Energy Charter Conference endorses the EITI

The Energy Charter Conference adopted a Public Statement on supporting the EITI at its 21st meeting in Brussels on 24 November 2010. In the Public Statement the the members of the Energy Charter Treaty expressed their support of the EITI and acknowledged the importance of transparency in the transit of energy materials and products.

The Energy Charter Treaty (ECT) has been signed or acceded to by 51 states, the European Union and Euratom. The ECT’s fundamental aim is to strengthen the rule of law on energy issues, mainly in the Eurasia region, by creating a level playing field for all participating governments, thereby mitigating risks associated with energy-related investment and trade. The Energy Charter Conference is the governing and decision-making body behind the Energy Charter Process.

Ambassador Selim Kuneralp, the Chairman of the Energy Charter Conference, said that “supporting the EITI shows commitment of the Energy Charter member states to further promote transparency in establishing open energy markets at domestic and international levels”.

Michael Thomadakis (in picture above), Chairman of the Energy Charter Investment Group, saw the public statement supporting the EITI as “an important milestone in promoting transparency in the Energy Charter process". Dr Thomadakis further said that the endorsement of the EITI is "sending a strong signal to the entire international community that continued efforts at all levels are required to further promote transparency that facilitates effective and efficient operations of the energy markets”.

By endorsing the EITI, the Energy Charter is joining a growing number of international and regional organisations that support the initiative.

The Public Statement is available at the website of the Energy Charter: http://www.encharter.org/fileadmin/user_upload/document/Public_Statment_on_EITI_ENG.pdf