Extractive Industries Transparency Initiative | EITI
Extractive Industries Transparency Initiative
The Extractive Industries Transparency Initiative (EITI) is a global standard to promote the open and accountable management of oil, gas and mineral resources. It seeks to address the key governance issues in the extractive sectors. The EITI Standard requires information along the extractive industry value chain from the point of extraction, to how the revenue makes its way through the government, to how it benefits the public. This includes how licenses and contracts are allocated and registered, who are the beneficial owners of those operations, what are the fiscal and legal arrangements, how much is produced, how much is paid, where are the revenues allocated, and what are the outcomes for the economy and the society.
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Website Key Features
EITI Standard
A set of requirements that countries implement to ensure transparency in their extractive sectors.
Beneficial Ownership
Requires disclosure of the real owners of extractive companies to prevent corruption and tax evasion.
Revenue Distribution
Tracks how revenues from natural resources are distributed and used by governments.
Contract Transparency
Encourages the publication of contracts and licenses to ensure fair deals and accountability.
Multi-Stakeholder Groups
Involves government, companies, and civil society in the governance of the extractive sector.
Data Portal
Provides access to a wealth of data on the extractive industries from implementing countries.
Validation
A quality assurance mechanism to assess whether countries are meeting the EITI Standard.
Global Reach
Works with over 50 countries to improve transparency and governance in the extractive sectors.
Policy Influence
Influences global and national policies to promote transparency and accountability in natural resource management.
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Additional information
Headquarters
Oslo, Norway
Membership
Open to all countries rich in natural resources. Companies, civil society organizations, and investors can also support the initiative.
Funding
Supported by a combination of government contributions, private sector funding, and grants from international organizations.
Impact
Has contributed to increased transparency and accountability in the extractive sectors of implementing countries, leading to better governance and more equitable distribution of natural resource revenues.
Awards
Recognized globally for its efforts in promoting transparency and good governance in the extractive industries.
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