"The trust fund that we have just established is historic, not only for Ecuador but for the entire world," said Rebeca Grynspan, associate administrator of the United Nations Development Programme (UNDP), after signing an agreement with the government of Rafael Correa to leave 846 million barrels of oil under the ground in a pristine Amazon jungle wildlife reserve.
In the groundbreaking pact, the Ecuadorean government agreed to refrain from tapping three major oilfields in the Yasuní National Park for at least a decade.
The 846 million barrels of proven reserves in the Ishpingo, Tambococha and Tiputini (ITT) fields account for 20 percent of Ecuador's total reserves.
In return for leaving the oilfields in the ITT section of the park untapped, Ecuador would be paid 3.6 billion dollars, equivalent to half of the expected earnings from the oil.
The trust fund will be administered by the UNDP, with the participation of the Ecuadorean ...