At the end of the global conference of the Extractive Industries Transparency Initiative (EITI) held in Dakar from 13 to 14 June 2023, the standard was revised for the fourth time. The new standard, known as EITI Standard 2023, focuses on transparency and good governance of oil, gas and mineral resources.
Transparency and good governance of extractive resources
The amended EITI Standard 2023 includes a number of new and revised provisions to help countries address the most pressing challenges in natural resource governance. It strengthens EITI disclosures and governance requirements to better address the effects of the energy transition, combat corruption risks, promote gender equity and strengthen revenue collection.
Helen Clark, Chair of the EITI Board, said the new standard: “Helps to make EITI implementation more relevant to countries and to advance the open and accountable management of natural resources, within a framework of shared responsibility among all stakeholders”.
Helen Clark, Chair of the EITI Board (PH EITI)
The EITI Standard was launched in 2013 and has been regularly updated to respond to changes in the industry and the needs of stakeholders. The EITI Board has recently agreed further changes. This multi-stakeholder group is made up of representatives from countries implementing or supporting the EITI, industry and civil society.
Details of the key changes in the EITI Standard 2023
The EITI Standard is designed to promote good governance, enhancing transparency and accountability and facilitating public debate around the management of natural resources. Since its launch ten years ago, the EITI Standard has established a set of common rules defining the information that governments and companies must disclose, and the frequency with which they do so.
Subsequently, the EITI Standard has evolved to meet the needs of stakeholders and a changing global context. At the end of the EITI Global Conference in Dakar on 13-14 June 2023, the Standard underwent its fourth revision. This new revision, known as the EITI Standard 2023, includes a number of new and improved provisions to help countries meet today’s most pressing natural resource governance challenges. These provisions cover four main thematic areas.
Firstly, on the fight against corruption, new provisions strengthen the opportunities for countries and companies to use the EITI platform to identify and address corruption risks in the natural resources sector.
On the energy transition, the new provisions support disclosure and public debate on the impacts of the energy transition by shedding light on the applicable policies, as well as the revenues that countries can expect to derive from their oil, gas and mining wealth, under different market assumptions.
Gender, social and environmental issues have not been forgotten. To help ensure that natural resources are managed in the interests of all citizens, stronger provisions have been made to promote greater diversity in decision-making processes and disclosures that take gender, social and environmental issues into account.
New provisions have been introduced for revenue collection. These new and improved provisions require more comprehensive and detailed disclosures, which can help countries strengthen their tax base and increase public revenues.
The new standard is available at this link: https://eiti.org/fr/collections/norme-itie
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