EITI (Extractive Industries Transparency Initiative)

Last week, the EITI team was in #Quito, Ecuador 🇪🇨, engaging with stakeholders on the country's first Validation against the #EITIStandard and advancing #beneficialownership (BO) transparency in the extractive sector. The EITI team, including Validation Advisor Riley Zecca and Country Officer Jessica Buendía Sanchez, met with Ecuador’s multi-stakeholder group to discuss preliminary Validation findings, engaging representatives from government, industry, civil society and development partners. As part of the #OpeningExtractives programme - a joint EITI and Open Ownership initiative - we co-hosted a workshop on beneficial ownership transparency, led by consultant Germán Emanuele, bringing together representatives from government, industry and civil society. The team also held productive meetings with officials from the Ministry of Energy and Mines, Internal Revenue Service and Superintendency of Companies to secure commitments and set a roadmap to progress on BO disclosures. Many thanks to the National Coordinator, Christian Arias, for coordinating the agenda, Enami Ep Ecuador for hosting several dialogues, and to all stakeholders for their commitment to transparency in Ecuador's extractive sector. We look forward to continuing our support for Ecuador's EITI implementation journey.

There is still time to register for our virtual side event tomorrow - don't miss this opportunity to discuss why #AntiCorruption measures are critical to the future of financing for development with international experts. This is part of the #FfD4 multistakeholder hearing. Register: bit.ly/FfD4-OO-side-event #IFFs #FollowTheMoney #SDGs #SustainableDevelopment #FinancindForDevelopment

#Norway's beneficial ownership register is live! 🚀   Earlier this month, Norway 🇳🇴 launched its #beneficialownership register, accessible via the Brønnøysund Register Centre (Brønnøysundregistrene). Businesses have until 31 July 2025 to self-report, after which fines for non-compliance will apply.   In addition to public authorities and entities subject to reporting obligations under the Money Laundering Act, the media, civil society organisations and higher education institutions will have access to data in the register. The government is also exploring broader public access to the register in the future.   The register goes a long way to address the corrective action from Norway's previous Validation, and we welcome this key step towards stronger governance and #transparency! 👏   🔗 Learn more: https://lnkd.in/dWhYnw9D

In recent years, #Armenia 🇦🇲 has become a frontrunner in beneficial ownership #transparency. In 2020, the country published its first beneficial ownership declarations for extractive companies. Today, Armenia's beneficial ownership register covers about 120,000 legal entities across the entire economy. What lies behind the country’s success? EITI's Lisa Sviland explains in our latest blog👇 https://lnkd.in/dQvY5RG9

The draft Standard from the Consolidate Mining Standard Initiative (CMSI) is now open for public consultation 💬. In our latest blog, EITI's Mamadou Bady Balde reflects on how the #EITIStandard and CMSI align and complement each other to advance responsible #mining 👉 https://lnkd.in/eF6J5Aa5 More information 👇

📢 Exciting News! The first public consultation for the consolidated mining standard is now open! We invite all interested stakeholders to participate and share your views on the draft standard, governance model, assurance process, reporting and claims policy through our online consultation portal. Your feedback is imperative in helping to shape a standard and oversight system that serves the needs of stakeholders, sets a high bar for responsible mining and drives continuous improvement of environmental, social and governance practices throughout the value chain of individual metals and minerals. The first public consultation will last 60 days, ending on 16 December 2024 and is available in 8 languages. https://lnkd.in/ewRp-D8P ICMM Mining Association of Canada The Copper Mark World Gold Council

📢 We’re hiring! We are looking for a Validation Advisor, who will lead and support country Validations and support implementing countries in preparing for Validation. Apply by 3 November 2024 👇 https://lnkd.in/dU-sKh7J

🌍 Last week, EITI's Gisela Granado joined the first in-person meeting of the Africa Beneficial Ownership Network (AfBOT) and participated in a panel discussion with The World Bank Governance Unit and Foreign, Commonwealth and Development Office to discuss how we measure evidence and learning on beneficial ownership reform. The AfBOT Network is a member-led initiative — convened by the African Development Bank Group Bank and the UK Government, with support from Open Ownership — that brings together governments and international partners to accelerate the implementation and effective use of beneficial ownership registers across #Africa.    At the event, the director of the Seychelles Financial Intelligence Unit, Mr. Richard J. Rampal, in his remarks, credited the #EITIStandard for the country's decision to make their #beneficialownership register public.

At the Norwegian-African Business Association (NABA) Summit last week, I shared insights on how a Nordic-Africa partnership can shape the future of sustainable mine-energy value chains. 🙏🏾Shared priorities?: Norway joined the US led - Mineral Security Partnership in 2023 to secure a sustainable and responsible minerals supply chain. Seeking to address its mining legacy, Africa’s strategy for its critical minerals has been clear: a move beyond an extractivist and export-oriented investment model to sustainable value creation partnerships. Can the Nordic success of resource governance be front and centre of investment drive in Africa? 🤝 Mutually beneficial partnership for value creation: By refining cobalt locally, DRC export value surged from $167 million for unprocessed cobalt to $6 billion for processed cobalt in 2022, increasing the mineral's price from $5.8 to $16.2 per kilogram (UNCTAD). By refining its bauxite into alumina, Ghana could have generated an estimated $330 million in 2019, instead of the $34 million it generated (GHEITI). The sweet spot moving forward lies between securing supply chain and building local and regional value chains. Who leads this, leads the way on how the transition can be better managed. Cautious optimism; the key phrase. 💵 Derisking to derisk: Over a trillion USD of critical mineral investment is needed by 2035. Africa has so far secured less than 10% of what is needed. The MSP’s strategy of de-risking away from China also requires addressing the Africa risk (perception) premium. 📈African governments are making progress to build transparent and accountable investments regimes through initiatives such as the #EITI. A predictable policy landscape remain critical for investors who are demonstrating appetite to invest in Africa as evident in the recent #NABA 2024 Summit. ⏳The window for investment is moving fast. Yet, governance cannot be deprioritised. In fact, strong governance is required to manage risks, clarify geological potential, unlock finance, ensure value creation and secure a sustainable future. Vivek, thanks for a well moderator session. Chipokota, Veronica, Solveig, Nyoka, Ana, appreciate the insightful dialogue. Mathilde and team, thanks for pulling off another solid summit. Looking forward to reading the book. #NABA2024 #SustainablePartnerships #CriticalMinerals #NorwayAfrica EITI (Extractive Industries Transparency Initiative)| Norwegian-African Business Association (NABA)

🌍 Today, the EITI hosted a virtual peer learning session for the "Engaging communities in a just transition" project, supported by the Ford Foundation. The session explored innovative strategies for improving data access and use by communities, and enhancing their participation in #energytransition discussions in #Colombia 🇨🇴, #Ghana 🇬🇭 and #Indonesia 🇮🇩.   🔨Experts shared best practices for data dissemination and community engagement, showcasing tools and approaches from the #Philippines, #Australia and beyond that strengthen communities' participation in dialogue and decision-making processes.