to different frameworks and reporting standards to guide our ‎approach to sustainability and ESG reporting‎

Identifying material sustainability issues

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.

ESG datasheet and HSE charting tool

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.

Reporting standards and frameworks

TCFD
We support the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), which was established by the Financial Stability Board with the aim of improving the reporting of climate-related risks and opportunities
GRI
We report in accordance with the core option of the Global Reporting Initiative (GRI) standards, including the GRI tax standard.
SASB
In 2020 we considered the SASB oil and gas exploration and production standard to inform our disclosures.
UN Global Compact

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. ‎

WEF/IBC Stakeholder Capitalism Metrics
In January 2021 we supported the principles of the WEF/IBC Measuring Stakeholder Capitalism ‎initiative. We are considering how best to identify and reflect the most material core metrics in our ‎reporting.‎
IPIECA
We refer to the IPIECA/API/IOGP sector-specific sustainability reporting guidance for the oil and gas industry. The fourth edition was published in 2020 in conjunction with the American Petroleum Institute (API) and the International Association of Oil & Gas Producers (IOGP).
CDP
We have submitted our CDP climate change 2021 questionnaire. Read more

Assurance

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.

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