{"id":314,"date":"2014-08-09T20:24:11","date_gmt":"2014-08-09T20:24:11","guid":{"rendered":"http:\/\/www.libyavision2020.ly\/lv\/?page_id=314"},"modified":"2020-07-07T21:06:38","modified_gmt":"2020-07-07T19:06:38","slug":"managing-natural-resources-equitably-sustainably-and-transparently","status":"publish","type":"page","link":"https:\/\/ihyalibya.com\/en\/home\/development-pillars\/economic-development\/managing-natural-resources-equitably-sustainably-and-transparently\/","title":{"rendered":"Managing Natural Resources Equitably, Sustainably, and Transparently"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;Hero&#8221; _builder_version=&#8221;4.4.7&#8243; use_background_color_gradient=&#8221;on&#8221; background_color_gradient_start=&#8221;rgba(0,56,198,0.76)&#8221; background_color_gradient_end=&#8221;rgba(175,123,17,0.66)&#8221; background_color_gradient_overlays_image=&#8221;on&#8221; background_image=&#8221;https:\/\/ihyalibya.wpengine.com\/wp-content\/uploads\/2020\/05\/Al-Riwaq1920.jpg&#8221; custom_margin=&#8221;||||false&#8221; custom_padding=&#8221;5vw||5vw||true|false&#8221;][et_pb_row column_structure=&#8221;3_5,2_5&#8243; _builder_version=&#8221;4.4.6&#8243; custom_padding=&#8221;0px||0px||true|&#8221;][et_pb_column type=&#8221;3_5&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text _builder_version=&#8221;4.4.8&#8243; text_font=&#8221;||||||||&#8221; header_font=&#8221;|700|||||||&#8221; header_font_size=&#8221;64px&#8221; header_line_height=&#8221;1.1em&#8221; background_layout=&#8221;dark&#8221; max_width=&#8221;695px&#8221; custom_margin=&#8221;|-32px|0px|||&#8221; custom_padding=&#8221;|35px||16px||&#8221; text_font_size_tablet=&#8221;14px&#8221; text_font_size_last_edited=&#8221;off|desktop&#8221; header_font_size_tablet=&#8221;44px&#8221; header_font_size_phone=&#8221;32px&#8221; header_font_size_last_edited=&#8221;on|phone&#8221; border_color_all=&#8221;#cea73d&#8221; border_width_left=&#8221;10px&#8221;]<\/p>\n<h1>Economic Development<\/h1>\n<h3>Managing Natural Resources Equitably, Sustainably, and Transparently<\/h3>\n<p>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;2_5&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_image src=&#8221;https:\/\/ihyalibya.wpengine.com\/wp-content\/uploads\/2020\/07\/Economic5.jpg&#8221; title_text=&#8221;Economic5&#8243; force_fullwidth=&#8221;on&#8221; align_tablet=&#8221;center&#8221; align_phone=&#8221;&#8221; align_last_edited=&#8221;on|desktop&#8221; _builder_version=&#8221;4.4.9&#8243; background_enable_image=&#8221;off&#8221; custom_padding=&#8221;0px||0px||true|&#8221; hover_enabled=&#8221;0&#8243; border_width_top=&#8221;8px&#8221; border_color_top=&#8221;#cea73d&#8221; locked=&#8221;off&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;Project Details&#8221; _builder_version=&#8221;3.22&#8243; custom_padding=&#8221;0px||0px||false|&#8221;][et_pb_row _builder_version=&#8221;4.4.8&#8243; locked=&#8221;off&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.4.8&#8243;][et_pb_text _builder_version=&#8221;4.4.8&#8243; text_text_color=&#8221;#cea73d&#8221; link_text_color=&#8221;#cea73d&#8221; header_text_color=&#8221;#cea73d&#8221;][\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;3_4,1_4&#8243; _builder_version=&#8221;4.4.6&#8243; custom_padding=&#8221;0px||0px||true|&#8221;][et_pb_column type=&#8221;3_4&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text _builder_version=&#8221;4.4.6&#8243; text_font=&#8221;||||||||&#8221; link_font=&#8221;||||||||&#8221; ul_font=&#8221;||||||||&#8221; ol_font=&#8221;||||||||&#8221; quote_font=&#8221;||||||||&#8221; header_font=&#8221;||||||||&#8221; header_2_font=&#8221;Rubik|700|||||||&#8221; header_2_font_size=&#8221;42px&#8221; header_2_line_height=&#8221;1.2em&#8221; module_alignment=&#8221;center&#8221; custom_margin=&#8221;||1px|||&#8221; custom_padding=&#8221;|||&#8221; header_2_font_size_tablet=&#8221;&#8221; header_2_font_size_phone=&#8221;36px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; locked=&#8221;off&#8221; inline_fonts=&#8221;Georgia&#8221;]<\/p>\n<h1>Pillar Objectives<\/h1>\n<p>[\/et_pb_text][et_pb_divider color=&#8221;#cea73d&#8221; divider_position=&#8221;center&#8221; divider_weight=&#8221;5px&#8221; _builder_version=&#8221;4.4.6&#8243; max_width=&#8221;50px&#8221; custom_margin=&#8221;||27px|||&#8221; locked=&#8221;off&#8221;][\/et_pb_divider][et_pb_text _builder_version=&#8221;3.27.4&#8243; text_font=&#8221;||||||||&#8221; text_line_height=&#8221;1.8em&#8221; custom_margin=&#8221;|38px||||&#8221; custom_padding=&#8221;|3px||||&#8221; locked=&#8221;off&#8221;]<\/p>\n<p><span class=\"objective-block1\">Our challenge is to utilize Libya\u2019s natural resource endowment for the common good while avoiding the mistakes of the past which promoted the inequitable distribution of key natural resources to political elites. In cases where the economic benefits of natural resources are shared with private investors, we must ensure that private gains are offset by national benefits such as technological acquisition, economic and social infrastructure development, and transfer of knowledge and skills to Libyans. We must increasingly involve our communities in the use and preservation of environmental assets so that our non-renewable resources are used in a manner that balances the needs of the present with the needs of future generations.<\/span><span class=\"objective-block2 pillar2\"><\/span><\/p>\n<p>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_slider show_arrows=&#8221;off&#8221; show_pagination=&#8221;off&#8221; _builder_version=&#8221;4.4.8&#8243; header_font=&#8221;||||||||&#8221; header_text_color=&#8221;#ffffff&#8221; body_text_color=&#8221;#ffffff&#8221; background_color=&#8221;#cea73d&#8221; custom_padding=&#8221;37px|0px|37px|12px|false|false&#8221;][et_pb_slide heading=&#8221;Human Development Pillar&#8221; button_text=&#8221;Read More&#8221; button_link=&#8221;@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9wYWdlIiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjI5OCJ9fQ==@&#8221; use_bg_overlay=&#8221;on&#8221; bg_overlay_color=&#8221;rgba(206,167,61,0.88)&#8221; use_text_overlay=&#8221;off&#8221; _builder_version=&#8221;4.4.8&#8243; _dynamic_attributes=&#8221;button_link&#8221; header_level=&#8221;h2&#8243; header_font=&#8221;|700|||||||&#8221; header_text_align=&#8221;center&#8221; header_font_size=&#8221;24px&#8221; header_letter_spacing=&#8221;0px&#8221; header_line_height=&#8221;1.6em&#8221; body_font=&#8221;|600|||||||&#8221; background_enable_color=&#8221;off&#8221; background_image=&#8221;https:\/\/ihyalibya.wpengine.com\/wp-content\/uploads\/2020\/05\/Al-Riwaq1920.jpg&#8221; background_enable_image=&#8221;on&#8221; background_blend=&#8221;multiply&#8221; custom_button=&#8221;on&#8221; button_text_color=&#8221;#ffffff&#8221; button_alignment=&#8221;center&#8221; button_custom_margin=&#8221;15px||||false|false&#8221; background_layout=&#8221;light&#8221; custom_padding=&#8221;|27px||27px|false|true&#8221;][\/et_pb_slide][\/et_pb_slider][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;Project Details&#8221; _builder_version=&#8221;3.22&#8243; custom_padding=&#8221;31px||31px||true|&#8221;][et_pb_row _builder_version=&#8221;4.4.8&#8243; custom_margin=&#8221;-1px|auto|-1px|auto|true|&#8221; custom_padding=&#8221;40px||40px||true|&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.4.8&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text _builder_version=&#8221;4.4.8&#8243; text_font=&#8221;||||||||&#8221; text_text_color=&#8221;#ffffff&#8221; link_font=&#8221;||||||||&#8221; ul_font=&#8221;||||||||&#8221; ol_font=&#8221;||||||||&#8221; quote_font=&#8221;||||||||&#8221; header_font=&#8221;||||||||&#8221; header_2_font=&#8221;Rubik|700|||||||&#8221; header_2_font_size=&#8221;42px&#8221; header_2_line_height=&#8221;1.2em&#8221; background_color=&#8221;#0061af&#8221; module_alignment=&#8221;center&#8221; custom_margin=&#8221;||1px|||&#8221; custom_padding=&#8221;12px|20px|12px|20px|true|true&#8221; header_2_font_size_tablet=&#8221;&#8221; header_2_font_size_phone=&#8221;36px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; border_color_all=&#8221;#cea73d&#8221; border_width_left=&#8221;6px&#8221; locked=&#8221;off&#8221; inline_fonts=&#8221;Georgia&#8221;]<\/p>\n<p><strong>Transformation Projects for Managing Natural Resources Equitably, Sustainably, and Transparently<\/strong><\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.4.8&#8243; custom_padding=&#8221;10px|||||&#8221;]<\/p>\n<p><span><style id=\"ea_dynamic_css3054\">#sp-ea-3054 .spcollapsing{height: 0; overflow: hidden; transition-property: height; transition-duration: 500ms;}#sp-ea-3054.sp-easy-accordion>.sp-ea-single.eap_inactive>.ea-header a{background-color: #bb0000 !important; color: #fff !important;}#sp-ea-3054.sp-easy-accordion>.sp-ea-single{ margin-bottom: 10px; border: 1px solid #cea73d; border-radius: 3px;}#sp-ea-3054.sp-easy-accordion>.sp-ea-single>.ea-header a{background: ;}#sp-ea-3054.sp-easy-accordion>.sp-ea-single.ea-expand>.ea-header a{background: #eee;}#sp-ea-3054.sp-easy-accordion>.sp-ea-single>.ea-header:hover a{background: ;}#sp-ea-3054.sp-easy-accordion>.sp-ea-single>.ea-header a .eap-title-icon{ color: #444;font-size: 20px;} #sp-ea-3054.sp-easy-accordion>.sp-ea-single>.ea-header a .eap-title-custom-icon{ max-width: 20px; }#sp-ea-3054.sp-easy-accordion>.sp-ea-single>.ea-header:hover a .eap-title-icon{color: #444;} #sp-ea-3054.sp-easy-accordion>.sp-ea-single.ea-expand>.ea-header a .eap-title-icon{color: #444;}#sp-ea-3054.sp-easy-accordion>.sp-ea-single>.ea-header a{padding: 15px 15px 15px 15px; color: #444; font-size: 20px; line-height: 30px; text-align: left; letter-spacing: 0px; text-transform: none;font-family: Open Sans; font-weight: 400; font-style: 600;}#sp-ea-3054.sp-easy-accordion>.sp-ea-single>.ea-header:hover a{color: #444;}#sp-ea-3054.sp-easy-accordion>.sp-ea-single.ea-expand>.ea-header a{color: #444;}#sp-ea-3054.sp-easy-accordion>.sp-ea-single>.sp-collapse>.ea-body p,#sp-ea-3054.sp-easy-accordion>.sp-ea-single>.sp-collapse>.ea-body{background: #fff; padding: 15px 15px 15px 15px; border-radius: 0 0 3px 3px; color: #444; font-size: 16px; text-align: left; letter-spacing: 0px; line-height: 26px; animation-delay: 200ms; text-transform: none;}#sp-ea-3054.sp-easy-accordion>.sp-ea-single>.ea-header a .ea-expand-icon.fa{color: ; font-size: 16px; font-style: normal;}#sp-ea-3054.sp-easy-accordion>.sp-ea-single>.ea-header:hover a .ea-expand-icon.fa{color: ;}#sp-ea-3054.sp-easy-accordion>.sp-ea-single.ea-expand>.ea-header a .ea-expand-icon.fa{color: ;}#sp-ea-3054.sp-easy-accordion>.sp-ea-single>.ea-header a{position: relative; padding-left:70px !important;}#sp-ea-3054.ea-icon-style-three.sp-easy-accordion .sp-ea-single>.ea-header a .ea-expand-icon.fa{right: -10px; left: auto;}#sp-ea-3054.ea-icon-style-three.sp-easy-accordion>.sp-ea-single>.ea-header a .ea-expand-icon{border-radius: 0 3px 3px 0px; background: #cea73d;}#sp-ea-3054.ea-icon-style-three.sp-easy-accordion>.sp-ea-single>.ea-header:hover