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Extractive Industries: the Management of Resources OUP CORRECTED PROOF – FINAL, 23/8/2018, SPi Extractive Industries OUP CORRECTED PROOF – FINAL, 23/8/2018, SPi UNU World Institute for Development Economics Research (UNU-WIDER) was established by the United Nations University as its first research and training centre and started work in Helsinki, Finland, in 1985. The mandate of the institute is to undertake applied research and policy analysis on structural changes affecting devel- oping and transitional economies, to provide a forum for the advocacy of policies leading to robust, equitable, and environmentally sustainable growth, and to pro- mote capacity strengthening and training in the field of economic and social policymaking. Its work is carried out by staff researchers and visiting scholars in Helsinki and via networks of collaborating scholars and institutions around the world. United Nations University World Institute for Development Economics Research—UNU-WIDER Katajanokanlaituri 6B, 00160 Helsinki, Finland www.wider.unu.edu OUP CORRECTED PROOF – FINAL, 23/8/2018, SPi Extractive Industries The Management of Resources as a Driver of Sustainable Development Edited by Tony Addison and Alan Roe A study prepared by the United Nations University World Institute for Development Economics Research (UNU-WIDER) 1 OUP CORRECTED PROOF – FINAL, 23/8/2018, SPi 3 Great Clarendon Street, Oxford, OX2 6DP, United Kingdom Oxford University Press is a department of the University of Oxford. It furthers the University’s objective of excellence in research, scholarship, and education by publishing worldwide. Oxford is a registered trade mark of Oxford University Press in the UK and in certain other countries © United Nations University World Institute for Development Economics Research (UNU-WIDER) 2018 The moral rights of the authors have been asserted First Edition published in 2018 Impression: 1 Some rights reserved. This is an open access publication. Except where otherwise noted, this work is distributed under the terms of a Creative Commons Attribution-Non Commercial- Share Alike 3.0 IGO licence (CC BY-NC-SA 3.0 IGO), a copy of which is available at https://creativecommons.org/licenses/by-nc-sa/3.0/igo/. It is permitted to reuse, share and adapt this work, subject to the following terms: Attribution - appropriate credit is given to the original work, the copyright holder and creator, and any changes made to the work are properly indicated. Non-Commercial - the work, or any adaptation of the work, may not be used, distributed or reproduced in any format, by any means, for commercial purposes. Share-Alike - the work, or any adaptation of the work is distributed under the same licence terms as the original, with a URL link provided to the licence. Enquiries concerning use outside the terms of the Creative Commons licence should be sent to the Rights Department, Oxford University Press, at the above address or to [email protected]. Published in the United States of America by Oxford University Press 198 Madison Avenue, New York, NY 10016, United States of America British Library Cataloguing in Publication Data Data available Library of Congress Control Number: 2018944297 ISBN 978–0–19–881736–9 Printed and bound by CPI Group (UK) Ltd, Croydon, CR0 4YY Links to third party websites are provided by Oxford in good faith and for information only. Oxford disclaims any responsibility for the materials contained in any third party website referenced in this work. Printed and bound by CPI Group (UK) Ltd, Croydon, CR0 4YY OUP CORRECTED PROOF – FINAL, 23/8/2018, SPi To Lynda and Susan, for all their encouragement and support. OUP CORRECTED PROOF – FINAL, 23/8/2018, SPi OUP CORRECTED PROOF – FINAL, 23/8/2018, SPi Foreword For some developing countries natural resource wealth has turned out to be a curse rather than a blessing. Economic growth based exclusively on natural resources—such as oil, gas, and minerals—is often of a very narrow kind, failing to provide opportunities for much of the population. The wealth from a nation’s extractive industries needs to be carefully managed if inclusive and sustainable growth is to be achieved. Resource wealth has often been associated with political instability, corruption and the non-transparent use of the revenues for private gain instead of national development. Many low- and middle-income countries continue to struggle with their resource wealth, with conflict and civil war being the unfortunate outcome for some. This natural resource curse, and all that it brings, is a motivation for UNU- WIDER’s Extractives for Development project—launched in early 2016 and led by Tony Addison and Alan Roe—bringing together a network of researchers, practitioners, and policy makers, international and local, govern- ment and