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World pays Ecuador not to extract oil from rainforest

Governments and film stars join alliance that raises £75m to compensate Ecuador for lost revenue from 900m barrels

Source:  Copyright 2011, Guardian
Date:  December 30, 2011
Byline:  John Vidal
Original URL: Status ONLINE
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An alliance of European local authorities, national governments, US film stars, Japanese shops, soft drink companies and Russian foundations have stepped in to prevent oil companies exploiting 900m barrels of crude oil from one of the world's most biologically rich tracts of land.

According to the UN, the "crowdfunding" initiative had last night raised $116m (£75m), enough to temporarily halt the exploitation of the 722 square miles of "core" Amazonian rainforest known as Yasuní national park in Ecuador.

The park, which is home to two tribes of uncontacted Indians, is thought to have more mammal, bird, amphibian and plant species than any other spot on earth. Development of the oilfield, which was planned to take place immediately if the money had not been raised, would have inevitably led to ecological devastation and the eventual release of over 400m tonnes of CO2.

Ecuador agreed to halt plans to mine the oilfield if it could raise 50% of ...

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