Manitoba Wildlands  
Ecuador's Oil To Remain Underground 31 December 09

oil barrelsEcuador has launched a new trust fund to protect Yasuni National Park ITT area (Ishpingo, Tiputini and Tambococha rivers) and keep 850 million tons of crude oil in the ground. The initiative to protect the rainforest and its oil was announced at climate change negotiations in Copenhagen.

The Yasuni ITT Trust Fund, managed by UN Development Programme will compensate the Ecuadorian government for keeping the oil in the ground with a payout of $350 million a year for 10 years. In exchange, the government guarantees the oil will never be extracted from the ITT area. This prevents release of 407 million metric tones of carbon dioxide into the atmosphere, helping to prevent global warming. The fund will also help protect one of the richest sections of rainforest in the world, a UNESCO Biosphere Reserve, home to 23 threatened species, 3 isolated indigenous tribes and thousands of plant and animal species.

Five oil companies are already drilling oil in other parts of Yasuni Park and have submitted proposals to access the heart of Yasuni National Park. They have been turned down while the government launches this trust fund. So far, the trust fund has received support from Germany, Spain, the city of Guayaquil, Amazon Watch, and other NGO's.

View December 22, 2009 Common Dreams.org Press Release
View Yasuni Depends on You! webpage
View Yusani-ITT webpage

Source: Environmental News Service
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