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Donations Stop Oil Drilling In a National Park in Ecuador

Donations Stop Oil Drilling In a National Park in Ecuador

 

The main goal of the Yasuni ITT Initiative is to stop the exploitation of the Yasuni National Park in Ecuador, 722 square miles of Amazonian rainforest. The initiative met its first goal to raise $100 million by December 30, 2011. In 2007, Rafael Correa, president of Ecuador, agreed to stop extracting oil from Yasuni if half of the $7.6 billion in revenue the oil would have generated could be raised. There are 846 million barrels of oil beneath Yasuni.

By August 2010, the UN Development Program helped set up a trust fund with the deadline of December 30, 2011 to raise $100 million or the deal to stop extracting oil from Yasuni would be off the table. The big goal is to raise $3.6 billion by 2024. Everyone from famous actors to Al Gore gave money. Governments pledged support, including Germany, which donated $48 million in technical assistance.

The initiative faces criticism. The blog site, Yasuni Forever says it “hardly looks like a resounding triumph as it is a mixture of written off debts, a donation from the President of Ecuador himself and various others.” Part of the funds came from Silvio Berlusconi, the prime minister of Italy, who deducted $51 million from the money that Ecuador owes Italy. A Reuters blog post by Felix Salmon says of Berlusconi’s deduction, “as though Ecuador was ever going to pay that money in any event.”

Salmon says that the initiative “has been riddled with problems from the outset,” and one of the main problems is the source of the funds. Correa gave $40 million from the damages he won in a libel lawsuit, a lawsuit that Amnesty International condemned as having the potential to curtail freedom of speech. Other sources of funds came from governments, including $100,000 from Turkey, and $500,000 from Australia. “There’s no way that those sort of sums can ever hope to come close to replacing potential ITT oil revenues,” Salmon says.

For all its criticism of the initiative, Yasuni Forever does view it in a positive light as a “signal of intent.” As the blog post puts it, “it’s a good note to start 2012 on.” However, raising the $100 million is only “step one” and “much more money needs to be raised to save Yasuni in the future.”

There are people who praise the initiative, including Hugo Mogollon, executive director of the NGO, Finding Species. “The Yasuni-ITT Initiative is pioneering,” Mogollon says. “It is a serious effort to keep a megadiverse forest intact, coming straight from the office of the President of Ecuador. Governments of the region and around the world should really want to support this.”

Time will tell if the initiative will continue to raise funds. As a Mongabay.com article points out, “innovate programs with immediate results such as Yasuni-ITT may become increasingly attractive” considering that governments are “acting too slowly to effectively counter climate change and biodiversity loss.”

 

Related Stories:

Care2 Success! No New Mining Near Grand Canyon for 20 Years

Fishermen Caught Hunting Sharks in Galapagos National Park

Chevron Fined $8 Billion by Ecuador Court

 

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Photo credit: Flickr user, ggallice

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28 comments

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2:43PM PST on Feb 4, 2012

Thanks for this very informative article, is no place on earth safe from these greedy oil companies.

12:30PM PST on Jan 31, 2012

I think it's a good idea...they can develope and we can keep the jungles untouched.

1:03PM PST on Jan 15, 2012

Thank you for the news. They should never allow drilling in that paradise on earth. They'd better look for alternative energies.

9:07AM PST on Jan 15, 2012

Super Pac 's - a wallop! Money can be good for the world if not abused, misused, and invested in useless, unfruitful stocks - meaning, not fruitful for the world at large on a grand scale. As we should all know, flow of money is still at random and held for ransom. Another world issue at hand that needs Super Pac mentality is IRAN. Consider more cunning and covert means to attract nuclear scientists away. To me, IRAN and DOOMSDAY are syncronic.

11:31AM PST on Jan 14, 2012

Thnks

5:37AM PST on Jan 13, 2012

They should never allow drilling there! Invest in alternative fuels.

12:59AM PST on Jan 13, 2012

Good...:)) Thank you.

6:56PM PST on Jan 12, 2012

Many thanks to all those who contributed - BRAVO!

11:53AM PST on Jan 12, 2012

Thanks

9:11AM PST on Jan 12, 2012

Thanks for the news

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