SPECIAL REPORTS AND PROJECTS
Transparency: Uganda is the newest member of EITI
Published
4 years agoon
Uganda’s Albertine Graben is now a mature oil and gas province
By witnessradio.org Team
Uganda is now obliged to make public oil contracts, the beneficial owners and payments related to the investment.
This is after getting admitted by the Extractive industries Transparency Initiative ((EITI) becoming the 5 East African member country and 26th in Africa.
Uganda’s membership to EITI comes at a time when the final investment decision for the oil project is in the offing.
EITI, a global standard for transparent management, accountability and good governance of petroleum and mineral resources will require Uganda to publicly disclose information such as oil contracts, beneficial owners and payments including payments related to the investment and the disclosures can in turn promote public oversight and debate.
Finance Minister, Matia Kasaija said the decision to join EITI was informed by the desire to be transparent as Uganda progresses its plans to develop Uganda’s natural resource wealth.
“We believe that this initiative has the potential to strengthen tax collection, improve the investment climate, build trust among sector stakeholders and help create lasting value from our mineral and petroleum resources” He said.
Participation in the EITI is identified in the government of Uganda’s 2012 oil and gas revenue management policy as an action that will help create lasting value from oil and gas revenues.
Proven reserves of over six billion barrels of crude oil have been identified in Uganda of which 14 billion is currently deemed to be recoverable.
Total and China National offshore oil corporation (CNOOC)are active in the region and share an interest in license areas in the Lake Albert development project.
EITI Board chair, Hon Helen Clark welcomed Uganda to the EITI community saying it can help build the foundation for transparent and accountable management of the country’s natural resource wealth.
“Transparency is key to ensuring that potential revenues from oil and gas production are not mismanaged or lost to corruption”.
As a part of the EITI sign up process, Uganda formed a multi-stakeholder group (MSG) in March 2019 composed of government, industry, and civil society representatives.
Writing in support of EITI implementation, Total E and P Uganda -an active participants in Uganda’s multi stakeholders’ group -underscored the importance of contract transparency in contributing to a transparent and accountable sector.
“We look forward to working with government, industry and society partners to support EITI implementation through participation in Uganda’s Multi- stakeholders ‘group” Said Total E&P Uganda’s general manager, Pierre Jessua.
Uganda’s initial disclosures in terms of the 2019 EITI standard will need to be made within 18 months of being admitted as an EITI implementing
Related posts:
You may like
DEFENDING LAND AND ENVIRONMENTAL RIGHTS
Statement: The Energy Sector Strategy 2024–2028 Must Mark the End of the EBRD’s Support to Fossil Fuels
Published
1 year agoon
September 27, 2023The European Bank for Reconstruction and Development (EBRD) is due to publish a new Energy Sector Strategy before the end of 2023. A total of 130 civil society organizations from over 40 countries have released a statement calling on the EBRD to end finance for all fossil fuels, including gas.
From 2018 to 2021, the EBRD invested EUR 2.9 billion in the fossil energy sector, with the majority of this support going to gas. This makes it the third biggest funder of fossil fuels among all multilateral development banks, behind the World Bank Group and the Islamic Development Bank.
The EBRD has already excluded coal and upstream oil and gas fields from its financing. The draft Energy Sector Strategy further excludes oil transportation and oil-fired electricity generation. However, the draft strategy would continue to allow some investment in new fossil gas pipelines and other transportation infrastructure, as well as gas power generation and heating.
In the statement, the civil society organizations point out that any new support to gas risks locking in outdated energy infrastructure in places that need investments in clean energy the most. At the same time, they highlight, ending support to fossil gas is necessary, not only for climate security, but also for ensuring energy security, since continued investment in gas exposes countries of operation to high and volatile energy prices that can have a severe impact on their ability to reach development targets. Moreover, they underscore that supporting new gas transportation infrastructure is not a solution to the current energy crisis, given that new infrastructure would not come online for several years, well after the crisis has passed.
The signatories of the statement call on the EBRD to amend the Energy Sector Strategy to
- fully exclude new investments in midstream and downstream gas projects;
- avoid loopholes involving the use of unproven or uneconomic technologies, as well as aspirational but meaningless mitigation measures such as “CCS-readiness”; and
- strengthen the requirements for financial intermediaries where the intended nature of the sub-transactions is not known to exclude fossil fuel finance across the entire value chain.
Source: iisd.org
Download the statement: https://www.iisd.org/system/files/2023-09/ngo-statement-on-energy-sector-strategy-2024-2028.pdf
Related posts:
SPECIAL REPORTS AND PROJECTS
Will more sovereign wealth funds mean less food sovereignty?
Published
2 years agoon
April 13, 2023- 45% of Louis Dreyfus Company, with its massive land holdings in Latin America, growing sugarcane, citrus, rice and coffee;
- a majority stake in Unifrutti, with 15,000 ha of fruit farms in Chile, Ecuador, Argentina, Philippines, Spain, Italy and South Africa; and
- Al Dahra, a large agribusiness conglomerate controlling and cultivating 118,315 ha of farmland in Romania, Spain, Serbia, Morocco, Egypt, Namibia and the US.
