§ Hilary Benn
The Government have been actively involved in the Extractive Industries Review (EIR).
We support the main conclusion of the review that the World Bank Group should remain involved with the extractive sector. We agree that it is important that social and environmental safeguards are rigorously applied, that human rights are respected, and that efforts are made to improve the governance and transparency of revenue flows from the sector.
In light of the World Bank's existing and planned work to deal with these issues, we believe that the EIR's recommendation to end investments in the oil sector by 2008 is premature. We also believe that the primary responsibility to address climate change should rest with developed countries, and that it would not be appropriate to deny the potential economic benefits of extractive industries to developing countries.