UK and France will join the Extractive Industries Transparency Initiative

As the Extractive Industries Transparency Initiative (EITI) steps up its disclosure requirements, UK and France announces their committment to implement the transparency initiative. As such, they are following the US who announced the same committment earlier this year.

David Cameron is one of the global leaders that has felt the pressure from demands for increased transparency lately. In a video message to the global EITI conference _Beyond Transparency_ which is held in Sydney this week, he stated that transparency a top priority. “Nowhere is transparency more needed than in the extractive industry”, he said.

He added that this would create a level playing field for business and that “open business is good business”. The "UK announcement" INTCMP=SRCH that it will join the EITI-initiative, comes at the same time as France, and follows the previous committment of the US. These countries are now moving from being supporters of the EITI to implementing the EITI standard. Australia has on their part undertaken an EITI pilot.

”There is a consensus around need for transparency emerging”, noted David Bradbury, Assistant Treasurer from Australia. However, he could not say whether Australia would follow suit and committ to implementing the EITI or mandatory disclosure requirements. ”No decision will be made until after the pilot is completed”, he said.

Commenting on the US committment to the EITI, Robert F. Cekuta, US Principal Deputy Assistant Secretary for Energy Resoruces, from US State Department, said that one should expect to see a much more dynamic and robust debate in the years ahead. ”We are seeing a momentum for transparency”, he stated.