a .ea-expand-icon{background: #ce9700;}#sp-ea-3054.ea-icon-style-three.sp-easy-accordion>.sp-ea-single.ea-expand>.ea-header a .ea-expand-icon{background: #cea73d;}#sp-ea-3054.ea-icon-style-three.sp-easy-accordion .sp-ea-single.ea-expand>.ea-header a .ea-expand-icon{border-radius: 0px 3px 0px 0px;}#sp-ea-3054.sp-easy-accordion>.sp-ea-single>.ea-header a{padding-left: 15px !important; padding-right:70px !important;}#sp-ea-3054 #eap_faq_search_bar_container input{display:none; opacity:0;}#sp-ea-3054 #eap_faq_search_bar_container ::before{content:\"\";}#sp-ea-3054.sp-easy-accordion>.sp-ea-single>.sp-collapse>.ea-body p{ padding:0px}<\/style><div id=\"sp-eap-accordion-section-3054\" class=\"sp-eap-container\"><div id=\"sp-ea-3054\" class=\"sp-ea-three ea-icon-style-three sp-easy-accordion \" data-ex-icon=\"fa-caret-up\" data-col-icon=\"fa-caret-down\"  data-ea-active=\"ea-click\"  data-ea-mode=\"vertical\" data-ea-multi-column=\"\" data-ea-coll=\"1\" data-keep-accordion=\"\" data-autoclose=\"\" data-preloader=\"\" data-scroll-active-item=\"\" data-offset-to-scroll=\"0\" data-autoplaytime=\"3000\" data-expand=>\t<div class=\"ea-card   sp-ea-single\" >\n\n\t\t<h3 class=\"ea-header\">\n\t\t\t<a class=\"collapsed\" data-sptoggle=\"spcollapse\" rel=\"nofollow\" data-sptarget=\"#collapse30540\" href=\"javascript:void(0)\" data-title=\"efaq-support-and-implement-a-new-petroleum-law-to-create-a-more-transparent-fair-and-efficiently-managed-oil-and-gas-sector\" aria-expanded=\"false\">\n\t\t\t\t<i class=\"ea-expand-icon fa fa-caret-down\"><\/i>  Support and implement a new petroleum law to create a more transparent, fair, and efficiently managed oil and gas sector:\t\t\t<\/a>\n\t\t<\/h3>\n\n\t\t<div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse30540\" >\n\t\t<div class=\"ea-body animated normal\"> \n\t<p><span style=\"text-decoration: underline\"><strong>Transformation Project Profile<\/strong><\/span><\/p>\n<div class=\"p-popup-row\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">Libya\u2019s natural resources and their contribution to development remain vulnerable to governance and management weaknesses, unsustainable practices, and conflict. Adherence to extractive industry transparency standards as well as strengthening civil society organizations to monitor production sharing agreements can bring more transparency to how Libya\u2019s natural resources are governed and how government revenues are used.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><strong><br \/>\n<span style=\"text-decoration: underline\">Transformation Project Objective<\/span><\/strong><\/p>\n<ul>\n<li>Initiate a collaborative governance structure including official institutions, national stakeholders, and external actors to share responsibility and authority for formulating national resource policies<\/li>\n<li>Devise open and competitive rules for the awarding of exploration and production rights and the role of the government and state-owned enterprises<\/li>\n<li>Implement the Extractive Industries Transparency Initiative<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\t\t\t<\/div>\n\t<\/div>\n\t\t<div class=\"ea-card   sp-ea-single\" >\n\n\t\t<h3 class=\"ea-header\">\n\t\t\t<a class=\"collapsed\" data-sptoggle=\"spcollapse\" rel=\"nofollow\" data-sptarget=\"#collapse30541\" href=\"javascript:void(0)\" data-title=\"efaq-implement-the-extractive-industries-transparency-initiative-standards-to-promote-openness-surrounding-the-management-of-natural-resources\" aria-expanded=\"false\">\n\t\t\t\t<i class=\"ea-expand-icon fa fa-caret-down\"><\/i>  Implement the Extractive Industries Transparency Initiative standards to promote