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Tags >> Ecuador
Jan 03
2012

Ecuador is Proposing to Not Drill for Money

Posted by: Grant Barbeito in Sustainable Development

Grant Barbeito

A possibly ground-breaking idea has been kept on life support after Ecuador revealed its Yasuni-ITT Initiative had raked in $116 million before the end of the year, breaking the $100 million mark that Ecuador said it needed to keep the program alive. Ecuador is proposing to not drill for an estimated 850 million barrels of oil in the Ishpingo-Tambococha-Tiputinin (ITT) blocs of Yasuni National Park if the international community pledges $3.6 billion to a United Nations Development Fund (UNDF), or about half of what the oil is currently worth. The Yasuni-ITT Initiative would preserve arguably the most biodiverse region on Earth from oil exploitation, safeguard indigenous populations, and keep an estimated 410 million tons of CO2 out of the atmosphere. However, the initiative is not without its detractors, some arguing the program is little more than blackmail; meanwhile proponents say it could prove an effective way to combat climate change, deforestation, and mass extinction.

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