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Crucially, with the theme of the MSGBC Oil, Gas action. This is a long-term ambition that requires dollars. And it did so with the approval, and even
& Power Conference 2022 being, “The Future of re-thinking certain models, challenging current encouragement, of its top executives.”
Gas: Growth Using Strategic Investment and practices and innovating. Forests are of crucial In accepting the guilty plea, it is undisputed
Policymaking,” Equatorial Guinea has 4.5 tril- importance in the fight against climate change. that while committing the aforementioned
lion cubic feet (127.4 bcm) of proven gas reserves We need to anticipate and be progressive to meet crimes, Glencore was a member of the EITI,
with estimations showing the likely full volume the challenges for the population, the country of an initiative that prides itself in being a global
to be twice that size and has been tapping them Gabon, biodiversity and climate,” said Hubert standard for the good governance of oil, gas and
at scale since 2014 with Noble Energy’s $1.6bn and Guillaume Fenart, CEOs of CBG. “The mineral resources. At its core, EITI’s mission is to
Alen field megadevelopment, targeting 930bn arrival of a major player like TotalEnergies will ‘promote the understanding of natural resource
cubic feet (26.34 bcm) worth of the resource. make it possible to expand CBG’s activities and management, strengthen public and corporate
Energy Capital & Power, June 14 2022 develop large-scale carbon initiatives within the governance and accountability, and provide the
framework of Gabon’s climate law.” data to inform policymaking and multi-stake-
TotalEnergies, CBG to TotalEnergies, June 15 2022 holder dialogue in the extractive sector, with
members committing to the EITI standard. This
develop new forest AEC calls for Glencore’s EITI standard, centered around a common set of rules
governing what has to be disclosed and when,
management model membership to be revoked forms the backbone of the initiative itself, ensur-
ing and supporting “the responsible and trans-
TotalEnergies and Compagnie des Bois du following guilty plea to parent production of minerals” while providing
Gabon (CBG) have joined forces to develop “data that can help identify and close channels
a forward-looking model of sustainable and corruption charges for corruption.”
responsible forest management that combines Glencore’s actions, therefore, directly infringe
sustainable harvesting, biodiversity conserva- Representing the voice of the African energy sec- upon the mission, values and objectives of the
tion, and long-term carbon storage. TotalEn- tor, the African Energy Chamber has called for EITI, as the company has violated several of the
ergies has become CBG’s leading partner after the termination of Glencore’s membership from rules and regulations that have been set out by
acquiring 49% of its capital from Criterion the Extractive Industries Transparency Initiative the initiative.
Africa Partners. (EITI). By engaging in bribery and corruption, Glen-
CBG is a key player in Gabonese forestry, rec- The African Energy Chamber (AEC) is call- core violated the code of conduct of EITI, which
ognised for its responsible and sustainable man- ing for the Extractive Industries Transparency would see members “observing the highest
agement of 600,000 hectares of forest, certified to Initiative (EITI) to terminate the membership standards of integrity and ethical conduct, acting
the highest international standards of the Forest of Switzerland-based commodities and mining with honesty and propriety.” The termination of
Stewardship Council (FSC), and for its ongoing multinational Glencore following Glencore’s Glencore’s membership, therefore, will not only
contribution to protecting biodiversity. recent guilty plea to multiple charges of market promote justice in the form of retribution deter-
The forest management model applied by manipulation, bribery and corruption. rence, incapacitation and reparations for the
the partners will make it possible to develop Pleading guilty on May 24 following an inves- admitted crimes but set a precedence for other
a new balance between, on the one hand, the tigation by Brazil, the UK and the US, Glencore’s members, directly stating that such actions will
harvesting and local processing of sustainable actions included more than $100mn worth of not be tolerated.
wood combined with carbon storage and, on the bribes to officials in Brazil, Cameroon, Ivory “The Chamber urges the EITI to be firm and
other, the production of related carbon credits Coast, Equatorial Guinea, Nigeria, Congo, South clear in protecting the African extractive indus-
thanks to the reduced impact of forest opera- Sudan and Venezuela between 2007 and 2018, try. This is the time for EITI to stand up for the
tions, reforestation, agroforestry and conserva- with penalties for market manipulation and cor- very mission the organization prides itself in:
tion of natural forests. This new model is in line ruption totaling $1.2bn to the US alone. transparency and accountability. Glencore has
with the “Green Gabon” vision of the Gabonese As the US Attorney Damian Williams for not only violated the rules of the initiative itself
authorities – the country’s development strategy the Southern District of New York stated, but has imposed immoral, unacceptable and
to sustainably manage its natural resources for “The scope of this criminal bribery scheme is illegal actions on Africa’s energy industry. The
the benefit of the population – as well as Gabon’s staggering. Glencore paid bribes to secure oil termination of Glencore’s membership is criti-
climate policy. contracts. Glencore paid bribes to avoid gov- cal. By doing so, EITI will signal that the crimes
“We are pleased to join forces with CBG to ernment audits. Glencore bribed judges to make Glencore has admitted to are not condoned or
support the evolution of Gabonese forestry. lawsuits disappear. At bottom, Glencore paid tolerated by EITI,” states NJ Ayuk, Executive
This is a key economic sector for the country, bribes to make money – hundreds of millions of Chairman of the AEC.
and we will help develop its carbon sequestra-
tion capacity in compliance with the highest
international standards. This is an innovative
partnership both by nature and ambition,” said
Nicolas Terraz, President of Exploration & Pro-
duction at TotalEnergies. “We are also particu-
larly delighted to extend our activities in Gabon
to sustainable and responsible forest manage-
ment, after more than 90 years of investment
and economic activity in the exploitation of the
country’s hydrocarbon resources.”
“Climate change and nature loss call for

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