World Bank examines its future role in the oil, gas and mining sectors

The WB is reviewing its future role in the extractive industries with stakeholders, within the global context of poverty reduction and the promotion of sustainable development.

The trust gap between the extractive industries (the oil, gas and mining sectors) and civil society is particularly large. Therefore, the World Bank Group is currently seeking an answer to what its appropriate role should be in these industries, using a specific review process, which includes stakeholder consultations, project visits and research.

In February 2003, the WB Group published an outline for its final document. Based on the text, the WB Group should aim at working in regions and with partners that will maximise the opportunities to ensure that extractive industries are a tool for poverty reduction, while protecting the Earth's climate and limiting the negative environmental, social and economic impacts of development.

Therefore, the Extractive Industries Review will recommend actions to:

  • Fight the "resource curse": transforming natural resources into other forms of capital (human, social and financial);
  • Take the sustainable energy path, by reducing the carbon intensity of development;
  • Minimise potential adverse environmental, social and economic impact and maximise benefits.

 

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