EITI Overview
3.5 billion people live in countries rich in oil, gas and minerals. With good governance the exploitation of these resources can generate large revenues to foster growth and reduce poverty. However when governance is weak, it may result in poverty, corruption, and conflict. The Extractive Industries Transparency Initiative (EITI) aims to strengthen governance by improving transparency and accountability in the extractives sector. The EITI sets a global standard for companies to publish what they pay and for governments to disclose what they receive. more
Nick Thomas, Director of Corporate Affairs in ExxonMobil has written a Letter to the Editor in Financial Times Friday 2 May that emphasizes that ExxonMobil has been a strong supporter of EITI from its very begining. The letter was a response to a Financial Times report on the launch of the PRT report earlier in the week.
On Monday 29 April Transparency International launched its report Promoting Revenue Transparency – 2008 Report on Revenue Transparency of Oil and Gas Companies.
PRESS RELEASE
WASHINGTON DC AND OSLO, 13 APRIL 2008. The Extractive Industries Transparency Initiative (EITI), the global coalition for transparency in the extractive industries, supports the World Bank’s effort to extend transparency in this sector beyond revenues through its new extractive industries initiative.
In an op-ed piece in Financial Times 10 April, Paul Collier and Michael Spence write:
Any international standards for resource extraction must be voluntary. Fortunately, in this area voluntary standards have a good record. The Extractive Industries Transparency Initiative, launched in 2002 as a standard for revenue reporting, has a wide take-up. Standards provide rallying points for reformers and a benchmark for performance and promote competition between governments.
The Second Ministerial Conference of Energy Ministers of Africa, Latin America and the Caribbean (AFROLAC) took place in Cancun, Mexico on the 3 and 4 April 2008. The EITI Chairman Peter Eigen addressed the conference, and talked about the importance of transparency in the extractive industries. The Ministerial Declaration included a commitment to support transparency initiatives in the energy sector.
The Government of Iraq has formally committed to implement the EITI making it the single largest country in terms of proven oil reserves (11% of world’s resources) to do so.
Upcoming events
- 23 May 2008
- 26 May 2008
- 27 May 2008
- 28 May 2008
- 9 June 2008 - 13 June 2008
The EITI Blog
The EITI Blog gathers together ideas about the role of transparency and natural resources in creating economic growth and fighting poverty and corruption. The blog is authored by members of the EITI Secretariat and key stakeholders.
By T. Negbalee Warner
Head of Secretariat, LEITI
Liberia has been one of the most cursed of all resource-rich countries. Despite an abundance of iron ore, diamonds, gold, timber and rubber, Liberia was for fourteen years ravaged by a horrific civil war that disintegrated the nation and brought it near the bottom of the UN's Human Development Index, thanks to corruption and mismanagement of the country's abundant resources which also fuelled the war. When the war ended and general elections were held in 2005, the new present Government led by President Ellen Johnson Sirleaf vowed to ensure national growth and development through better revenue management.
Key Documents
EITI Implementing Countries
Candidate Countries
Compliant Countries
To become Compliant, the country needs to be validated against the Validation Indicators. Since the validation methodology was finalised February 2008, many have already initiated validation.