openness surrounding the management of natural resources:\t\t\t<\/a>\n\t\t<\/h3>\n\n\t\t<div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse30541\" >\n\t\t<div class=\"ea-body animated normal\"> \n\t<p class=\"p1\"><span style=\"text-decoration: underline\"><span class=\"s1\"><b>Transformation Project Profile<\/b><\/span><\/span><\/p>\n<p class=\"p1\">Natural resource extraction is a vital component of fiscal revenues and can contribute to employment generation and enterprise creation revenues are effectively and equitably distributed. Adopting transparency standards as well as strengthening civil society organizations to monitor production sharing agreements can bring more transparency to how Libya\u2019s natural resources are governed and how government revenues are used.<\/p>\n<p class=\"p1\">\n<p class=\"p1\"><span style=\"text-decoration: underline\"><span class=\"s1\"><b>Transformation Project Objective<\/b><\/span><\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li1\">Strengthen the accountability and governance of institutions involved in the oil and gas sector by increasing the amount of information available in the public domain<\/li>\n<li class=\"li1\">Provide a clear signal to investors that the government is committed to greater transparency<\/li>\n<li class=\"li1\">Promote greater economic and political stability by lowering instances of corruption and preventing conflicts that involve the oil and gas sectors<\/li>\n<\/ul>\n<\/div>\n\t\t\t<\/div>\n\t<\/div>\n\t\t<div class=\"ea-card   sp-ea-single\" >\n\n\t\t<h3 class=\"ea-header\">\n\t\t\t<a class=\"collapsed\" data-sptoggle=\"spcollapse\" rel=\"nofollow\" data-sptarget=\"#collapse30542\" href=\"javascript:void(0)\" data-title=\"efaq-support-the-removal-of-state-subsidies-on-oil-and-oil-products-to-limit-illegal-trafficking-and-promote-targeted-subsidies-to-the-most-vulnerable\" aria-expanded=\"false\">\n\t\t\t\t<i class=\"ea-expand-icon fa fa-caret-down\"><\/i>  Support the removal of state subsidies on oil and oil products to limit illegal trafficking and promote targeted subsidies to the most vulnerable:\t\t\t<\/a>\n\t\t<\/h3>\n\n\t\t<div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse30542\" >\n\t\t<div class=\"ea-body animated normal\"> \n\t<p class=\"p1\"><span style=\"text-decoration: underline\"><span class=\"s1\"><b>Transformation Project Profile<\/b><\/span><\/span><\/p>\n<p class=\"p1\">Government subsidies on oil and oil products create economic incentives for cross border smuggling. In addition to eliminating illegal smuggling of subsidized oil and oil products, subsidy reforms will reduce the burden on the national budget and increase resources for investment in infrastructure and improving public services.<\/p>\n<p class=\"p1\">\n<p class=\"p1\"><span style=\"text-decoration: underline\"><span class=\"s1\"><b>Transformation Project Objective<\/b><\/span><\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li1\">Support commitments to phase out subsidies over the next three years<\/li>\n<li class=\"li1\">Support efforts to implement a smart card system to track supply and consumption<\/li>\n<li class=\"li1\">Identify and remove certain segments of the population from receiving subsidies so that the welfare scheme can better target the most vulnerable segments of society<\/li>\n<li class=\"li1\">Establish targeted active labor market programs in border regions that provide economic opportunities and employment for youth<\/li>\n<\/ul>\n<\/div>\n\t\t\t<\/div>\n\t<\/div>\n\t\t<div class=\"ea-card   sp-ea-single\" >\n\n\t\t<h3 class=\"ea-header\">\n\t\t\t<a