PWYP-US has championed and pushed for the full implementation of a strong regulation for Dodd-Frank Section 1504 which requires all US-listed oil, gas, and mining companies to report the payments they make to governments in all countries of operation, including the US federal government.
We are now using our decade of experience in pushing for greater extractive industry transparency to advocate for important disclosures needed from these industries to inform a just transition. Voluntary corporate disclosure on climate-related risk has been incomplete and insufficient.
Mandatory disclosure requirements will force changes in industry behavior and challenge the counterfactual “pro-growth” plans that the industry maintains.
Transparency will allow stakeholders to evaluate a fossil fuel company’s plans and demand that companies do not pursue projects that are outside of the global carbon budget. This will also help to limit risk in the global economy since companies will be forced to stop inflating their valuation with risky assets.
We will also push for renewable energy companies to improve and expand their disclosures to ensure that the rapidly growing demand for renewable technology does not precipitate bad corporate behavior and replicate some of the worst ills of the fossil fuel industry. Along with work to demand more transparency from companies, we will continue to advocate for more progressive global norms around government transparency. In the context of a global energy transition, governments in commodity-rich countries must disclose their plans for maintaining economic stability throughout the energy transition, including how they will graduate their economies away from risky fossil fuel dependency.