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Transforming Society through the Extractive Industries

image of Transforming Society through the Extractive Industries
Extractive industries have real potential to transform societies for the better. However, fulfilling this potential is neither assured nor automatic.



The extraction of nonrenewable natural resources (notably oil, gas and minerals) has often led to political instability, revenue management challenges, corruption and increased social tension. It is therefore necessary for resourcerich countries to improve legislative and regulatory frameworks, build institutional capacity and strengthen governance, in order to ensure that the natural resource blessing does not become a curse.



Illustrated by case studies of good practice from across the Commonwealth, this book will help government decisionmakers ensure that the extractive industries transform society for the better, while also minimising the risk of instability and conflict.

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Appendix – The Natural Resource Charter

An independent group of internationally-respected economists, lawyers and political scientists has developed a set of twelve precepts that resource-rich countries can adopt in order to increase the chances that EI activity will transform society for good, rather than creating instability and conflict. The precepts cover all stages of EI activity, beginning with the decision to extract the resources and ending with decisions about using revenues ultimately generated by EI activity. In the charter, the precepts (listed below) are followed with technical detail about how they can be implemented.

English

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