Policy paper

G8 factsheet: transparency (HTML)

Updated 13 June 2013

1. Why transparency?

Transparency about the ownership of companies and land and also about where money flows from and to is critical for developing countries.

Removing conflict and corruption, having the presence of property rights and strong institutions are vital for countries to move from poverty to wealth.

1.1 Land transparency

Lack of transparency around land deals can:

  • create a barrier to responsible investment
  • weaken livelihoods and ignore rights of local communities
  • create space for corruption and money laundering
  • reduce space for legitimate business activity

Encouraging responsible and sustainable investment in land is essential for economic growth and food security.

1.2 Extractives transparency

Some of the world’s poorest countries have some of the greatest supplies of oil, gas and minerals. But many are plagued by a lack of transparency and corrupt practices.

Increasing transparency in the extractives industries and raising global reporting standards can help countries to secure the full benefits of their natural resources, so they can be re-invested in the economy.

1.3 Open data

Open data puts information in the public domain; it drives innovation and economic growth, provides a basis for better policies and decisions, and increases accountability of governments to their citizens.

Governments already publish a wide range of data, but should take steps to make it more accessible and comparable.

2. G8 action

As part of its G8 Presidency, the UK will: