Shining a light on company ownership: The role of beneficial ownership transparency in the energy transition
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Summary
As many investors seek to address near term pressures and pivot to the renewable energy sector, this new joint report from the Extractive Industries Transparency Initiative (EITI) and Open Ownership makes the case that beneficial ownership transparency must be a key accountability tool to enable a sustainable energy transition.
Key points
Beneficial ownership transparency can improve governance and management in both emerging clean energy industries and the fossil fuel sector, by:
- continuing to address known risks in extractives industries;
- curbing the threat of social, economic and political challenges associated with resource rich countries; and
- increasing accountability and transparency in both government and private spending through the transition.
We recommend that producer and consumer governments and companies proactively adopt beneficial ownership transparency in the energy and extractive industries.
Finally, we recommend that civil society monitor reforms, and use beneficial ownership data to hold actors in the public and private sector to account.
