The Extractive Industries Transparency Initiative
The global Extractive Industries Transparency Initiative (EITI) advocates greater financial transparency and accountability in the extractive sector.
The initiative, which was founded in 2003 as part of the 2002 Sustainability Summit in Johannesburg, South Africa, is based on close cooperation between governments, companies and civil society in over 50 countries. They disclose information on tax payments, licenses, production volumes and other important data relating to the extraction of oil, gas and mineral resources.
Especially the populations of countries rich in raw materials can benefit from this. Where information about revenues is disclosed, there is less distrust, fewer conflicts and less money can flow into the economic and social development of a country. Through publicly accessible information, EITI also promotes a factual debate on resource policy and the use of natural resources. In this way, the citizens of a country can better hold those responsible in politics and business accountable.