corporate, to share their accumulated learning. By comparing experiences of the extractive industries across countries—opportunities and challenges, successes and failures—the project has built a comprehensive body of knowledge, potentially transferable between countries when suitably adapted to local circumstances. This book will help national policy makers and their international partners in the task of creating development strategies that use resource revenues for inclusive and sustainable development, better manage the macroeconomic risks, and prepare their societies for the impact on the extractive sectors of the transition from fossil fuels to renewable energy and other low-carbon technologies. I sincerely thank the contributors for their studies which share with us their individual expertise within the field, and the editors, Tony Addison and Alan Roe, for bringing this academic work to full fruition and particularly for their analytical and authorship skills, evidenced so clearly in this fascinating book. UNU-WIDER gratefully acknowledges the support and financial contribu- tions to its research programme by the governments of Finland, Sweden, and the United Kingdom. Without this vital funding our research and policy advisory work would be impossible. Finn Tarp Director, UNU-WIDER Helsinki, June 2018 OUP CORRECTED PROOF – FINAL, 23/8/2018, SPi OUP CORRECTED PROOF – FINAL, 23/8/2018, SPi Preface This book is an output of the UNU-WIDER 2014–18 work programme, entitled ‘Transformation, Inclusion and Sustainability: Creating and Sharing Know- ledge for Development’. The topic of extractives and development touches almost every aspect of development, and is relevant to each of the three themes of the UNU-WIDER programme. It is also highly relevant to the United Nations’ Sustainable Development Goals (SDGs), and especially to UN member states which are looking to strengthen the contribution that the extractive sectors can make to national development. Transforming the structure of economies to achieve higher rates of eco- nomic growth and greater resilience to shocks has proven to be more difficult in resource-rich countries than was expected in the early years of development thinking and practice from the 1950s onwards. Many such countries are today more dependent on the extractive industries despite, in many cases, having achieved higher levels of per capita income. Other countries have seen their living standards slide as political instability and conflict have taken hold. While some countries have managed to use the revenues from extractive resources to advance social inclusion by investing in education, healthcare, and development infrastructure, many resource-rich countries have seen social exclusion rather than greater inclusion. Today there is an additional challenge. Extractives sectors in all countries need to reduce both their own environmental footprints and especially their greenhouse gas emissions. Countries and extractive companies (both minerals and oil and gas) need to prepare for the accelerating shift now underway from fossil fuels to renewable energy, and for the multiple revenue and other eco- nomic consequences of a global transition to low-carbon pathways for econ- omies and societies. In sum, the subject of extractives and development has an undoubted and increasing relevance for the goals of transformation, inclusion, and sustainability—the three pillars of UNU-WIDER’s work programme. In addition to this book, the extractives for development project at UNU- WIDER has many other outputs, and we plan to add further to these in the coming years. Over more than thirty years, UNU-WIDER’s research projects and conferences have generated a very large amount of knowledge on a wide range of development policy issues. This knowledge is shared via our website OUP CORRECTED PROOF – FINAL, 23/8/2018, SPi Preface www.wider.unu.edu. There you can also find links to many other research papers, policy briefs, and blogs, as well as to the videos that UNU-WIDER increasingly produces. These include interviews with many of the contribu- tors to this book, giving readers the opportunity to learn more about the topic. The website also provides users with ample opportunities to engage with UNU-WIDER through our social media outlets and to keep up-to-date with our work, including that on extractives and development. In its more than thirty years of existence, UNU-WIDER has engaged with a very large number of researchers and practitioners. This book has enlarged and deepened our network further. It has been excellent to work with Alan Roe as the project’s co-leader, and the book’s co-editor. He brings long-standing expertise on the subject, very clear insight into the ways that development policy works, and has been central to the design,
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