International Transparency Leaders Convene in Washington, D.C.

Global Initiative Envisions New Energy Policies for Developed and Developing Nations

WASHINGTON, D.C.—The Revenue Watch Institute today urged policymakers in the United States and abroad to embrace the standards and principles of the Extractive Industries Transparency Initiative (EITI).

The EITI, whose board meets in Washington, D.C. on Friday, is an international standard for openness in the management of oil, gas and mineral wealth. It calls for cooperation and dialogue among governments, companies, and citizen groups. More than two dozen resource-rich countries, from Peru and Nigeria to Mongolia and Norway, have implemented the EITI to date.

"The EITI gives governments and citizens a sorely-needed blueprint for legitimate dialogue about the management of natural resources," said Karin Lissakers, director of Revenue Watch Institute. "Without a healthy conversation between civil society and policymakers, the countries richest in oil and mineral wealth remain the most vulnerable to all forms of economic, political, and social exploitation and unrest."

While the United States has already endorsed the EITI, implementation would set a powerful example.

"The Obama administration has shown historic leadership by putting transparency at the center of its governance agenda," said Revenue Watch partner Sarah Pray, who leads the Publish What You Pay US coalition. "By implementing the EITI, the U.S. can help to lead in this global movement and declare a commitment to responsible management of its own natural resources."

On Friday, the EITI board will consider the candidacies of four new countries: Albania, Burkina Faso, Mozambique and Zambia. This would bring the total number of candidate countries to 29. In February, oil-rich Azerbaijan was named the first EITI "compliant" country.

"EITI gives countries a challenge and an opportunity," said Anthony Richter, chairman of the Revenue Watch Institute and also a member of the EITI board. "The standards for government revenue disclosure and for civil society engagement call for new practices, but bring great reward in terms of reputation, trust and profitability."

CONTACT:

Jed Miller, +1 212 548 0697, jmiller@revenuewatch.org (US)

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