class=\"collapsed\" data-sptoggle=\"spcollapse\" rel=\"nofollow\" data-sptarget=\"#collapse30543\" href=\"javascript:void(0)\" data-title=\"efaq-improve-access-to-credit-for-farmers\" aria-expanded=\"false\">\n\t\t\t\t<i class=\"ea-expand-icon fa fa-caret-down\"><\/i>  Improve access to credit for farmers:\t\t\t<\/a>\n\t\t<\/h3>\n\n\t\t<div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse30543\" >\n\t\t<div class=\"ea-body animated normal\"> \n\t<p class=\"p1\"><span style=\"text-decoration: underline\"><span class=\"s1\"><b>Transformation Project Profile<\/b><\/span><\/span><\/p>\n<p class=\"p1\">Libya currently lacks a framework of environmental laws sufficient to protect its natural environment. The accession and ratification of existing multilateral environmental treaties, conventions, and agreements as well as the development of bilateral memoranda of understanding will provide an overarching framework for the creation of legislation to protect the environment while embedding environmental stewardship as a national value.<\/p>\n<p class=\"p1\">\n<p class=\"p1\"><span style=\"text-decoration: underline\"><span class=\"s1\"><b>Transformation Project Objective<\/b><\/span><\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li1\">Strengthen the legislative framework for environmental sustainability<\/li>\n<li class=\"li1\">Increase institutional ability to develop and enforce environmental regulations<\/li>\n<li class=\"li1\">Improve bilateral, regional, and international cooperation to mitigate the environmental effects of development<\/li>\n<\/ul>\n<\/div>\n\t\t\t<\/div>\n\t<\/div>\n\t\t<div class=\"ea-card   sp-ea-single\" >\n\n\t\t<h3 class=\"ea-header\">\n\t\t\t<a class=\"collapsed\" data-sptoggle=\"spcollapse\" rel=\"nofollow\" data-sptarget=\"#collapse30544\" href=\"javascript:void(0)\" data-title=\"efaq-create-a-national-oil-fund-that-sets-aside-a-certain-share-of-oil-revenues-to-benefit-future-generations\" aria-expanded=\"false\">\n\t\t\t\t<i class=\"ea-expand-icon fa fa-caret-down\"><\/i>  Create a national oil fund that sets aside a certain share of oil revenues to benefit future generations:\t\t\t<\/a>\n\t\t<\/h3>\n\n\t\t<div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse30544\" >\n\t\t<div class=\"ea-body animated normal\"> \n\t<p><span style=\"text-decoration: underline\"><strong>Transformation Project Profile<\/strong><\/span><\/p>\n<div class=\"p-popup-row\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">A dedicated future generations fund as part of the Libya Investment Authority could invest in a diversified portfolio of appropriate growth investments in order to provide future generations of Libyans a savings base for when hydrocarbon reserves are exhausted. The future generation fund would have a long investment time horizon of greater than 20 years to span multiple economic and market cycles. While the principal could not be spent, an annual dividend paid from fund earnings could be considered.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"p-popup-row\"><\/div>\n<\/div>\n<\/div>\n<div class=\"p-popup-row\">\n<div class=\"p-popup-profile-cont\">\n<div class=\"p-popup-row\"><strong><span style=\"text-decoration: underline\"><br \/>\nTransformation Project Objective<\/span><\/strong><\/div>\n<\/div>\n<div>\n<ul>\n<li>Provide future generation of Libyans a solid savings base for when hydrocarbon reserves are exhausted<\/li>\n<li>Provide a safety net for rural communities which rely on government transfers and subsistence activities<\/li>\n<li>Enhance public scrutiny of the fund to ensure transparency<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\t\t\t<\/div>\n\t<\/div>\n\t\t<div class=\"ea-card   sp-ea-single\" >\n\n\t\t<h3 class=\"ea-header\">\n\t\t\t<a