What the EITI stands for

The global ‘Extractive Industries Transparency Initiative’ (EITI) advocates more financial transparency and accountability in the extractive sector.

Founded in 2003, the initiative had its first origins as part of the 2002 Sustainability Summit in Johannesburg, South Africa. It is based on close cooperation between governments, companies and civil societies in more than 50 countries. These countries disclose information on tax payments, licenses, quantities extracted and other important data about the extraction of oil, gas and mineral resources.

The populations of resource-rich countries can particularly benefit by doing so, because where information on revenues is disclosed, there is less mistrust and fewer conflicts – and funds can foster the economic and social development of a country.
The EITI also promotes an informed debate on the policies regarding natural resources and their use by making information available to the public. This enables the citizens of a country to hold those responsible for politics and the economy more accountable.

 

Why is the EITI globally important?
Improved management of public revenues
Improved investment climate
More favourable loans
Control of corruption
Information for and participation of the population