Approximately 3.5 billion people live in countries rich in oil, gas and minerals. Many of these states with abundant resource wealth provide little benefit to the people living in the country and perform less well than nations that are resource poor. This is due to a lack of payment process transparency and accountability with spending. Tearfund calls for a global standard on extractive industry transparency to be high on the 2014 G20's political agenda and for more G20 countries to commit to introducing mandatory reporting requirements.
This paper outlines the issue of lack of industry transparency and calls for progress on transparency at the G20 – particularly in the natural resource sector.