Ecuador Agrees to protect the Amazon Eco-Treasure

The government of Ecuador and the United Nations Development Programme have agreed to establish a trust fund to protect an ecologically unique site in the Ecuadorian Amazon from oil development.

The first of its kind in the world, the deal signed Tuesday in Quito leaves an estimated 846 million barrels of crude oil in the ground beneath Yasuni National Park in exchange for payments to the government of Ecuador in compensation for foregone revenue.

The accord will prevent the discharge into the atmosphere of more than 400 million tons of carbon dioxide that would have resulted from burning the oil that would have been extracted from the Ishpingo-Tambococha-Tiputini, or ITT, fields in eastern Ecuador.

source: good news daily

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