Abstract The governance of natural resource wealth is considered to constitute a key determinant in whether the extraction of natural resources proves to be a blessing or a curse. In response to this challenge, a variety of international initiatives have emerged to codify successful policies pursued by countries, and promote global norms and best practices to guide decision-makers. These initiatives, such as the Extractives Industry Transparency Initiative, have seen success in spreading and embedding governance norms, ranging across revenue transparency, contract disclosure, and the creation of instruments such as resource funds and building institutions for checks and balances. However, evidence for causal impact remains weak and sometimes limited to anecdotal cases. The end of the super-cycle of commodity prices, and the prospect of permanently lower prices for fossil fuels, creates new challenges for resource-rich countries but may also allow space and time for reflection, lesson-learning and improvements in governance.
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