|Summary of the proposal|
The aim of the proposal is to provide a creative solution for the threat posed by the extraction of crude oil in the Ishpingo-Tiputini-Tambococha (ITT) oil fields, which are located in the highly vulnerable area of Yasuní National Park. The proposal would contribute to preserving biodiversity, reducing carbon dioxide emissions, and respecting the rights of indigenous peoples and their way of life.
Ecuadorian President Rafael Correa has stated that the country’s first option is to maintain the crude oil in the subsoil. The national and international communities would be called on to help the Ecuadorian government implement this costly decision for the country. The government hopes to recover 50% of the revenues it would obtain by extracting the oil.
The procedure involves the issuing of government bonds for the crude oil that will remain “in situ”, with the double commitment of never extracting this oil and of protecting Yasuní National Park.
It is important to keep in mind that if Ecuador succeeds in receiving the hoped for amount – estimated at 350 million dollars annually – it would only be for a period of ten years beginning after the sixth year, since production and thus potential revenues would progressively decline at the end of that period.
A more promising alternative would be a strategy to provide the government with the 50% of resources in such a way as to provide a consistent income for an indefinite period of time. This resources would be channelled towards activities that help to free the country from its dependency on exports and imports and to consolidate food sovereignty.