David Cameron has made enhancing transparency – including the Construction Sector Transparency Initiative – a key priority during Britain’s term as President of G8 group of richest nations this year.

In a letter to fellow G8 leaders, the prime minister urges that the developed and developing world work together, to prevent money laundering and stamp out bribery and corruption. Cameron sees the Construction Sector Transparency Initiative as an important means to achieving enhanced transparency.

Mr. Cameron goes on to call for G8 leadership, stating that: ‘We cannot call on other countries to live up to these high standards of transparency if we are not prepared to do so ourselves.’

It is estimated that, by 2020, upwards of $2.5 trillion annually could be lost on an international level through corruption, mismanagement and inefficiency in construction. Governments and the international construction sector have the potential to combat this by signing up to the Construction Sector Transparency Initiative (CoST).

The Construction Sector Transparency Initiative (CoST) was launched in October, following a three-year pilot project. The UK is the only G8 country participating in CoST along with seven other nations: Ethiopia, Guatemala, Malawi, the Philippines, Tanzania, Vietnam and Zambia.