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Countering a corrupt oil boom: Energy justice, Natural Resource Funds, and São Tomé e Príncipe's Oil Revenue Management Law

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  • Sovacool, Benjamin K.

Abstract

The world's fossil fuels took more than two billion years to accumulate, yet face depletion at a rate that could have them exhausted within one to two centuries. Moreover, their production, extraction, and processing have often occurred with at times devastating consequences for national governments and local communities. After summarizing these concerns, this study presents the notion of prudence, the idea that energy resources ought to be maximized for future use, and utilized to better the communities living near them. It then introduces Natural Resource Funds, a mechanism to both moderate the production and extraction of energy resources and to ensure that energy-related revenues serve the public good rather than merely consolidate corporate profit. São Tomé e Príncipe (STP) offers an excellent case study of how to achieve this balance in practice. STP's Natural Resource Fund moderates oil and gas production and ensure that revenues flow democratically to public projects. Although the country continues to face an array of challenges, these policies have generated much needed government revenue, helped diversify the economy, lowered inflation and rates of poverty, and minimized corruption and the exploitation often associated with oil exploration and production.

Suggested Citation

  • Sovacool, Benjamin K., 2016. "Countering a corrupt oil boom: Energy justice, Natural Resource Funds, and São Tomé e Príncipe's Oil Revenue Management Law," Environmental Science & Policy, Elsevier, vol. 55(P1), pages 196-207.
    • Handle: RePEc:eee:enscpo:v:55:y:2016:i:p1:p:196-207
    DOI: 10.1016/j.envsci.2015.09.015
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    Cited by:

    1. Muhanji, Stella & Ojah, Kalu & Soumaré, Issouf, 2019. "How do natural resource endowment and institutional quality influence the nexus between external indebtedness and welfare in Africa?," Economic Systems, Elsevier, vol. 43(1), pages 77-98.
    2. Surroop, Dinesh & Raghoo, Pravesh, 2018. "Renewable energy to improve energy situation in African island states," Renewable and Sustainable Energy Reviews, Elsevier, vol. 88(C), pages 176-183.
    3. Achua, Joseph Kwaghkor & Yusuf, Mariam & Wakdok, Samuel Stephen, 2022. "Nonlinear public debt and resource rent nexus in highly indebted resource-rich sub-Saharan economies: Evidence from Nigeria," Resources Policy, Elsevier, vol. 79(C).
    4. Heffron, Raphael J. & Downes, Lauren & Ramirez Rodriguez, Oscar M. & McCauley, Darren, 2021. "The emergence of the ‘social licence to operate’ in the extractive industries?," Resources Policy, Elsevier, vol. 74(C).
    5. Poncian, Japhace & Jose, Jim, 2019. "Resource governance and community participation: Making hydrocarbon extraction work for Tanzania," Resources Policy, Elsevier, vol. 62(C), pages 84-93.

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