G8 Leaders endorse the EITI in the Summit statement

In their final statement from the G8 Summit in Hokkaido Toyako, G8 leaders reiterated their backing of the EITI, and encouraged emerging economies and their companies to support the initiative. In June, G8 Finance Ministers and G8 Energy Ministers expressed their backing of the initiative and called for broader implementation.

In the final statement the G8 leaders state that

To promote improved transparency, accountability, good governance and sustainable economic growth in the extractive sector, and to address the natural resource dimensions of armed conflict and post-conflict situations, we:

  1. continue to support initiatives such as the Extractive Industries Transparency Initiative (EITI) and call for its full implementation and for candidate countries to complete the validation process in a timely manner.  We encourage emerging economies and their companies to support the initiative;
  2. promote improved resource management including fiscal transparency and legislative oversight by resource-rich countries through supporting international financial institutions’ efforts to develop international standards and codes to be voluntarily adopted by those countries, and technical assistance, as appropriate; and
  3. support international efforts to respond more effectively to the natural resource dimensions of conflict and post-conflict situations, and would welcome additional analysis on the issue by the OECD Development Assistance Committee (DAC), the United Nations Secretary General, and the World Bank.

In addition to the G8, the EITI is supported or implemented by 37 extractive companies, 34 countries, 80 institutonal investors and multilateral organisations. A document with quotes from some of these endorsers is available.