Trinidad and Tobago Attains High Score for EITI Implementation
PORT-OF-SPAIN, March 13, 2023 — After a recent validation assessment, Trinidad and Tobago attained a score of 89 out of 100 for meeting the requirements for implementing the EITI Standard, a multi-stakeholder initiative that promotes greater transparency in the oil, gas, and mining sectors. That tally was the highest score in Latin America and the Caribbean.
Through validation, the EITI’s quality assurance mechanism, implementing countries are assessed on their ability to meet the provisions of the EITI Standard. The EITI Standard 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 Board concluded that Trinidad and Tobago 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 Board 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. Trinidad and Tobago was also commended for being a pioneer in disclosing beneficial ownership information in Latin America and the Caribbean and beyond.
TTEITI Chairman Gregory McGuire said 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 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,” he added. “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.”
In 2011, Trinidad and Tobago became the first CARICOM country to sign up to the Extractive Industries Transparency Initiative (EITI). Its eight EITI Reports to date, published by the TTEITI, have reconciled approximately TT$144 Billion in extractive company payments with government’s declared receipts, ensuring all monies are accounted for. The reports have also provided extensive recommendations on improving government revenue collection, data management and audit and assurance processes.
Data published in the reports have also informed the findings of the Gas Master Plan and assisted T&T in meeting its obligations to the Open Government Partnership. In 2020, analytics from the TTEITI’s public sensitisation campaign on beneficial ownership were used for the country’s successful Financial Action Task Force (FATF) assessment. The TTEITI has also pioneered environmental disclosures with the NGC being the first company to disclose granular GHG emissions data through the EITI framework.
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The TTEITI is committed to sharing information about the extractive sectors and facilitating interviews about our public policy and advocacy work. If you would like to secure an interview, please email our communications team at info@tteiti.com or call us at (868) 225 4334 ext. 2553 or 769-1391.
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