Ecuador pledged in a pioneering agreement with the United Nations on Tuesday to refrain from oil drilling in a pristine (urørt) Amazon preserve in return for some 3,6 billion US dollar in payments from rich nations.
The accord sets up a trust fund to be administered by the world body.
The fund, to be managed in partnership with the UN Development Program (UNDP), is expected to receive a minimum of 100 million dollar (570 mio. DKR) over the next 18 months. The money will be used to compensate the country for the non-drilling of oil in the Ishpingo Tambococha Tiputini field, or ITT.
The ITT oil field is part of the Yasuni National Park, the country’s largest nature reserve and a UNESCO biosphere reserve in Ecuador’s Amazon jungle.
The fund will accept donations from countries, organizations and individuals to compensate for the non-drilling of about 846 million barrels of oil, or 20 per cent of Ecuador’s reserves. Over the next few years Ecuador aims to eventually collect about 3,6 billion dollar in compensation funding.
The Ecuadorean government says keeping the oil in the ground will prevent more than 400 tonnes of carbon dioxide from going into the atmosphere. – This is Ecuador’s contribution towards combating climate change, Ecuador’s Heritage Minister, Maria Espinoza, said.
Rebeca Grynspan of the UNDP described the initiative as “innovative, audacious and important for the whole planet”. She said the UNDP was interested in replicating it in other countries, possibly including Guatemala, Vietnam and Nigeria.
Kilde: www.worldbank.org
