Voluntary approaches to increasing transparent and accountable management of natural resources wealth are making sluggish progress, says international aid agency Oxfam. On the eve of the fourth global conference of the Extractive Industry Transparency Initiative (EITI) in Doha, 16-18 February, EITI should be commended for putting in place a strong governance structure, but additional mandatory disclosure rules are needed to make oil, gas and mining industry transparency a true global standard for all countries and companies.
With more than half of the world's poorest people living in countries rich in natural resources, the problems associated with oil, gas and mining booms – increased corruption, conflict and environmental degradation – are pressing concerns for Oxfam and its partners around the world.
"These industries generate billions of dollars per year in poor countries," said Bennett Freeman, Oxfam board member and civil society EITI board member. "The revenues amount to far more than official aid flows and could fund health, education and other essential services, but are often squandered or siphoned off by corrupt elites."
See full Press Release.
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