News

Oil, gas and mining projects often yield large amounts of public revenue and can have a material impact on host communities. Transparency on the terms governing these projects can help ensure that natural resources are managed fairly and in the interest of citizens

The latest “Transparency Matters” webinar demonstrated widespread support for contract disclosure. Moderated by Lisa Sachs,

From 1 January 2021, all 55 countries implementing the EITI Standard will be required to publish new and amended contracts, licenses and agreements concluded with extractive companies. Countries are encouraged to publish contracts concluded before that date.  

The requirement to publish new contracts and contract amendments was introduced in the 2019 EITI Standard and represents a major step forward in extractive sector transparency. Many contracts remain unpublished,

On International Anti-Corruption Day, EITI Chair Rt Hon. Helen Clark explains how extractive sector transparency can support achievement of the UN’s Sustainable Development Goals.

With ten years now remaining to achieve the internationally agreed Sustainable Development Goals (SDGs), the UN General Assembly’s decision to hold a Special Session against Corruption in 2021 is a welcome step.

The EITI Secretariat recently received funding from the U.S. Agency for International Development (USAID) to support domestic resource mobilisation (DRM) and EITI implementation in selected countries by supporting work on contract transparency, systematic disclosure and anti-corruption.

The two-year grant of USD 500,000 will be allocated towards programmes aimed at improving data disclosures through government platforms.

Following its second Validation, Afghanistan has made meaningful progress in implementing the EITI Standard. The country has improved its transparency of licenses and contracts, state-owned enterprises and quasi-fiscal expenditures. As a result, Afghanistan’s temporary suspension has been lifted.

EITI Validation will take a new approach, placing more focus on the role of multi-stakeholder groups and on embedding EITI disclosures into existing government and company reporting systems.

At a meeting on 15 October 2020, the EITI Board agreed to introduce a new way of assessing how countries progress towards implementing the EITI Standard.

Statement from Rt Hon. Helen Clark, EITI Board Chair

The transition to a sustainable, decarbonised economy is reshaping the extractive industries. In view of the profound implications of transition for the kinds of data, disclosures, and dialogues required to support accountability and good governance in implementing countries, the EITI Board discussed the role of the EITI in the energy transition at its meeting earlier this week.

The EITI Board has approved Ecuador’s application to join the EITI, making it the 55th implementing country and the 11th in Latin America.

“EITI implementation can underpin the modernisation of Ecuador’s regulatory framework in the extractive sector, and help ensure that the development potential of extractive revenues is realised,” said EITI Board Chair Helen Clark. “We welcome Ecuador as an implementing country and look forward to the EITI promoting transparency, accountability,

The Lundin Foundation has become a supporter of the Extractive Industries Transparency Initiative (EITI), joining over 65 mining and oil and gas companies, commodity traders and financial institutions which support the organisation. Companies contribute to the international management of the EITI and advance its mission, observing the Expectations for EITI supporting companies

The EITI today released new reporting guidelines for companies buying oil, gas and minerals from governments. The guidelines promote a consistent approach to the disclosure of payments to states or to state-owned enterprises.

The scale and economic significance of payments for these commodities make them a matter of public interest. In-kind payments alone make up almost half of total government revenues declared through the EITI – approximately USD 1.2 trillion to date.

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