T&T has attained a score of 89 out of 100 for meeting the requirements for implementing the Extractive Industries Transparency Initiative Standard.
This follows a recent validation assessment.
The standard is a multi-stakeholder initiative that promotes greater transparency in the oil, gas, and mining sectors, the T&T Extractive Industries Transparency Initiative (TTEITI) said in a statement today.
It explained this tally was the highest score in Latin America and the Caribbean, adding that through validation and the EITI’s quality assurance mechanism, implementing countries are assessed on their ability to meet the provisions of the EITI standard.
This is the global transparency and accountability gold standard for countries rich in oil, gas and minerals.
The EITI requires countries to publish timely, accurate and independently verified information on how much revenue is generated from a country’s natural resources, how this money is allocated to citizens and other key extractive sector information.
The EITI Standard also promotes tripartite cooperation and dialogue between government, companies and civil society.
During its March meeting, the EITI’s board concluded that T&T achieved a high overall score (89 points) in implementing the 2019 EITI Standard and the overall score reflects an average of the three component scores on stakeholder engagement (90 points), transparency (80 points) and outcomes and impact (96.5 points).
According to the EITI, “Validation promotes dialogue and learning at a country level, providing countries with an opportunity to communicate progress and to identify and address challenges in EITI implementation.
“It captures stakeholder views and allows countries to highlight their perspectives on the effectiveness and sustainability of EITI implementation.
“It acknowledges that countries have different starting points and face diverse challenges in implementing the EITI, and that they will use the EITI to address their most pressing priorities for improving extractives governance.”
The EITI’s board also commended TTEITI’s efforts in disseminating data to citizens through innovative and high-quality publications on extractive sector management, especially in view of challenges amid the COVID-19 pandemic.
T&T was also commended for being a pioneer in disclosing beneficial ownership information in Latin America and the Caribbean and beyond.
The TTEITI chairman Gregory McGuire said today the EITI has helped ensure that there is cooperation and consensus building between competing interests in government, companies and civil society.
He noted that through the EITI, data on T&T’s extractive sector was in the public domain and available to inform dialogue and debate as well as policy making.
Despite the positive assessment, he however, felt there still needs to be advancement.
“While we celebrate the high score in EITI implementation, we have to continue pushing for reforms in the mining/quarrying sector and finding a way to embed the EITI into contracts and legislation to ensure that we remove all barriers to disclosure.
“We live in a world and country where data disclosure is the expected norm and the EITI has a critical role to play in this regard,” he added.