Side Event, Barcelona - Ecuador’s Yasuni-ITT Initiative: Keeping petroleum reserves underground

November 4 - December 31, 1969 Host Adelfa

This initiative proposes:

a) An innovative option for combating global warming, by avoiding the extraction of fossil fuels in areas which are highly biologically and culturally sensitive in developing countries;

b) Protecting the biodiversity of Ecuador and supporting the voluntary isolation of indigenous cultures living in the Yasuni Park (the Tagaeri and Taromenane);

c) Social development, nature conservation and implementing the use of renewable energy sources, as part of a strategy aimed at consolidating a new model of sustainable human development in the country.

Ecuador commits to indefinitely refrain from extracting the 846 million barrels of oil reserves in the ITT field, within the Yasuni National Park. The international community helps by providing a financial contribution, creating a capital fund to be administered by an international trust, with the participation of the government, Ecuadorian civil society and donors.

The fund’s capital, under UN supervision, will be invested in renewable energy projects in Ecuador, taking advantage of the country’s vast hydroelectric, geothermal, wind and solar potential, in order to overcome its current dependence on fossil fuels. Interests will not only be invested in social development of the country, but also to avoid deforestation and increase forestation project.

March 2018