Investment from the extractive industries generates more than half of government revenue in petroleum-rich countries and more than twenty percent in mining countries. This wealth of minerals and hydrocarbons has translated into substantial revenues and macroeconomic growth but operations in the extractive sector have also led to problems such as perceptions of widespread corruption, unmitigated environmental impacts, and unmet development expectations. This session will discuss transparency as a first step and a key component in the resolution of the challenges surrounding the extractive industry, with a focus on promoting ethical and sustainable investments in the extractive industries in Latin America and the Caribbean.
The aim of the session is to contribute to a lively debate on transparent governance in oil, gas, and mining, share knowledge gleaned on the subject in Latin America and the Caribbean, explore work done in other regions such as Africa with a view of promoting south-south cooperation opportunities and sharing best practices. The information from the session may help policymakers, academics, investors, civil society organizations and media to learn more about how to improve the extractive sector, highlighting that the resource curse is not inevitable and that countries are finding innovative ways to enhance transparency and thus creating new spaces for vertical and horizontal accountability. The basis of this discussion is a
recent book by the Inter-American Development Bank, which highlights cutting-edge research and frontier initiatives to mitigate risks inherent in the extractive industries through transparent governance.
