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Extractive Industries

Volume 487: debated on Wednesday 11 February 2009

5. What the Government’s objectives are for the forthcoming extractive industries transparency initiative global conference. (255789)

The UK has played a leading role in the development of the extractive industries transparency initiative and will work with key stakeholders at the global conference to advance it.

The initiative is a significant step forward in dealing with exploitation of oil and gas resources throughout the world. However, there is some resentment in developing countries and a feeling that the west is lecturing them about what should be done in their countries. Will the Government not only encourage such Governments to comply with the initiative, but sign up themselves and encourage Russia, India and the United States to do likewise?

The hon. Gentleman makes a valid point. The organisation has been operating for seven years, and 24 implementing countries, 40 extractive companies and 80 institutional investors have signed up. We want as many countries as possible to sign up to the principles and the objectives that underpin the EITI’s work.