26.01.2024

Extractive Industries Transparency Initiative (EITI) Standard 2023. Changes and Recommendations

 

The updated EITI Standard –

– was approved at the EITI Members’ Meeting within the 2023 EITI Global Conference, which took place from June 13 to 16, 2023, in Dakar, Senegal.

The purpose of the EITI Standard is to promote the proper management of natural resources by enhancing transparency, strengthening accountability, and fostering public debate on these issues.

This

provides a concise overview of the changes to the 2023 EITI Standard and highlights an analysis of the current legislation in Ukraine that regulates various aspects of the activity and accountability of mining companies. The report also provides recommendations on introduction of legislative and regulatory changes in order to meet the requirements of the 2023 EITI Standard.

In the 10 years since its initial publication, the Standard has evolved into a general set of rules governing the content and timing of information disclosure on all aspects of extractive activities by governments and companies (from the methods of granting permits for the natural resources using to the amount of taxes paid, the ways of distribution of revenues by the government and benefits for citizens).

The fourth edition – 2023 EITI Standard – includes several new and clarified requirements that provide countries with opportunities to solve today’s most pressing problems related to the management of natural resources.

For the first time, EITI Standard includes recommendations on the disclosure of information related to the energy transition process, thus opening its potential as a tool for dialogue on changes in the energy sector, which is currently developing rapidly.

Also, the new edition of the EITI Standard is supplemented with recommendations that allow for the elimination of corruption risks, promote gender equality and increase revenue collection for state budgets.