NRGI set out to collect total oil, gas and mining revenue data for the countries included in the Resource Governance Index to find out how many dollars flow to governments that mismanage the handling of their natural resources.
Resource-rich Latin American countries did experience high rates of economic growth and diminished poverty and inequality during the boom years. On the surface, this would appear to strengthen arguments that extractive industries are key to progress, especially in resource-rich areas, despite their negative environmental impact. Nevertheless, a closer look shows that things are a bit more complicated.
The evidence is mounting: contract transparency in extractive industries is becoming the norm. This was clear during two contract-focused events at the recent EITI conference—an informal learning and sharing side event and an official conference panel event.
Last week, the EITI International Board met in Lima, Peru. Regrettably, the main headlines coming out of these meetings related to transgressions of EITI’s founding principles and procedures. Receiving less attention were six promising elements of the new EITI standard.