Oxfam raised the alarm today that a leading global transparency initiative for the oil, gas and mining sector faces a crisis of relevance and legitimacy. As the Extractive Industries Transparency Initiative (EITI) meets for its Global Conference in Lima, Peru this week, Oxfam calls on the EITI Board and stakeholders to regain its position as a leader in reforming the industry.
Inequality in Africa is rising to dangerous levels and unless checked will undermine the usefulness of economic growth on the continent.
Oxfam International Executive Director Winnie Byanyima said:
“Oxfam welcomes this high-level push for transparency and accountability in the oil and mining sector.
All life depends on the planet’s natural resources. But we are using these up 50% faster than the Earth can renew them.
For countries rich in minerals and hydrocarbons, natural resources should provide an essential source of financing for development.