Magazine article New Internationalist

Historic Yasuní Deal Signed

Magazine article New Internationalist

Historic Yasuní Deal Signed

Article excerpt

The idea that oil should be leftin the ground was given a boost in August, when the Ecuadorian government finally signed a deal to preserve the Yasuní rainforest by locking up a fifth of its oil reserves indefinitely. This extraordinarily biodiverse stretch of Amazon, home to many indigenous peoples, has long been under threat from oil companies. But after many twists and turns, President Correa's government, with the UN Development Programme, has set up a $3.6 billion trust fund, into which rich nations are asked to pay compensation for the country's lost oil revenue. The funds - around half of the current market value of the oil - will be spent on renewable energy and sustainable development projects to move the country on to a low carbon path. Some money has already been pledged by European governments, but much is still to be raised. …

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