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Leaving the Oil Under the Amazon: Ecuador's Yasuní‐ITT Initiative
Author(s) -
Finer Matt,
Moncel Remi,
Jenkins Clinton N.
Publication year - 2010
Publication title -
biotropica
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.813
H-Index - 96
eISSN - 1744-7429
pISSN - 0006-3606
DOI - 10.1111/j.1744-7429.2009.00587.x
Subject(s) - amazon rainforest , indigenous , revenue , geography , environmental protection , environmental planning , political science , business , environmental resource management , finance , environmental science , ecology , biology
ABSTRACT Oil and gas concessions now cover vast swaths of the western Amazon, including protected areas and indigenous territories. The Yasuní‐ITT Initiative, Ecuador's innovative proposal to leave nearly a billion barrels of oil locked beneath Yasuní National Park, is the first major effort to reverse this trend. We provide a concise overview of the initiative, including an in‐depth look at its widely lauded goals of protecting biodiversity, respecting indigenous peoples' territory, and combating climate change. We also discuss the proposal's lingering caveats, such as technical questions regarding the generation of financial resources to replace the forgone oil revenue. We conclude that the Yasuní‐ITT Initiative is a potentially precedent‐setting advance towards avoiding damaging oil and gas development in sensitive areas.