Sovereign wealth funds invested in farmland/food/agriculture (2023)
|
|||
Country
|
Fund
|
Est.
|
AUM (US$bn)
|
China
|
CIC
|
2007
|
1351
|
Norway
|
NBIM
|
1997
|
1145
|
UAE – Abu Dhabi
|
ADIA
|
1967
|
993
|
Kuwait
|
KIA
|
1953
|
769
|
Saudi Arabia
|
PIF
|
1971
|
620
|
China
|
NSSF
|
2000
|
474
|
Qatar
|
QIA
|
2005
|
450
|
UAE – Dubai
|
ICD
|
2006
|
300
|
Singapore
|
Temasek
|
1974
|
298
|
UAE – Abu Dhabi
|
Mubadala
|
2002
|
284
|
UAE – Abu Dhabi
|
ADQ
|
2018
|
157
|
Australia
|
Future Fund
|
2006
|
157
|
Iran
|
NDFI
|
2011
|
139
|
UAE
|
EIA
|
2007
|
91
|
USA – AK
|
Alaska PFC
|
1976
|
73
|
Australia – QLD
|
QIC
|
1991
|
67
|
USA – TX
|
UTIMCO
|
1876
|
64
|
USA – TX
|
Texas PSF
|
1854
|
56
|
Brunei
|
BIA
|
1983
|
55
|
France
|
Bpifrance
|
2008
|
50
|
UAE – Dubai
|
Dubai World
|
2005
|
42
|
Oman
|
OIA
|
2020
|
42
|
USA – NM
|
New Mexico SIC
|
1958
|
37
|
Malaysia
|
Khazanah
|
1993
|
31
|
Russia
|
RDIF
|
2011
|
28
|
Turkey
|
TVF
|
2017
|
22
|
Bahrain
|
Mumtalakat
|
2006
|
19
|
Ireland
|
ISIF
|
2014
|
16
|
Canada – SK
|
SK CIC
|
1947
|
16
|
Italy
|
CDP Equity
|
2011
|
13
|
China
|
CADF
|
2007
|
10
|
Indonesia
|
INA
|
2020
|
6
|
India
|
NIIF
|
2015
|
4
|
Spain
|
COFIDES
|
1988
|
4
|
Nigeria
|
NSIA
|
2011
|
3
|
Angola
|
FSDEA
|
2012
|
3
|
Egypt
|
TSFE
|
2018
|
2
|
Vietnam
|
SCIC
|
2006
|
2
|
Gabon
|
FGIS
|
2012
|
2
|
Morocco
|
Ithmar Capital
|
2011
|
2
|
Palestine
|
PIF
|
2003
|
1
|
Bolivia
|
FINPRO
|
2015
|
0,4
|
AUM (assets under management) figures from Global SWF, January 2023
|
|||
Engagement in food/farmland/agriculture assessed by GRAIN
|
Related posts:
SPECIAL REPORTS AND PROJECTS
Farmland values hit record highs, pricing out farmers
Published
2 years agoon
November 21, 2022Women’s Climate Assembly, 2024: African women vow to protect human and environmental rights amidst an influx of destructive land-based investments on the continent.
UN approves carbon market safeguards to protect environment and human rights
Breaking: West and Central African women meet in Senegal over the climate crisis.
Total Energies’ oil exploration activities are displacing dozens of families due to flooding.
Industrial plantations: stop endangering local farmers, Indigenous knowledge, and food system models – land-grab victims
EACOP: Another community of 80 households has lost its land to the government and Total Energies to construct an oil pipeline.
Uganda: Land-grab victim communities will join counterparts in commemorating the 2024 International Day of Struggle Against Industrial Plantations.
Breaking: West and Central African women meet in Senegal over the climate crisis.
Innovative Finance from Canada projects positive impact on local communities.
Over 5000 Indigenous Communities evicted in Kiryandongo District
Petition To Land Inquiry Commission Over Human Rights In Kiryandongo District
Invisible victims of Uganda Land Grabs
Resource Center
- LAND GRABS AT GUNPOINT REPORT IN KIRYANDONGO DISTRICT
- FROM LAND GRABBERS TO CARBON COWBOYS A NEW SCRAMBLE FOR COMMUNITY LANDS TAKES OFF
- African Faith Leaders Demand Reparations From The Gates Foundation.
- GUNS, MONEY AND POWER GRABBED OVER 1,975,834 HECTARES OF LAND; BROKE FAMILIES IN MUBENDE DISTRICT.
- THE SITUATION OF PLANET, ENVIRONMENTAL AND LAND RIGHTS DEFENDERS IS FURTHER DETERIORATING IN UGANDA AS 2023 WITNESSED A RECORD OF OVER 180 ATTACKS.
- A CASE STUDY REPORT ON THE CHALLENGES OF ACCESSING JUSTICE BY VICTIMS OF LAND GRABBING DURING COVID-19 PANDEMIC AND THE IMPACT ON DISPLACED COMMUNITIES IN UGANDA
- MEDIA STATEMENT ON THE PRESIDENT’S DIRECTIVE STOPPING ILLEGAL EVICTIONS
- LAND RIGHTS AS A PATHWAY OUT OF THE CLIMATE CRISIS
Legal Framework
READ BY CATEGORY
Newsletter
Trending
-
MEDIA FOR CHANGE NETWORK2 weeks ago
EACOP: Another community of 80 households has lost its land to the government and Total Energies to construct an oil pipeline.
-
MEDIA FOR CHANGE NETWORK1 week ago
Breaking: West and Central African women meet in Senegal over the climate crisis.
-
MEDIA FOR CHANGE NETWORK1 week ago
Total Energies’ oil exploration activities are displacing dozens of families due to flooding.
-
FARM NEWS1 week ago
Drought ruining Kasese farmers’ livelihoods
-
MEDIA FOR CHANGE NETWORK2 weeks ago
European banks risk legal onslaught, reputational damage by backing controversial EACOP project
-
MEDIA FOR CHANGE NETWORK21 hours ago
Women’s Climate Assembly, 2024: African women vow to protect human and environmental rights amidst an influx of destructive land-based investments on the continent.
-
MEDIA FOR CHANGE NETWORK1 day ago
UN approves carbon market safeguards to protect environment and human rights