class=\"collapsed\" data-sptoggle=\"spcollapse\" rel=\"nofollow\" data-sptarget=\"#collapse30545\" href=\"javascript:void(0)\" data-title=\"efaq-encourage-renewable-and-low-carbon-energy-generation\" aria-expanded=\"false\">\n\t\t\t\t<i class=\"ea-expand-icon fa fa-caret-down\"><\/i>  Encourage renewable and low-carbon energy generation:\t\t\t<\/a>\n\t\t<\/h3>\n\n\t\t<div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse30545\" >\n\t\t<div class=\"ea-body animated normal\"> \n\t<p class=\"p1\"><span style=\"text-decoration: underline\"><span class=\"s1\"><b>Transformation Project Profile<\/b><\/span><\/span><\/p>\n<p class=\"p1\">Libya has a high potential for solar power and wind power. A diversification strategy that encourages the harnessing of solar and wind power, coupled with improvements to the energy grid, is required to support increased demand and prevent power failures and brownouts currently experienced. Public policy measures, laws, and long term contracts that encourage localized public and private energy production through renewable sources must be introduced.<\/p>\n<p class=\"p1\"><span style=\"text-decoration: underline\"><span class=\"s1\"><b>Transformation Project Objective<\/b><\/span><\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li1\">Improve energy efficiency and conservation<\/li>\n<li class=\"li1\">Accelerate investment in renewable energy technologies by the private sector<\/li>\n<li class=\"li1\">Reduce harmful emissions produced through the burning of fossil fuels<\/li>\n<\/ul>\n<\/div>\n\t\t\t<\/div>\n\t<\/div>\n\t\t<div class=\"ea-card   sp-ea-single\" >\n\n\t\t<h3 class=\"ea-header\">\n\t\t\t<a class=\"collapsed\" data-sptoggle=\"spcollapse\" rel=\"nofollow\" data-sptarget=\"#collapse30546\" href=\"javascript:void(0)\" data-title=\"efaq-develop-and-enforce-legislation-requiring-the-completion-and-approval-of-environmental-impact-assessments-for-all-infrastructure-projects\" aria-expanded=\"false\">\n\t\t\t\t<i class=\"ea-expand-icon fa fa-caret-down\"><\/i>  Develop and enforce legislation requiring the completion and approval of environmental impact assessments for all infrastructure projects:\t\t\t<\/a>\n\t\t<\/h3>\n\n\t\t<div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse30546\" >\n\t\t<div class=\"ea-body animated normal\"> \n\t<p class=\"p1\"><span style=\"text-decoration: underline\"><span class=\"s1\"><b>Transformation Project Profile<\/b><\/span><\/span><\/p>\n<p class=\"p1\">Environmental impact assessments ensure the protection and conservation of the environment and safeguard communities from uncontrolled development. Sufficient legislative and institutional frameworks for environmental impact assessments must be introduced to ensure infrastructure projects do not have adverse effects on the environment and the quality of life of communities.<\/p>\n<p class=\"p1\"><span style=\"text-decoration: underline\"><span class=\"s1\"><b>Transformation Project Objective<\/b><\/span><\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li1\">Adequately understand the environmental and social impacts of proposed infrastructure projects<\/li>\n<li class=\"li1\">Mandate mitigation activities or compensation for negative impacts<\/li>\n<\/ul>\n<\/div>\n\t\t\t<\/div>\n\t<\/div>\n\t\t<div class=\"ea-card   sp-ea-single\" >\n\n\t\t<h3 class=\"ea-header\">\n\t\t\t<a class=\"collapsed\" data-sptoggle=\"spcollapse\" rel=\"nofollow\" data-sptarget=\"#collapse30547\" href=\"javascript:void(0)\" data-title=\"efaq-develop-a-geological-and-mineral-exploration-program-to-strengthen-negotiations-with-mineral-rights-bidders\" aria-expanded=\"false\">\n\t\t\t\t<i class=\"ea-expand-icon fa