Developing a framework for sustainable development in extractive industries: a Latin America perspective

This paper serves to examine the roles and responsibilities of Nation States in managing their extractive industries and maintaining the sustainable development of their natural resources. In Latin America there exist areas where the State is weak and communities must rely on extractive industry actors and non-State actors to replace the State in providing the necessary services to allow for the communities to remain sustainable; economically, socially and environmentally. In order to assist extractive sector firms in evaluating their roles under that circumstance we put forward a conceptual framework that provides the principal questions that need to be considered in order to establish the rules of engagement with stakeholders and the key principles, goals, and standards that inform the actions to be taken to promote sustainable development.