Ecuador`s President Rafael Correa has approved oil drilling in Yasuni National Park, signaling the collapse of an innovative trust fund that would have conserved this biodiversity treasure trove.
President Rafael Correa announces that Ecuador will abandon the Yasuni-ITT initiative, August 15, 2013 (Framegrab from video courtesy Office of the President)
In a nationwide address on radio and television Thursday night, President Correa explained that the Yasuni-ITT Initiative, introduced six years ago, had only attracted investment of US$13.3 million dollars instead of the US$3.6 billion Ecuador needs to compensate for lost oil revenues.
"I think the initiative was ahead of the times, and could not or would not be understood by those responsible for climate change," said Correa.
Yasuni-ITT Initiative was a proposal by the government of Ecuador to refrain indefinitely from exploiting the oil reserves of the Ishpingo-Tambococha-Tiputini ...