The development of mining and oil and gas industries holds tremendous potential to transform local livelihoods and bolster economies in a sustainable and inclusive manner. In the last ten years, the benefits arising from the industry have come under particular scrutiny as foreign direct investments, primarily driven by mining and oil and gas companies, began to overtake official development assistance in developing countries. Host governments and local stakeholders also demand clear strategies for benefits to be retained locally.
When resource discovery is accompanied by strong governance, a skilled local workforce and a vibrant private sector, the growth of the industry contributes to strong public finances and employment opportunities expand; economic growth is spurred through increased business activity throughout the value chain.
However, when countries with resource discoveries lack essential building blocks – governance, educational institutions, a capable private sector – much of the transformative potential of the industry can be lost, resulting in companies facing significant operational risks and local communities realizing few benefits.
With a vision to address these interconnected challenges, the Foundation has carefully selected four strategic focus areas: Resource Governance, Education and Skills Development, Local Procurement, Economic Diversification. When operations are located in mature resource economies and public institutions are able to address public needs, the Foundation focuses on addressing pressing social and environmental challenges.