PWYP submission to the UK Parliament’s Trade and Industry Select Committee Inquiry into the Export Credits Guarantee Department.
We, the undersigned organizations, call for full transparency and disclosure of extractive industry (EI) revenue payments and receipts by companies, governments and international financial institutions, in countries of the global North and South. Moreover, we promote the transparency of contracts between extractive industry companies and host governments. Our objectives augment the international Publish What You Pay campaign.
Revenue Transparency: A Priority for Good Governance and Energy Security
Across the globe, revenues from oil, gas and mining that should be funding sustainable economic development have been misappropriated and mismanaged. This Global Witness report considers five major examples of this problem: Kazakhstan, Congo Brazzaville, Angola, Equatorial Guinea and Nauru.
In these countries, governments do not provide even basic information about their revenues from natural resources. Nor do oil, mining and gas companies publish any information about payments made to governments.
The ECGD is the UK Government’s official export credit agency. In December 2004 the ECGD introduced new anti-bribery and consultation procedures. This is a submission to a consultation on these changes held between March and June 2005, which highlights the importance of revenue transparency as a pre-requisite for any export credit agreements with extractive sector clients.
The oil and mining industries are facing a global epidemic of financial scandals, with billions of dollars in revenues unaccounted-for in some of the world’s poorest countries, according to a new report by Global Witness.
G8 leaders in St Petersburg pledged to promote transparency in the management of oil revenues as part of international efforts to curb corruption and to stem the growing energy crisis that threatens the supply of resources to world markets.