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.
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.
Download the concept document on the proposal 481.62 Kb
Download an Oilwatch publication on the proposal to Keep Oil Underground 7.56 Mb