The extractive sector affects communities around the world on a daily basis. Half of the global population and 70% of those who live in extreme poverty, live in countries where non-renewable mineral resources dominate the economy. Many people champion the ability of mining and oil and gas development to contribute to society and to leave a lasting benefit for local communities. ?Shared value? and ?prosperity with local communities? are common rallying cries. However, the effects of extractive development are both positive and negative, and more often than not, the negative impacts of extractive development outweigh the positive. Over the past several decades there has been an increased effort to find a positive balance between the benefits and negative impacts associated with extractive development. These efforts have led to improvements in regulatory frameworks, international standards and policies, company social performance, mechanisms for community participation, support from civil society, and forums for dialogue. While these improvements are significant, the current approach to extractive development globally still has not led to sustained positive outcomes for local communities. For local communities to see long-lasting benefit and positive social change from extractive development, a new approach is needed.
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