Extractive Industries Transparency Initiative, Phase IV

Many resource-rich developing countries fail to realize the full development potential of their natural resources. This is especially the case for countries that have significant extractive industries - oil, gas, and mineral resources.

The reasons for this shortfall are varied, but a poor overall governance environment is often a common factor. The availability of natural resources presents numerous opportunities for private gain and can generate corruption especially when accountability mechanisms are weak. As a result, development outcomes for these countries have been discouraging.

The EITI improves the transparent and accountable management of natural resources and thereby government and companies’ governance systems and the investment climate in order to spur growth and reduce poverty. The main instrument to achieve this objective is a set of requirements, the EITI Standard, implementing countries have to adhere to. The EITI requires the disclosure of information along the extractive industry value chain, from licensing to extraction, to how revenue makes its way through to government, to how it contributes to the economy and wider society. In doing so, the EITI strengthens public and corporate governance, promotes transparent and accountable natural resource management, and provides data that informs debate and reform in the extractive sector in view of improving the investment climate and ultimately enhancing growth and reducing poverty.

Timely and accurate information on key aspects of a country's natural resource management

Publication of relevant data

Dissemination of relevant data

Credible engagement of the stakeholders in the national multi-stakeholder group

Stronger public and corporate governance

Transparent and accountable natural resource management

Expected results:  

Training and support to EITI implementing countries

Outreach to potential candidate countries

EITI Board and Chair support

Relationship management with stakeholders

Organization of the Global Conference

Communication products

Validation of EITI implementing countries

Results from previous phases:  

55 countries currently implement the 2019 EITI Standard

53 countries have published EITI reports covering more than 488 fiscal years

EITI countries disclose USD 2.78 Trillion in revenues

69 companies officially support the EITI

More than 800 civil society organizations (CSOs) are involved with the EITI, both on local and international level

Adopted the revisions to the EITI key performance indicators

Adopted a revised standard featuring new requirements on commodity trading, gender and environmental reporting.