By Juliet Ukanwosu
The Extractives Industry Transparency Initiative (EITI) has launched the 2023 EITI Standard, the fourth edition of the global standard for transparency and good governance of the oil, gas and mining sector.
The amended EITI Standard includes several new and refined provisions covering thematic areas as anti-corruption, energy transition, revenue collection as well as gender, social and environmental issues.
The new provisions are aimed at enabling countries respond to the most pressing challenges that concern natural resource governance. It strengthens EITI disclosures and governance requirements to improve understanding of the impact of the energy transition, address corruption risks, promote gender equity and strengthen revenue collection.
In her foreword to the EITI Standard, EITI Board Chair Rt. Hon Helen Clark stated that it “helps increase the relevance of EITI implementation to countries, and advances open and accountable management of natural resource within a shared responsibility framework across all stakeholders,” according to a statement on the EITI official website.
Extractive360 reports that the EITI Standard was first introduced in 2013, and has been updated at regular intervals to respond to an evolving sector and stakeholder needs. Recent amendments were agreed by the multi-stakeholder EITI Board, made up of representatives from implementing and supporting countries, industry and civil society.
The new EITI Standard was formally adopted at the EITI Member’s Meeting ahead of the 2023 EITI Global Conference, in Dakar, Senegal. Diverse stakeholders from more than 60 countries are attending the conference which began on June 13, to discuss good practices and strategies for implementing the new EITI Standard.
The Standard is designed to promote good governance by enhancing transparency, strengthening accountability and facilitating public debate about the management of natural resources. Since it was first launched 10 years ago, the EITI Standard has established a common set of rules that govern what governments and companies should disclose and when.
The four thematic areas covered in the refined EITI Standard include anti-corruption, where new provisions enhance opportunities for countries and companies to use the EITI platform to identify and address corruption risks in the natural resource sector.
The Standard also has new provisions on energy transition that support disclosures and public debate on the impacts of the energy transition and shedding light on relevant policies, as well as the revenues that countries can expect to receive from their oil, gas and minerals under different market scenarios.
On revenue collection, the refined provisions require more comprehensive and detailed disclosures, which can help countries strengthen their tax base and raise revenues.
There are also very important new provisions regarding gender, social and environmental issues to help ensure that natural resources are managed in the interest of all citizens. The strengthened provisions promote greater diversity in decision-making and disclosures that consider gender, social and environmental issues.