The International Initiative was launched by UK Prime Minister Tony Blair in 2002, the Extractive Industries Transparency Initiative (EITI) is a global initiative with the objective of fostering transparency and accountability in the extractive (oil, gas, mining) industries by disclosing to citizens of a country the payments made by companies to host governments reconciled with the government’s declared receipts. The initiative aims at ensuring that (a) figures are certified, validated and accessible to citizens and (b) investors know that they are operating on a level playing field. The result is that the EITI contributes to consolidating and improving governance in resource rich countries, fights corruption, reduces conflicts and encourages increased foreign direct investment.
As at August 2016, 51 countries worldwide that are rich in natural resources are members of the EITI and are at various stages of implementing the EITI. Thirty-one (31) of those countries achieved Compliant Status. Several members of the Organisation for Economic Co-operation and Development (OECD) are also EITI implementing countries, such as Germany, Norway, the United Kingdom and the United States of America.