Developing the Right Set of Sustainability Metrics For Oil And Gas Operations Available to Purchase

An organization's capacity and performance in managing environmental, social, and broader economic issues are increasingly recognized as important contributors to business success. To effectively manage risks, uncertainties and long-term opportunities, managers need the right set of metrics and action plans around these issues. The Global Environmental Management Initiative (GEMI), supported by Golder Associates, recently developed a workbook for selecting and implementing non-financial metrics that are material (Le., relevant and substantive) to advancing business performance. Called the GEMI Metrics NavigatorTM, the workbook outlines a process to help organizations prioritize issues, develop metrics to manage the issues, and assure effectiveness of the metrics system and the sustainability program that it supports. The GEMI Metrics NavigatorTM workbook provides a process for prioritizing issues based on significance of impacts, relevance to business success factors, level of concern to key stakeholders, and an organization's ability to control or influence the issue. It results in a list of high-priority issues that need be proactively managed, as well as other issues that need to be monitored and may become more important in the future. Metrics can then be developed for measuring the organization's capacity, its performance, and the broader societal and business consequences of managing the high-priority issues Examples will be presented on sustainability issues in project planning for oil and gas operations. The GEMI Metrics NavigatorTM will be utilized to determine the alignment of stakeholder issues and business objectives and highlight how the issues can be managed and how a performance measurement system can be developed to ensure operational success.