fa-caret-down\"><\/i>  Develop a geological and mineral exploration program to strengthen negotiations with mineral rights bidders:\t\t\t<\/a>\n\t\t<\/h3>\n\n\t\t<div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse30547\" >\n\t\t<div class=\"ea-body animated normal\"> \n\t<p class=\"p1\"><span style=\"text-decoration: underline\"><span class=\"s1\"><b>Transformation Project Profile<\/b><\/span><\/span><\/p>\n<p class=\"p1\">Recent geological and mineral studies suggest that there are significant levels of undiscovered natural resources. Libya must establish well equipped labs and institutions to conduct more extensive geological reconnaissance studies. Such studies would allow the government to develop a comprehensive understanding of the country\u2019s natural resource endowment and strengthen its position when negotiating licensing rights with extractive companies.<\/p>\n<p class=\"p1\"><span style=\"text-decoration: underline\"><span class=\"s1\"><b>Transformation Project Objective<\/b><\/span><\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li1\">Develop a comprehensive understanding of natural resource reserves<\/li>\n<li class=\"li1\">Improve the exploration, development, production, and utilization of Libya\u2019s natural resources<\/li>\n<\/ul>\n<\/div>\n\t\t\t<\/div>\n\t<\/div>\n\t<\/div><\/div><\/span><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Economic Development Managing Natural Resources Equitably, Sustainably, and TransparentlyPillar ObjectivesOur challenge is to utilize Libya\u2019s natural resource endowment for the common good while avoiding the mistakes of the past which promoted the inequitable distribution of key natural resources to political elites. In cases where the economic benefits of natural resources are shared with private investors, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":296,"menu_order":5,"comment_status":"open","ping_status":"open","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"Our challenge is to utilize Libya\u2019s natural resource endowment for the common good while avoiding the mistakes of the past which promoted the inequitable distribution of key natural resources to political elites. In cases where the economic benefits of natural resources are shared with private investors, we must ensure that private gains are offset by national benefits such as technological acquisition, economic and social infrastructure development, and transfer of knowledge and skills to Libyans. We must increasingly involve our communities in the use and preservation of environmental assets so that our non-renewable resources are used in a manner that balances the needs of the present with the needs of future generations.","_et_gb_content_width":"","footnotes":""},"class_list":["post-314","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Managing Natural Resources Equitably, Sustainably, and Transparently - Ihya Libya 2030<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ihyalibya.com\/en\/home\/development-pillars\/economic-development\/managing-natural-resources-equitably-sustainably-and-transparently\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Managing Natural Resources Equitably, Sustainably, and Transparently - Ihya Libya 2030\" \/>\n<meta property=\"og:description\" content=\"Economic Development Managing Natural Resources Equitably, Sustainably, and TransparentlyPillar ObjectivesOur challenge is to utilize Libya\u2019s natural resource endowment for the common good while avoiding the mistakes of the past which promoted the inequitable distribution of key natural resources to political elites. 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