Trinidad and Tobago is the leading energy producer in the Caribbean. Since December 2010 Trinidad and Tobago has also sought to be a Caribbean leader in the area of revenue transparency for its Extractive Industries sector by acceding to the Extractive Industries Transparency Initiative (EITI). The Ministry of Energy and Energy Industries leads on EITI implementation and is supported in this regard by a 19 member Cabinet appointed Trinidad and Tobago EITI (TTEITI) Steering Committee which is charged with ensuring that Trinidad and Tobago achieves EITI “Compliant Country” status.
The Trinidad and Tobago EITI Report for 2017 is currently available to the public. This report covers Government’s fiscal year 2017. Reflected in the report are the findings of revenue payments and receipts for the last seven fiscal years. This data allows for conclusions to be drawn and new plans to be structured.
Previous reports can be found by visiting The Extractive Industries Transparency Initiative in Trinidad and Tobago (TTEITI) website www.tteiti.com
What is the EITI?
The Extractive Industries Transparency Initiative (EITI) is a global initiative with the objective of fostering transparency and accountability by companies and governments involved in extractive industries (i.e. oil, gas and mining). Trinidad and Tobago has played a pivotal role in the development of the EITI from its inception. It was one of 31 countries that attended the First EITI Plenary in London, 2003, that established the underlying tenets of the EITI that were endorsed by all EITI supporters.
Countries rich in natural resources, such as oil, gas and mining, often suffer from what is known as the resource-curse. As a result, civil society organizations have campaigned for governments and companies to disclose to citizens total payments made by companies and government’s declared receipts.
EITI implementation is guided by the EITI principles and criteria. A key point within these principles and criteria is the engagement and participation of Civil Society in the EITI process. The EITI encourages an educated and informed public about the Extractive Industries.
History of Trinidad and Tobago and the EITI
On December 8, 2010, the Minister of Energy and Energy Affairs held a press conference to publicly announce that the Government of the Republic of Trinidad and Tobago (GORTT) had taken a decision to re-apply for membership of the Extractive Industries Transparency Initiative (EITI) to bring greater transparency and accountability to the extractive industries (oil, gas and mining) sector. The Minister also announced that Cabinet had agreed to the establishment of a tripartite Steering Committee comprised of government, industry and civil society representatives.
That announcement followed Cabinet’s decision on September 9, 2010, to reaffirm the country’s commitment to the EITI which included, among other things, a commitment by the GORTT to work with the extractive industries companies and civil society to achieve full implementation of the EITI, its Principles and Criteria. The Cabinet assigned to the Ministry of Energy and Energy Industries (MEEI) has the responsibility for providing general administrative support to the Trinidad and Tobago Extractive Industries Transparency Initiative (TTEITI) Steering Committee and for meeting the annual cost of EITI implementation.
The GORTT submitted its application for EITI membership to the EITI International Secretariat in Oslo, Norway, on February 4, 2011, and the EITI Board of Directors on March 1, 2011, admitted Trinidad and Tobago to membership with EITI Candidate Country status.
Trinidad and Tobago has started the implementation stage of the EITI process and has been given a target date by the EITI Board of Directors of 28th August 2013 to achieve Compliant County status, the highest level of EITI membership. That involves putting in place all the necessary legal and administrative systems in compliance with the EITI Rules and Criteria and the passing of a stringent independent Validation Test set by the EITI International Secretariat and Board.
The TTEITI Steering Committee has two main deliverables: the publication of the first EITI Report and successful validation of EITI implementation in Trinidad and Tobago by August 28th, 2013. The Steering Committee is supported by a Secretariat which operationalizes the Steering Committee’s Work Plan as well as implements key decisions of the Steering Committee.
Trinidad Tobago’s recommitment to the EITI highlights the Governments wider commitment to greater transparency in the management of Extractive Industries revenues on behalf of the citizens of Trinidad and Tobago.
For more news on TTEITI implementation, visit the TTEITI Official website at www.tteiti.com.