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Ecuador’s President Abandons No-Drilling Plan | TIME.com

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Ecuador’s President Abandons No-Drilling Plan
By AP / Gonzalo Solano Aug. 15, 2013 Add a Comment

(QUITO, Ecuador) — President Rafael Correa said Thursday that he has abandoned a unique and ambitious plan to persuade rich countries to pay Ecuador not to drill for oil in a pristine Amazon rainforest preserve. Environmentalist had hailed the initiative when Correa first proposed it in 2007, saying he was setting a precedent in the fight against global warming by lowering the high cost to poor countries of preserving the environment. “The world has failed us,” Correa said in a nationally televised speech. He blamed “the great hypocrisy” of nations who emit most of the world’s greenhouse gases. Correa had sought $3.6 billion in contributions to maintain a moratorium on drilling in the remote Yasuni National Park, which was declared a biosphere reserve by the United Nations in 1989 and is home to two Indian tribes living in voluntary isolation. But he said Thursday evening that Ecuador had raised just $13 million in actual donations and $116 million in pledges and that he had an obligation to his people, particularly the poor, to move ahead with drilling. Correa said he was proposing oil exploration in Yasuni amounting to just 1 percent of its 3,800 square miles. His plan had envisioned rich countries paying Ecuador about $7.2 billion, or half the revenues expected to be generated over 10 years from the 846 million barrels of heavy crude estimated to be in Yasuni. Ecuadorean officials said then that not drilling in the reserve would keep 410 million metric tons of carbon dioxide from entering the atmosphere. But while Correa’s proposal generated interest, there were few takers, in part because he insisted that Ecuador alone would decide how the donations would be spent. (MORE: Can Ecuador Trade Oil for Forests?) Ecuador is an OPEC member that depends on oil for a third of its national budget. The three oil fields in Yasuni represent 20 percent of its oil reserves. Political analyst Jose Fuentes of the Flacso university in Quito said Correa had opted “for economic pragmatism” in abandoning the environmentalist image he had wished to project internationally. Matt Finer, a scientist at the U.S.-based Center for International Environmental Law, expressed dismay at the decision. “It is deeply disappointing that this alternative model for dealing with oil and gas reserves in mega diverse rainforests did not work,” he said via email from Peru. “The Yasuni-ITT Initiative was the lone exception to the relentless expansion of hydrocarbon projects deeper into the most remote tracts of the western Amazon. Now there is really no viable alternative to stop the wave of drilling slated
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a nation of 14 million people. world.” Yasuni is not the only oil drilling that Correa’s government plans in the rainforest. Indigenous and environmental groups in Ecuador. Peru. contributed to this report. The country produces 538.com for the most biodiverse region of the world.9/9/13 Ecuador’s President Abandons No-Drilling Plan | TIME. director of the environmental group Amazonia por la Vida. have said that any decision on the fate of Yasuni should be made in a national referendum. delivering nearly half its production to the United States. Oil is Ecuador’s chief source of foreign earnings. ___ Associated Press writer Frank Bajak in Lima. criticized Correa for leaving potential donors a single option: “Pay or we drill. He is also seeking to auction oil concessions in 13 blocks of 770 square miles each south of Yasuni closer to the border with Peru. Patricio Chavez. He has also upset indigenous groups with plans to develop major mining projects for the first time.time.000 barrels of crude a day. Correa is not perceived domestically as much of an environmentalist.com/2013/08/15/ecuadors-president-abandons-no-drilling-plan/print/ 2/2 .” Despite championing the project.

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