Thursday, March 3, 2011
Extractive Industries Transparency Initiative
With Extractive Industries Transparency Initiative (EITI) Paris Conference currently underway. I thought it would be interesting to introduce GlassFroggers to EITI.
EITI helps to set the standard of transparency for the extractive industries, including oil, gas, and minerals. The standard that EITI creates for such companies includes figures such as how much of its revenue goes to the government and how much the government has contributed to that company. EITI operates with the argument that the people have the right know the resource wealth of their country.
EITI started when it realized that there was a disparity or a miscommunication of revenue transparency in many countries around the world. It believes that people show know in regards to resource wealth: how much wealth is generated, where is the wealth going, and is it clear to the citizens where the wealth is directed.
Mongolia, a country with abundance of natural resources needed by China, and Liberia, a country recently taking a turn away from its conflict ridden natural resource curse, both countries are dedicated to improving its governance and development through EITI.
- GlassFrog Blogger Jackel