Ecuador’s Yasuni ITT Initiative Promotes Sustainable Development through Avoided Fossil Fuel Production and Presents a New Development Paradigm

By Forest Carbon Portal

In response to this dilemma, Ecuadoran President Rafael Correa recently proposed an alternative development strategy designed to simultaneously assist in climate change mitigation efforts and contribute to Ecuador’s economic development goals: Ecuador will refrain from extracting the oil if the international community can contribute half of the money that Ecuador could have generated through oil production to a fund set aside for the country; Ecuador would be expected to contribute the remaining half.  Interest from the fund would be re-invested for national policies that encourage sustainable development.

Environmental and Economic benefits of the plan would include:

  1. An innovative option for combating Global Warming – avoided fossil fuel production
  2. Protecting biodiversity and indigenous cultures
  3. Development of a new sustainable development model that includes social development, nature conservation and implementing renewable energy sources
  4. Conservation and preventing deforestation
  5. Increasing national energy efficiency and savings

For the official English and Spanish versions of the proposal, click here