|Why is it important to seek other revenues?|
Ecuador is an exporter of crude oil. It has significant oil reserves, estimated at close to five billion barrels. It could stop exploiting them, but this would require a total economic reform and a series of fiscal measures. It should be kept in mind that oil accounts for 60% of the country’s income.
It would obviously serve the country’s interests to stop extracting oil, because of the environmental and social impacts of this industry, and because of the need to work towards developing a post-oil economic model.
But whether or not the oil is extracted also has global effects, and these imply different responsibilities.
The North should compensate the South not only as a means of paying off its historical environmental debt, but above all to prevent the creation of even more debt, and in this case, to prevent the extraction of crude oil that will further exacerbate climate change when it is consumed in the North.
Ecuador must take the road towards a post-oil model.