The EITI’s strategic framework seeks to ensure that EITI implementation continues to be relevant, responsive and cost-effective, in view of the diverse challenges faced by resource-rich countries. It envisages six key areas where the EITI can be used to improve extractive sector governance through and beyond the COVID-19 crisis, remaining true to the principles that underpin the EITI’s work.
- Supporting the energy transition: As the energy transition gains traction, it will have a transformative impact on the extractive industries and global economy. EITI data can be used to address the imperatives of energy transition, energy affordability and demand, and the need to sustain revenue streams from the extractive sector. It can help address governance risks in the face of anticipated growth in demand for minerals that are needed for the energy transition.
- Addressing corruption risks: Priorities include strengthening communications on the EITI’s role in addressing corruption; identifying opportunities for industry engagement; enhancing implementation support; strengthening the capacity of multi-stakeholder groups to engage in corruption issues; and building partnerships with groups involved in anti-corruption activities.
- Strengthening revenue mobilisation: Revenue mobilisation is critical for supporting national development and public expenditure priorities, especially in the face of economic downturns and commodity price volatility. The 2019 EITI Standard requires more detailed disclosures, which can help governments ensure that revenues are maximised for public benefit rather than private gain.
- Informing investment decisions: Investment decisions in the extractive sector are increasingly informed by environmental, social and governance (ESG) metrics. Company commitments to transparency and accountability through the EITI, as well as EITI disclosures, can contribute to the evolving framework for ESG reporting and complement other data published by companies and investors.
Publishing open data: Timely, usable and accessible data will gradually replace retrospective reporting to inform decision-making, foster independent analysis and promote public debate. Open data will enable multi-stakeholder groups to shift their role from producing reports to data use, analysis and dissemination.
Measuring impact: Driving impact is key to sustain financial support and promote learning. The EITI completed an independent evaluation and committed to develop a measurement framework that can be adapted by implementing countries and streamline its key performance indicators.