Trends in Sustainability Reporting Frameworks: A Critical Review of Evolution and Drivers in Fossil Fuel Organisations ^†

Sustainability reporting in the private sector has evolved significantly over the past three decades, moving from ad hoc environmental disclosures to comprehensive frameworks that integrate environmental, social, and governance (ESG) considerations into corporate strategy and stakeholder communication. This paper presents a critical review of the evolution of sustainability-reporting frameworks within the energy sector, examining how global standards have developed in response to changing regulatory landscapes, investor expectations, and corporate accountability demands.

Focusing on key frameworks, including the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), Integrated Reporting (IR), Task Force on Climate-related Financial Disclosures (TCFD), Science Based Targets Initiative (STBi) and the International Sustainability Standards Board (ISSB), the paper explores trends in standard-setting, the push toward harmonisation, and challenges around comparability, materiality, and assurance. The analysis is based on a temporal bracketing on identified published reports and studies on these reporting frameworks. Key impact events are further explored to map the evolution of different reporting frameworks and underpinning drivers within fossil fuel organisations in the Australian Context. Through a comparative analysis, the study highlights how these fossil fuel sector entities have adopted and interpreted sustainability reporting frameworks, organisational differences in reporting practices, and the strategic motivations behind ESG disclosure. The paper concludes by reflecting on the future trajectory of sustainability reporting in the sector and its potential role in accelerating sustainable business transformation and aligning with global sustainability goals.