Guyana has released its Extractive Industries Transparency Initiative (EITI) report for the fiscal year 2021, providing a detailed insight into the country’s extractive industries. Published on December 30, 2023, the report highlights ongoing efforts towards transparency and accountability in the management of Guyana’s natural resources.
Read it here:
The fiscal year 2021 report was produced under the EITI Standard 2019, with the help of Independent Administrator – a joint venture of Hart Group and BDO Guyana. However, it notably introduces the updated EITI Standard 2023, which the international EITI Board approved in June 2023. This new standard brings significant changes aimed at enhancing transparency and governance in the extractive industries, particularly in response to global environmental concerns and the shift towards sustainable energy sources. The 2022 Guyana EITI report is expected to be produced under the new EITI Standard 2023.
Key updates in the EITI Standard 2023 include stringent requirements for disclosures on climate-related aspects such as carbon taxes, greenhouse gas emissions, production costs, reserves, and subsidies. These measures are expected to strengthen public understanding of expected revenues and investment decisions in the extractive sector. Furthermore, the standard emphasizes the importance of transparency in the production of minerals critical for the energy transition, ensuring good governance and a sustained supply chain.
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The report also underscores expanded disclosure requirements in gender equity, environmental impact, artisanal and small-scale mining, and community consultations. Additionally, the 2023 standard integrates explicit anti-corruption objectives, mandating detailed disclosures to identify conflicts of interest and the participation of politically engaged persons in the extractive industries. This includes an expectation for all companies involved in EITI reporting, including state-owned enterprises, to publicly disclose their anti-corruption policies.
