By: Bamidele Fashube
The UK Extractive Industries Transparency Initiative (EITI) Multi-Stakeholder Group has appointed Lord Callanan, the Minister for Climate Change and Corporate Responsibility at the Department for Business, Energy and Industrial Strategy (BEIS) as its new Champion.
Callanan who confirmed the appointment in a statement, described the EITI as a global initiative that promotes the open management of oil, gas and mineral resources, designed to improve transparency, accountability and public trust for revenues paid and received for a country’s natural resource extraction.
He stated that with good governance, the revenues from extractive industries can have a significant impact on reducing poverty and boosting shared prosperity for the UK and counterparts around the world.
“The UK has long championed greater transparency in extractives industries. The UK Government established the EITI in 2003 and continues to promote accountable governance, transparency and Anti-Corruption in the sector internationally, through its Official Development Assistance (ODA) programming,” he said.
He noted the importance of transparency in creating good business environments even as he expressed hope that his appointment will demonstrate the UK Government’s continued international commitment to the EITI and highlight its importance in the wider transparency agenda.
“I look forward to working with the MSG over the coming months, particularly in the area of validation. The UK is currently assessed as having made “Meaningful Progress” against the EITI Standard, which, although a good first assessment, we can improve on.
” We will pull out all the stops to address the actions required to achieve a “Satisfactory” assessment when the UK is revalidated later this year. We are also working to ensure that the UK complies with the new requirements of the 2019 Standard and the move towards the systematic disclosure of data. It is anticipated that the new website will help us achieve these aims and ensure that the UK continues to play a full and active part in this important global initiative,” he added.