PWYP_PR_ OSCE_summit_re_EITI_dec2010.pdf
The OSCE Summit that ended December 2 in Astana missed an opportunity to promote good governance of the oil, gas and mining industries by failing to endorse the Extractive Industries Transparency Initiative (EITI) in its Summit Declaration, a global civil society transparency network said today.
"It is extremely disappointing that Kazakhstan, as the OSCE Chairman and Summit host, was unable to get political backing for the EITI, which the country is itself implementing to bring transparency and good governance into its massive energy and mining sectors," said Radhika Sarin, International Coordinator of the Publish What You Pay network. "The EITI is based on the values supposedly shared by OSCE States, including respect for civil society, and is an example of effective and constructive cooperation between different stakeholders. This could have been an easy yet significant win for every OSCE member."
The EITI is a global standard for revenue transparency in the oil, gas and mining sectors. The EITI is being implemented by 33 countries, including OSCE participating States Albania, Azerbaijan, Kazakhstan, the Kyrgyz Republic and Norway, and the OSCE Asian Partners for Co-operation Afghanistan and Mongolia.
In the OSCE area, the EITI is an important contribution to assuring energy security and to improving the investment climate in the energy sector. Azerbaijan, which last year became EITI Compliant, had its credit rating upgraded recently to investment grade by the international credit rating agency Fitch Ratings.
The EITI has been endorsed and recognised by major international institutions, including the G20 and the United Nations. Seventeen supporting countries, 14 of which are OSCE participating States, back the EITI financially and politically.
All 27 members of the European Union (EU) had called for an EITI endorsement in Astana. Lithuania, an EU member, will hold the OSCE Chairmanship in 2011, which provides hope for an OSCE endorsement of the EITI next year.
"The regular publication of financial information about the oil, gas and mining industries is a widely accepted part of basic good governance," said Sarin. "The transparency that EITI promotes helps countries maximize the benefits from their natural resource wealth – including security and stability."
Contact
Robert Ruby / RWI head of communications
1.410.807.2728 / rruby@revenuewatch.org
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Publish What You Pay (publishwhatyoupay.org)
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